You want to live off $90,000 per year in retirement. You estimate by the time you...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You want to live off $90,000 per year in retirement. You estimate by the time you retire; you will have about 30 years of life left after retirement. How much money do you need to have at the start of retirement in order to live off $90,000 per year for 30 years in a retirement account that earns 6.5% compounded annual interest? (round to the nearest dollar). You want to live off $90,000 per year in retirement. You estimate by the time you retire; you will have about 30 years of life left after retirement. How much money do you need to have at the start of retirement in order to live off $90,000 per year for 30 years in a retirement account that earns 6.5% compounded annual interest? (round to the nearest dollar).
Expert Answer:
Answer rating: 100% (QA)
The information provided in the question indicates that you want to find out how much money needs to ... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date:
Students also viewed these finance questions
-
You want to live off $ 9 0 , 0 0 0 per year in retirement. You estimate by the time you retire; you will have about 3 0 years of life left after retirement. How much money do you need to have at the...
-
How do chromatin organization and histone modifications influence nuclear processes such as transcription and DNA replication?
-
a) The sustainable yield (Y) of a fishery is Y = E-0.5E where E denotes fishing effort. If the cost per unit of effort is 0.5 and the price of fish is 1, what is sustainable yield (i) under open...
-
Show the result of inserting the keys 10111101, 00000010, 10011011, 10111110, 01111111, 01010001, 10010110, 00001011, 11001111, 10011110, 11011011, 00101011, 01100001, 11110000, 01101111 into an...
-
In order to reduce the bending moment in the cantilever beam AB, a cable and counterweight are permanently attached at end B. Determine the magnitude of the counterweight for which the maximum...
-
There are about \(10^{11}\) stars in the Galaxy with mass comparable to the Sun. Determine total mass \(M_{S}\) in the stars and the fraction of the Galaxy mass in the form of interstellar medium...
-
Telephone inquiries of 100 IRS customers are monitored daily at random. Incidents of incorrect information or other non-conformities (such as impoliteness to customers) are recorded. The data for...
-
a) i] Define the term management? [1 marks] ii] Managers must have specific skills and play certain roles in organizations if they are to inspire employees to meet organizational objectives; explain...
-
Louie Long started a business called Louie's Lawn Service. The trial balance as of March 31, after the first month of operation, is as follows: REQUIRED 1. Analyze the following adjustments and enter...
-
(d) By considering a nuclear spin I = 3/2 of a potassium 3K atom, obtain all possible hyperfine states F. Together with all the fine states, j, you obtained in (a), draw all the fine and hyperfine...
-
A patient who has been prescribed a newly marketed drug complains to you, the pharmacist, about the high price of the drug. The patient remarks that it cannot cost more than a few cents to make such...
-
How did or would the following affect the current public debt and implicit liabilities of the U.S. government? a. In 2003, Congress passed and President Bush signed the Medicare Modernization Act,...
-
Roy Supply, Inc., and R. M. R. Drywall, Inc., had checking accounts at Wells Fargo Bank. Both accounts required all checks to carry two signaturesthat of Edward Roy and that of Twila June Moore, both...
-
A manufacturer of a dietary supplement made a disease claim for its product in such a manner that the FDA deemed that the claim made the product a new drug. The manufacturer responded that it did not...
-
Lyn writes a check for $900 to Mac, who indorses the check in blank and transfers it to Jan. She presents the check to Omega Bank, the drawee bank, for payment. Omega does not honor the check. Is Lyn...
-
Case #8. A 48-year old woman is brought to the ER after being found comatose from a suspected opioid overdose. ARTERIAL BLOOD GASES are as follows. (write high, low, or normal beside each value) pH...
-
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
-
Morgan, a widow, recently passed away. The value of her assets at the time of death was $8,600,000. The cost of her funeral was $18,000, while estate administrative costs totaled $52,000. As...
-
Assuming a 1-year money market account investment at 1.5 percent (APY), a 2.5 percent inflation rate, a 25 percent marginal tax bracket, and a constant $50,000 balance, calculate the after-tax rate...
-
Jana just found out that she is going to receive an end-of-year bonus of $40,000. She is in the 25 percent marginal tax bracket. Calculate her income tax on this bonus. Now assume that instead of...
-
Which of the following function(s) is/are carried out by piRITS or piRISC? a. Inhibits transcription of TEs b. Causes the degradation of TE RNA c. Causes chromosome breakage d. Both a and b are...
-
Scientists propose that the first macromolecules in protobionts were a. DNA molecules. b. RNA molecules. c. proteins. d. all of the above.
-
In the CRISPR-Cas system, what does tracrRNA bind to? a. crRNA and Cas1 protein b. crRNA and Cas2 protein c. crRNA and Cas9 protein d. Cas1 and Cas2 proteins
Study smarter with the SolutionInn App