eBook Your parents will retire in 24 years. They currently have $370,000 saved, and they think...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
eBook Your parents will retire in 24 years. They currently have $370,000 saved, and they think they will need $2,150,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. % eBook You have $31,052.77 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $250,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years eBook Your parents will retire in 24 years. They currently have $370,000 saved, and they think they will need $2,150,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. % eBook You have $31,052.77 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $250,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years
Expert Answer:
Answer rating: 100% (QA)
a As we know that fv PV 1 x where n24 PV 370000 fv 2150000 So from above formula 24 2150000 3700... View the full answer
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
Students also viewed these accounting questions
-
Question 4: 3-D 8-node Linear Brick Element Method (20 marks) The 8-node isoparametric brick element shown in Cartesian coordinate system (x.y.z) below is mapped to the natural coordinate (. n. 9)....
-
The Smiths are planning to retire in 35 years. They want an annual real income of $45,000, paid at the end of each month of their expected 20-year retirement and to bequeath $500,000, in real...
-
Your parents hope to retire in 18 years. They currently have investments totaling $250,000. They believe they will need $1,000,000 when they retire to maintain their current lifestyle. What annual...
-
What are the advantages and disadvantages of seismic reflection data sets?
-
Consider the transportation problem having the following parameter table: Destination 3 4 Supply Source Demand
-
Find the stiffness and mass matrices of the beam supported on springs as shown in Fig. 12.19. Model the beam using one finite element. Assume the material of the beam as steel with a Young's modulus...
-
Who can sign a pleading?
-
On June 15, 2019, Nicole Snobelen, owner of Evelynn by Nicole Snobelen (Evelynn), had just been informed that a location at The Market in the Western Fair District (The Market) had become available...
-
a) What does a share's beta of 1.5 mean? Is this share more or less volatile than the market? Explain your answer. b) What are the implications of the weakform, semi-strong-form, and strong-form of...
-
Government actions such as price floors and price ceilings can actually increase unemployment and reduce market efficiency. True or False
-
What role does food play in cultural identity?
-
Simplify. 4 2 30w x 5 3 5w x
-
Explain the Quantity Theory of Money, and explain how it relates to Milton Friedman's perspective of the causes of inflation. Do these perspectives appear to be relevant in today's economy? Why or...
-
Name and describe in detail the four primary tools of monetary policy that the Federal Reserve has at their disposal (hint: three of these are traditional tools, and one was added by Chairman Ben...
-
Casey Co. is a content creation and development business that you run. From time to time, Casey Co. uses free lancers to help with projects including several large content development projects for...
-
Assume an agent starts life with zero assets and that income is increasing over the agents life and there is no uncertainty about the agent's lifetime income. Discuss what would be the agents...
-
4. Determine the force in member EL of the truss shown using the Method of Joints. H K L 5 m G B E 40 kN 40 kN 40 kN 40 kN 40 kN -6 at 5 m = 30 m- 5. Determine the force in the member DJ of the truss...
-
What is removed during each of the three stages of wastewater treatment: primary, secondary, and tertiary? During which state would you expect items to be recovered that were accidentally flushed,...
-
Use the data from E8-34A to prepare the shareholders equity section of the balance sheet at year end. Net income for the year was $150,000. In E8-34A On the first day of the fiscal year, Music...
-
Given the following items on Tiffany Restoration Companys June 30, 2009, balance sheet, how much did the company owe its creditors on June 30,2009? $1,725 Liabilities Cash Inventory Equipment Other...
-
Using the data from SE5-14B, calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption. In SE5-14B, Calculate the cost of goods sold and the...
-
How has the escalating role of board members and the audit committee affected corporate governance?
-
Describe regulatory influences on board members and management. What have been the effects of these influences?
-
For three organizational structure types (entrepre neurial, bureaucratic, adhocracy), briefly describe the likely characteristics of corporate governance.
Study smarter with the SolutionInn App