Nelson Collins decided to retire to Canada in 10 years. What amount should Nelson deposit so that
Question:
Nelson Collins decided to retire to Canada in 10 years. What amount should Nelson deposit so that he will be able to withdraw $80,000 at the end of each year for 25 years after he retires? Assume Nelson can invest money at 7% interest compounded annually.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Calculation of lump sum money to depos...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
What payment made at the end of each year for 18 years will amount to $16 000 at 4.2% compounded monthly?
-
Assume you invest $250 at the end of each year for 10 years at an annual interest rate of r. The amount of money in your account after 10 years is Assume your goal is to have $3500 in your account...
-
What payments must be made at the end of each quarter to an RRSP earning 7.5% compounded annually so that its value 8 years from now will be $15,000?
-
1-Is it a good business strategy to have a day care center, Harley Davidson Motorcycle Dealership Sales and repair, Namaste Yoga studio, bookstore, temporary worker (day laborer) center, state prison...
-
A large retail chain focusing on athletic shoes has noticed some recent slippage in same-store sales, in particular for stores located in suburban areas; sales in urban stores have increased...
-
Beginning inventory, purchases, and sales for Item SJ68 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise...
-
P(x < 82) The random variable x is normally distributed with mean = 74 and standard deviation = 8. Find the indicated probability.
-
Selected transactions for R. Sparks, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $4,000 cash for use in...
-
A small mining group is considering the purchase of a $1,786,713 continuous mining machine that will operate approximately 6,000 hours per year. The operational costs for the unit are estimated to be...
-
Show that none of the following improper integrals exists. a. b. c. d. e. f. 00 S 4 6 dx
-
1. Twice a year for 15 years, Warren Ford invested $1,700 compounded semi-annually at 6% interest. What is the value of this annuity date? 2. Scupper Molly invested $1,800 semiannually for 23 years...
-
Bob Bryan made deposits of $10,000 at the end of each quarter to Lion Bank, Which pays 8% interest compounded quarterly. After 9 years, Bob made no more deposits. What will be the accounts balance 4...
-
Isaacson Dental Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are 50 units. The process time...
-
What methodologies and frameworks can be utilized to effectively assess task complexity, risk factors, and criticality when delegating responsibilities, ensuring that assignments are aligned with the...
-
When CMS reduces the fees charged by specialists caring for Medicare patients in an attempt to reduce total costs, what is the observed response by those specialists?
-
How can leaders strategically employ delegation as a mechanism for distributing authority and responsibility, optimizing resource allocation, and empowering team members to achieve collective...
-
Using your knowledge of the South African transport market, and the economy, reflect on the procurement problems that may occur during the implementation of successful transport PPP in South Africa.
-
Prepare a management briefing that explains the article's key issue or challenge as it is likely to develop over the next three to five years. If necessary, use any or all of the other required...
-
You now obtain a water sample of the same river from a specific depth, 10 cm above the bed, and have its grain-size distribution analyzed. There are three primary grain diameters involved (all...
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
Efficient Markets Hypothesis Imagine that a particular macroeconomic variable that influences your firms net earnings is positively serially correlated. Assume market efficiency. Would you expect...
-
Compute the value of P for the following diagram. 120 120 120 50 50 -2- -8- - 10%
-
Compute the value of P for the following diagram. 120 i= 10% 3-
-
Use a geometric gradient factor to solve the following diagram for P. 266.20 242 220 200 i- 15%
-
The balance sheet of Consolidated Paper, Incorporated, included the following shareholders equity accounts at December 3 1 , 2 0 2 3 : Paid - in capital: Preferred stock, 8 . 8 % , 8 7 , 0 0 0 shares...
-
Bangles Corporation issued 5-year, 11% bonds with a face value of $300,000 on April 1, 2019. Assume that the bonds are sold for $318,000. Interest is paid semiannually at October 1 and April 1....
-
What role do sensitivity analyses and scenario planning play in mitigating risk and assessing the resilience of financial projections to potential market fluctuations and macroeconomic variables?
Study smarter with the SolutionInn App