You are 65 years old and about to retire. You have $100,000 saved in a retirement...

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You are 65 years old and about to retire. You have $100,000 saved in a retirement account and would like to withdraw it in equal annual amounts so that nothing is left after 12 years. How much can you withdraw each year if the account earns 6% interest each year? You have credit card debt of $3,000 at 24% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $425, how many months will it take you to payoff your debt? Your employer provides a 401(k) plan with a matching contribution of 7% of your salary if you put in at least 5% of your salary. If your monthly salary is $3250 and you contribute just enough to get the match, then how much money will be added to your account in total over one year? As a self-employed worker you pay FICA taxes at the rate of 15.3% of your earnings. You earned $48186 this year. How much must you pay as your FICA contribution? You are 65 years old and about to retire. You have $100,000 saved in a retirement account and would like to withdraw it in equal annual amounts so that nothing is left after 12 years. How much can you withdraw each year if the account earns 6% interest each year? You have credit card debt of $3,000 at 24% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $425, how many months will it take you to payoff your debt? Your employer provides a 401(k) plan with a matching contribution of 7% of your salary if you put in at least 5% of your salary. If your monthly salary is $3250 and you contribute just enough to get the match, then how much money will be added to your account in total over one year? As a self-employed worker you pay FICA taxes at the rate of 15.3% of your earnings. You earned $48186 this year. How much must you pay as your FICA contribution?

Answer rating: 100% (QA)

SOLUTION 1 To find the amount that can be withdrawn each year we can use the formula for the present ... View the full answer