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At age 33 Jacob starts making a contribution of $425 at the end of each half-year into a retirement account that pays 6% annually. He continues to do so for 15 years, until he is 48, and then quits making contributions. Suppose that he leaves the money in the account until he is 65.
How much money will there be in the account?
How much of that money is interest he has earned?
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- EZ Leifer plans to retire at the age of 65 and believes he will live to be 90. EZ wants to receive an annual retirement payment of $50,000 at the beginning of each year. He seta a retirement account that is estimated to earn 6 percent annually. a. How much money will EZ have in the account when he reached 65 years old? b. EZ is currently 29 years of age. How much must he invest in this account at the end of each year for the next 36 years to have the required amount in his account at age 65?Daryl wishes to save money to provide for his retirement. He is now 30 years old and will be retiring at age 64. Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded monthly. Then one year after making his final deposit, he will withdraw $100,000 annually for 25 years. In addition, and after he passes away (assuming he lives 25 years after retirement) he wishes to leave in the fund a sum worth $1,000,000 to his nephew who is under his charge. The fund will continue to earn 12% compounded monthly. How much should the monthly deposits be for his retirement plan?Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correct