If I want to retire in 30 years with a million dollars and I save $10,000 per year, what would the return(interest ) have to be in order for this to happen?
Useful equation: ![Future Value of an Annuity Formula [(1 + i) - 1] FVA Ordinary = P x (1 + i) - 1] x (1 + i) FVA Due = P x](http://img.homeworklib.com/questions/aba88600-05c2-11eb-b733-797174257357.png?x-oss-process=image/resize,w_560)
Homework Answers
Number of years =30
FV required at end of 30 years =1000000
PMT =10000
Rate of Return using financial calculator
N=30;PMT=10000;FV=-1000000;CPT I/Y =7.32%
Rate =7.32%
Add Answer to:
If I want to retire in 30 years with a million dollars and I
save $10,000...
5. Calculate the value of my retirement account if I save $10,000 for 30 years and...
5. Calculate the value of my retirement account if I save $10,000 for 30 years and it earns a 12% return. Is this a present value or future value problem? Is it an annuity or single amount? 6. Calculate the value of my retirement account if I save $15,000 for 10 years and it earns a 15% return. Is this a present value or future value problem? Is it an annuity or single amount?
You want to have a million dollars in the bank when you retire. You think you...
You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? Select one: a. 45 b. 50 c. 35 d. 40 e. 30
You want to have $2.45 million when you retire in 37 years. You feel that you...
You
want to have $2.45 million when you retire in 37 years. You feel
that you can save $420 per month until you retire. What APR do you
have to earn in order to achieve your goal ?
You want to have $2.45 million when you retire in 37 years. You feel that you can save $420 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice
n 18 You want to have a million dollars in the bank when you retire. You...
n 18 You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5 % interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? answered out of 1.00 g question Select one: a. 45 b. 30 C. 40 d. 50 е....
You want to have a million dollars in the bank when you retire. You think you...
You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? Select one: O a. 35 O b. 40 O c. 50 O d. 30 0 0 0 0
MC algo 5-41 Calculating Annuity Interest Rates You want to have $3 million when you retire...
MC algo 5-41 Calculating Annuity Interest Rates You want to have $3 million when you retire in 38 years. You feel that you can save $670 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice 10.56% 8.77% 10.86% 10.10% 9.50%
You want to have a million dollars in the bank when you retire. You think you...
You want to have a million dollars in the bank when you retire. You think you can save $5 000 a year in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? Select one: O a. 50 é o 0 o o 0 0
You want to have $3 million when you retire in 38 years. You feel that you...
You want to have $3 million when you retire in 38 years. You
feel that you can save $670 per month until you retire. What APR do
you have to earn in order to achieve your goal?
You want to have $2.65 million when you retire in 36 years. You feel that you...
You want to have $2.65 million when you retire in 36 years. You feel that you can save $550 per month until you retire. What APR do you have to earn in order to achieve your goal?
You want to have $3.3 million when you retire in 43 years. You feel that you...
You want to have $3.3 million when you retire in 43 years. You feel that you can save $640 per month until you retire. What APR do you have to earn in order to achieve your goal?
5. Calculate the value of my retirement account if I save $10,000 for 30 years and it earns a 12% return. Is this a present value or future value problem? Is it an annuity or single amount? 6. Calculate the value of my retirement account if I save $15,000 for 10 years and it earns a 15% return. Is this a present value or future value problem? Is it an annuity or single amount?
You
want to have $2.45 million when you retire in 37 years. You feel
that you can save $420 per month until you retire. What APR do you
have to earn in order to achieve your goal ?
You want to have $2.45 million when you retire in 37 years. You feel that you can save $420 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice
n 18 You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5 % interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? answered out of 1.00 g question Select one: a. 45 b. 30 C. 40 d. 50 е....
You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by $100 every subsequent year, in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? Select one: O a. 35 O b. 40 O c. 50 O d. 30 0 0 0 0
MC algo 5-41 Calculating Annuity Interest Rates You want to have $3 million when you retire in 38 years. You feel that you can save $670 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice 10.56% 8.77% 10.86% 10.10% 9.50%
You want to have a million dollars in the bank when you retire. You think you can save $5 000 a year in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire? Select one: O a. 50 é o 0 o o 0 0
You want to have $3 million when you retire in 38 years. You
feel that you can save $670 per month until you retire. What APR do
you have to earn in order to achieve your goal?
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago