Question: Really need help with this, thanks. ( 2 decimal places ) Today is Dereks 25th birthday. Derek has been advised that he needs to have

Really need help with this, thanks. ( 2 decimal places )

Today is Dereks 25th birthday. Derek has been advised that he needs to have $3,155,537.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 6.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 30.00th birthday and ending on his 65th birthday. How much must those deposits be?

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!

Today is Derek's 25th birthday. Derek has been advised that he needs to have $3,553,701.00 in his retirement account the day he tums 65 . He estimates his retirement account will pay 5.00% interest....

What is the value today of a money machine that will pay $2,581.00 every six months for 30.00 years? Assume the first payment is made 1.00 years from today and the interest rate is 11.00% Submit...

17 O What is the value today of a money machine that will pay $3,029.00 every six months for 11.00 years? Assume the first payment is made 5.00 years from today and the interest rate is 15.00% Submit...

If you are willing to pay $27,510.00 today to receive a perpetuity with the first payment occurring next year then the payment must be $______. Assume a 15.00% discount rate. Answer format: Currency:...

What discount rate would make you indifferent between receiving $3,701.00 per year forever and $5,113.00 per year for 26.00 years? Assume the first payment of both cash flow streams occurs in one...

What is the firm's cash flow from financing? Answer format: Number: Round to: 0 decimal places. Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,558,876.00 in his...

help me anser this round to 2 place plz Today is Derek's 25th birthday. Derek has been advised that he needs to have $3,981,871.00 in his retirement account the day he turns 65. He estimates his...

Really need help with these please and thank you! 01 If you are willing to pay $49,388.00 today to receive $4,708.00 per year forever then your roquired rate of return must be %. Assume the first...

o If you are willing to pay $48,106.00 today to receive $4,426.00 per year forever then your required rate of return must be %6. Assume the first payment is received one year from today. Submit...

Please answer all questions. #4 Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,679,241.00 in his retirement account the day he turns 65. He estimates his retirement...

Broncos Corp. manufactures wooden frames with the bronco medallion for framing the college degrees awarded by Western Michigan University. Each Bronco frame sells for $150 and requires: 5 linear...

Figure shows the input-output relationships of systems A and B, while figure contains two possible cascade combinations of these systems. ?If x 1 [n] = x 2 [n], will w 1 [n] and w 2 [n] necessarily...

Which firm has the higher DEGREE OF FINANCIAL LEVERAGE ( DFL ) ? Question 2 0 options: 1 ) Firm A 2 ) Firm B 3 ) The two firms have identical DOL 4 ) Incomplete data to determine