A man deposited $1000 into a retirement savings plan on February 01 1988. How much money will be in the plan on February 01 2008 at 11.4% interest compounded daily assuming 1 year = 365 days?
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.How much will a registered retirement savings deposit of $23 700.00 be worth in 8 years at 6.54% compounded semiannually? How much of the amount is interest?Every year you deposit $3,500 into an account that earns 19% interest per year, What will be the balance of your account immediately after the 40th deposit? Click the icon to view the interest and annuity table for discrete compounding when / 1% per year. Choose the correct answer below. O A. $165,837 O B. $123,795 OC. $171,102 OD. $172,813 OE. $140,000
- If you deposit $250 each month into an individual retirement account (IRA) that earns 4.8% interest compounded monthly, a) How much will you have in the account 30 years from now?How much interest did you gain if you invested in a retirement plan with a rate of 2.5% over 42 years? Your monthly deposits totaled $520.Most people prepare for retirement by depositing money into a monthly or annual savings plan. An amount of $310 per month is deposited in a bank account paying a 19% nominal annual percentage rate (APR) compounded quarterly. How much will be accumulated in the account (in $) after 10 years? 2. Please put full solution and USE 2 decimal places for all SOLUTIONS/COMPUTATIONS and ANSWERS. Thank you!
- Many persons prepare for retirement by making monthly contributions to a savings program. Suppose that $2,500 is set aside each year and invested in a savings account that pays 8% interest per year, compounded continuously. a. Determine the accumulated savings in this account at the end of 29 years. b. In Part (a), suppose that an annuity will be withdrawn from savings that have been accumulated at the EOY 29. The annuity will extend from the EOY 30 to the EOY 36. What is the value of this annuity if the interest rate and compounding frequency in Part (a) do not change? Click the icon to view the interest and annuity table for continuous compounding when i=8% per year. a. The accumulated savings amount at the end of 29 years will be $275384. (Round to the nearest dollar.) b. The value of the annuity will be $41655. (Round to the nearest dollar.)Suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every month in an IRA that pays 4.25% compounded monthly. How much will you have from the IRA when you retire at age 65? Find the interest. A. $118,696; $73,096 B. $120,485; $62,735 C. $146,390; $100,790 D. $119,567; $73,967How much must you deposit each year into your retirement account starting now and continuing through year 10 if you want to be able to withdraw $90,000 per year forever, beginning 29 years from now? Assume the account earns interest at 14% per year. The amount to be deposited is determined to be $________ .
- A personal account earmarked as a retirement supplement contains $242,300. Suppose $200,000 is used to establish an annuity that earns 6%, compounded quarterly, and pays $5500 at the end of each quarter. How long will it be until the account balance is $0?If you make monthly deposit of $2360 into your savings account for next 23 years what return rate will result in $1397713 in your savings account 23 years from today ?A personal account earmarked as a retirement supplement contains $292,200. Suppose $250,000 is used to establish an annuity that earns 5%, compounded quarterly, and pays $4500 at the end of each quarter. How long will it be until the account balance is $0? (Round your answer UP to the nearest quarter.)_____ quarters