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You are 21, retire at 65 with $1,000,000, earn 10% per year compounded annually, what must you invest ANNUALLY to reach your goal?
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- You have a financial goal to reach: $1,000,000 when you retire. You are currently 20 years old and you plan to retire at 60yrs old If you can earn 15% return on your retirement account, How much do you need to invest today?You have just made your first $4,300 contribution to your retirement account. Assume you earn a return of 12 percent per year and make no additional contributions. What will your account be worth when you retire in 28 years? What if you wait 10 years before contributing?You are 20, will retire at 65 with $2,000,000, and earn 8% per year compounded annually. What must you invest ANNUALLY to reach your goal? Please do not answer in excel format. I need a written formula way
- An individual who makes $32,000 per year anticipates retiring in 30 years. If his salary is increased by $600 each year and he deposits 10% of his yearly salary into a fund that earns 7% interest, what is the future worth at retirement?You plan to retire at the age of 65 and be able to live for 30 years paying yourself $80,000 per year each year during retirement. Assuming that you plan to work for 40 years, how much you should be setting aside each year to meet this goal? Your retirement savings earn 2.5% per year.You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 11% compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65?
- You and your wife are making plans for retirement. you Olán on living 25 years after you retire and would like to have 100,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 12% annually?You want to retire in 25 years. You currently have $150,000, and think you will need $1.3 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don't save any additional funds? 9.02% What annual interest rate must you earn if you can contribute an additional $7,500 per year? 5.54% What annual interest rate must you earn if you can contribute an additional $15,000 per year? 3.69% You want to retire in 35 years. You currently have $250,000, and think you will need $2 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don't save any additional funds? 6.12% What annual interest rate must you earn if you can contribute an additional $5,000 per year? 4.52% What annual interest rate must you earn if you can contribute an additional $13,000 per year? 3.02%You want to retire in 30 years with $2,500,000 in your retirement account, how much do you need to invest each year, starting one year from today, if you expect to earn 8% annually on your money?
- Assume that you are 30 years old today (t=0), and that you plan to retire at age of 65 (t=35). Your annual salary is $65,000 in the coming year (t=1), and you expect your salary to increase at a rate of 5 percent annually as long as you work. You have two financial goals for your retirement. First, you expect to spend 48,000 per year for 20 years after your retirement. The first expense will be one year after retirement (t=36). Second, you expect to leave $2,000,000 to your daughter on your 80th Birthday (t=50). To save for your retirement, you plan to make annual contributions to a retirement account. Your first contribution will be made on your 31st birthday (t=1) and will be a fixed percentage of this year’s salary. Likewise, you expect to deposit a fixed percentage of your salary each year until you reach age of 65 (t=35). Assume that the interest rate is 10 percent. Also assume incomes and expenses occur at the end of each year unless specified differently a) What is the future…Your parents will retire in 17 years. They currently have $310,000 saved, and they think they will need $2,200,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. %Your goal is to retire 30 years from now and have investments worth $2.5 million at that time. Today, you have $211 in your investment account and plan on adding an additional $ 10,000 to that account each year. What annual rate of return must you earn on average to achieve your goal?
