An individual is 42 years old. At the end of each month, he deposits $320 in a retirement account that pays 5.42% interest compounded monthly (a) After 10 years, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) For the first 10 years, the individual's deposits form an period. Therefore, the formula behave as an annuity and formula should be used. because the deposits are made at the should be used. After 10 years, the account of each to
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- At the end of each quarter, a 49-year-old individual puts $1400 in a retirement account that pays 9.2% interest compounded quarterly. (a) When the individual reaches age 60, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) Up to age 60, the individual's deposits form an should be used. After age 60, the account because the deposits are made at the of each period. Therefore, the formula to behave as an annuity and formula should be used.At the end of each quarter, a 50-year-old individual puts $1100 in a retirement account that pays 7.4% interest compounded quarterly. (a) When the individual reaches age 60, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) Up to age 60, the individual's deposits form an because the deposits are made at the should be used. After age 60, the account of each period. Therefore, the formula to behave as an annuity and formula should be used.An individual contributes $200 per month to a 401(k) retirement account. The account earns interest at a nominal annual interest rate of 8%, with interest being credited monthly. what is the value of the account after 35 years?
- A 45-year-old man puts $2500 in a retirement account at the end of each quarter until he reaches the age of 60, then makes no further deposits. If the account pays 6% interest compounded quarterly, how much will be in the account when the man retires at age 65?At age 24, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $100 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $ ??At the end of each quarter, a 52-year-old individual puts $1600 in a retirement account that pays 9.1% interest compounded quarterly. (a) When the individual reaches age 60, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) Up to age 60, the individual's deposits form an because the deposits are made at the of each period. Therefore, the formula should be used. After age 60, the account to behave as an annuity and formula should be used. When the individual reaches age 60, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.) (b) When the individual reaches age 65, the value of the account will be $. (Do not round until the final answer. Then round to the nearest cent as needed.)
- To prepare for an early retirement, a self-employed businessman makes deposits of $6200 at the begin of each half-year for 6 years, starting on his 40 birthday. When he is 53, he wishes to make 30 equal day withdrawals. What is the size of each withdrawal if interest is 7.21% compounded daily?You begin making contributions to a new retirement account on your thirtieth birthday. You make a contribution of $4000 at the beginning of each year through your sixty-fourth birthday. Starting at age sixty-five and continuing through your eightieth birthday, you made a level withdrawal on your birthday. Find the amount of these withdrawals if they completely exhaust the balance in your account and the annual effective rate is 6% until you are sixty-five and 5% thereafter.At age 28, someone sets up an IRA (individual retirement account) with an APR of 9%. At the end of each month he deposits $25 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.
- At age 24, someone sets up an IRA (individual retirement account) with an APR of 5%. At the end of each month he deposits $30 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)At age 21, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $50 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $nothing. (Do not round until the final answer. Then round to the nearest cent as needed.)At the end of each year a self employed person deposits 1500 in a retirement account that earns 10 percent annually. How much will be in the account when the individual retires at age 65 if the savings program starts when the person was age 45?