use financial calculator as below
FV=1000000 as the future value at retirement
PV=0 as present value
PMT=-120 as monthly contribution
I/Y=12/12=1 as the monthly interest rate
Click CPT
Click N=445.69 months or 37.14 years will take to reach 1 million amount from now, so she will not her goal when she retires at 33 years
the above is answer..
stacey would like to have 1 million available to her at retirement. Her investments have an...
Lena has just become eligible to participate in her company's retirement plan. Her company does not match contributions, but the plan does average an annual return of15% Lena is 40 and plans to work to age 65. If she contributes $170 per month, how much will she have in her plan at retirement? When Lena retires, the amount she will have in her retirement plan is $?
Question 3 (1 point) Bernice would like a monthly retirement income of $2,500 per month (end of month payments) for 15 years during her retirement. In addition, she would also like a lump-sum payment of $10,000 on the day she retires to pay for a dream vacation. How much must she deposit into her retirement savings account at the end of each month in order to fund her retirement? Assume the account will earn 12=6% and that Bernice has 25...
Question 9 Annie would like a retirement income of $4,000 per month (beginning of month payments) for 35 years once she retires. How much must she have in her retirement account on the day she retires if the account can earn 4% compounded semi-annually?
A friend of yours currently has $75000 in her retirement account. If she can earn 3.7% APY, and would like to retire 32.3333 years from today, and begin getting $4300 per month forever after that, with the first payment 1 month after she retires, how much does she need to save per month until she retires to achieve her goal? (Rounded to the nearest dollar.)
Belle, who has just started her first full-time salary job is determined to have $1 million in her account by the time she retires. She is now 25 and hopes to retire at 65 years of age. Her investments have been earning 5.25% annual return and she thinks it’s realistic that can be maintained. How much would Belle have to put aside each month, in order to reach her goal? [1] What is the total amount of money she will have saved?...
(1 point) Laura wants to have at least $2,046,000.00 available for her retirement, and she has figured that she can invest $1,537.00 every goal? month into an ordinary annuity earning 5.42% compounded monthly. For how many months will she have to invest so that she can reach her Note: your answer should be an integer)
4. (10 points) Mrs. Johnson who is 25 years old (Actually today is her birthday ) and plans to retire at the age of 65. She already has $17.500 in her retirement investment account which is expected to yield 9% return per year. Mrs. Johnson would like to have $1.4m in her retirement account when she retires. How much does she need to invest each year in order to reach her goal?
Josie has just become eligible to participate in her company’s retirement plan; she is excited as her company matches her contributions dollar for dollar in this plan. The plan averages an annual return of 7% interest compounded monthly. Josie is 35 years old and plans to retire at age 65. She receives her pay at the beginning of each month and contributes 10% of her gross monthly salary of $2,500 into her retirement plan. What is the total amount that...
Your 40-year aunt wants to start saving for her retirement. She expects to retire at 65. She thinks that she will have saved $500,000 by the time she retires. She expects to live to 90.a) How much annual cash flow will your aunt have if she expects her retirement fund return to be 8% per year compounded annually. Assume she makes her first annual withdrawal at the end of the first year of retirement, and the last withdrawal when she...
8. Stacey wants to double her money in 5 years. What annual rate of return must she find in an investment to reach her goal? I/Y PV PMT FV