Rachelle wants to save $30,000 to take an extended vacation in 8 years. How much should she deposit at the end of each year into a savings account paying 6% to reach her goal?

Janet is trying to save $20,000 to attend graduate school in 2 years. After evaluating her budget, Janet has decided that she will be able to save $350 at the end of each month toward her goal. In addition, she knows that her grandfather will give her a sum of money now to deposit in her savings. Assuming that the money pays 8% compounded monthly, what sum should she request from her grandfather if she is to meet her goal?

Marvin and Pat have determined that they will need a nest egg of $350,000 when they retire at age 67. They are both 35 now and have retirement savings of $100,000 between the two of them. Assuming that they can earn 10% on long-term investments, how much must they put aside at the end of every month to achieve their goal?

Answer rating: 100% (QA)

Lets break down each of these financial planning questions one by one Rachelles Savings Plan Rachelle wants to save 30000 in 8 years at an annual inte... View the full answer