Question: How long would it take for you to save an adequate amount for retirement if you deposit $ 4 0 , 0 0 0 per

How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of $1,000,000 at retirement? A.11.5 years B.10.5 years C.14.8 years D.12.2 years
Help me solve using a financial calculator.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

One model A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). Invoice Number: G4011. Because a perpetual...

Q:

How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of...

Q:

1) What effective annual rate of return (EAR) would Rayne need to earn if she deposits $1,000 per month into an account beginning one month from today in order to have a total of $1,000,000 in 30...

Q:

I need help answering part 2 of question K on the attached. the Goal Seek Question. if you could please aslo complete the question so I have an example I also need a little step by step to see how it...

Q:

31. Itador deposited Php 15,000 in the bank at 85 percent interest per annum. How much interest will she earn after 6 years? A. Php 9,472.01 C Php 7,650.00 B. Php 7,200.00 D. Php 7,425.00 32. An...

Q:

46. What is the present value of the following cash flow stream if the interest rate is 6 percent per year? Year Amount 1 1,000 2 2,000 3 2,000 4 4,000 C.Php 5,987 A.Php 7.571 B. Php 6,286 D. Php...

Q:

1. You plan to fund your individual retirement account (IRA) with the contribution of $6,000 at the beginning of each year for the next 30 years. If the annual interest rate is 5%, how much will he...

Q:

5. How long would it take for you to save an adequate amount for retirement if you deposit $12,000 per year into an account at the end of each year that pays 10% interest rate per year if you wish to...

Q:

How long would it take for Nico to save an adequate amount for retirement if he deposits $40,000 per year into an account beginning one year from today that pays 12 percent per year if he wishes to...

Q:

help plz NANCE 32 YY Test a S pring 9 Calculate the present value of $800 received at the beginning of year 1, $400 received at the eginning of year 2, and $700 received at the beginning of year 3,...

Q:

can you slove these using the functions of a financial calculator such as pv= pmt= Fv= ... 40. How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year...

Q:

No. 3 Prepare the payroll for the last pay period of October from Time Clerks LO 1 Report Nos. 40 and 41. The proper procedure in recording the payroll follows: Complete the payroll register....

Q:

Explain how the chi-square independence test is different from the chi-square homogeneity of proportions test.

Q:

What's the best way to describe the tax treatment of an installment cell agreement?

Q:

The direct materials budget shows: Units to be produced; 3,000 units Total pounds needed for production; 6,000 pounds Total materials required; 6,600 What are the direct materials per unit? (Hint:...

Q:

Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred in May:...

Q:

Refer to the following information: Best Buys Fiscal 2012 Financial Statements. A Best Buy press release. Questions to be answered: Stock market response: a). When do you think the stock market...

Q:

A company that manufactures handheld games has a fixed cost of $15,000 and a variable cost of $2 per game. The store has determined that the selling price of the handheld game is determined by the...

Q:

Design a minimum-mass symmetric three-bar truss (the area of member 1 and that of member 3 are the same) to support a load P, as was shown in Fig. 2.9. The following notation may be used: Pu = P cos...

Q:

12.44 Housing Prices If you try to rent an apartment or buy a house, you find that real estate representatives establish apartment rents and house prices on the basis of square footage of heated...

Q:

12.42 Refer to Exercise 12.7. Portions of the MINITAB printout are shown here. a. Find a 95% confidence interval for the average value of y when x = 2. b. Find a 95% prediction interval for some...

Q:

12.43 What to Buy? A marketing research experiment was conducted to study the relationship between the length of time necessary for a buyer to reach a decision and the number of alternative package...