A couple is saving for retirement with three different accounts. The table below shows the current...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 20.00 years and pool the money into a savings account that pays 3.00% APR. They plan on living for 28.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Account Balance Yearly Contribution APR Fidelity Mutual Fund $24,537.00 $1,000.00 6.00% Vanguard Mutual Fund $195,494.00 $10,000.00 8.00% Employer 401k $313,563.00 $15,000.00 6.00% Submit Answer format: Currency: Round to: 2 decimal places. A couple is saving for retirement with three different accounts. The table below shows the current balances in their accounts, along with their yearly contribution, and the yearly return on each account. The couple will retire in 20.00 years and pool the money into a savings account that pays 3.00% APR. They plan on living for 28.00 more years and making their yearly withdrawals at the beginning of the year. What will be their yearly withdrawal? Account Balance Yearly Contribution APR Fidelity Mutual Fund $24,537.00 $1,000.00 6.00% Vanguard Mutual Fund $195,494.00 $10,000.00 8.00% Employer 401k $313,563.00 $15,000.00 6.00% Submit Answer format: Currency: Round to: 2 decimal places.
Expert Answer:
Answer rating: 100% (QA)
To calculate the total amount the couple will have for retirement we need to calculate the future v... View the full answer
Posted Date:
Students also viewed these finance questions
-
do in MATLAB A word is a palindrome if it reads the same backward as it does forward (ex. racecar, rotator, abccba). Write a program to determine whether or not the characters in a given string can...
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
Review the Financial Statements provided to each group on Blackboard (You may use laptops for this exercise). [ Focus on: a) Is the company Profitable b) Does the company have a lot of liabilities c)...
-
Do you think a data warehouse is appropriate for DSI? Why or why not? Figure 8-9 implies that data marts require the existence of a data warehouse, but this is not always the case. DSI could...
-
A rectangular storage tank has a base measuring 3 m by 2 m. The tank is filled with water to a depth of 2 m. The density of the water is 1000 kg/m 3 , and g is 10 N/kg. Draw a diagram of the tank...
-
Under what circumstances may a CPA be considered to be independent when serving on the board of directors of a charitable or similar nonprofit organization which is audited by him or his firm?
-
Halleck executed a promissory note payable to the order of Leopold. Halleck did not pay the note when due, and Leopold brought suit on the note, producing it in court. Halleck admitted that he had...
-
A bookstore took in $167 on the sale of 5 copies of a new cookbook and 3 copies of a new novel. The next day it took in $89 on the sale of 3 copies of the cookbook and 1 copy of the novel. What was...
-
You are a consultant and hired by a newly chartered bank to write its policies regarding loan approval and disbursement. The policy book must cover the following contents in detail: Pyramid of...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. The sale of food involves the implied warranty of merchantability.
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. Custom of the marketplace can be applied by a court when a warranty is vague and indefi...
-
Groupon is a deal-of-the-day Web site that is located in major geographic markets across the world. Launched in October 2008 by Andrew Mason, Groupon has been characterized as one of the...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. There is an implied warranty of title with the sale of merchandise that means the seller...
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. An agent is reasonable in assuming that he or she has the authority that is related to...
-
Zhongfang Consumer Products has a small car division that operates as a profit center. Below is a partially completed performance report for the first quarter. How much is the percentage flexible...
-
A spacecraft has left the earth and is moving toward Mars. An observer on the earth finds that, relative to measurements made when the spacecraft was at rest, its a. length is shorter b. KE is less...
-
(a) Derive a general expression for the response of a uniform beam subjected to an arbitrary force. (b) Use the result of part (a) to find the response of a uniform simply supported beam under the...
-
Derive Eqs. (E.7) and (E.8) of Example 8.10. Data From Example 8.10:- Equation E.7 and E.8:- Determine the effects of rotary inertia and shear deformation on the natural frequencies of a simply...
-
Derive Eqs. (E.5) and (E.6) of Example 8.10. Data From Example 8.10:- Equation E.5 and E.6:- Determine the effects of rotary inertia and shear deformation on the natural frequencies of a simply...
Study smarter with the SolutionInn App