Derek can deposit $17,072.00 on each birthday beginning with his 29.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,791,012.00 in it when he retires?

If Derek plans to deposit $13,878.00 into his retirement account on each birthday beginning with his 26th and the account earns 12.00%, how long will it take him to accumulate $3,303,411.00?

Derek decides that he needs $194,109.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $194109.0 on each birthday from his 66th to his 90.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 6.00%.

Answer rating: 100% (QA)

Solution To calculate the rate on the retirement account needed for Derek to have 379101200 in it when he retires we can use the formula for present v... View the full answer