Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,770,597.00 in...

  

Transcribed Image Text:

Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,770,597.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 8.00% Interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 29.00th birthday and ending on his 65th birthday. How much must those deposits be? Submit Answer format: Currency: Round to: 2 decimal places Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434) D Category Sales Taxes Prior Year Current Year 3,195.00 5,993.00 6,836.00 9,072.00 5,798.00 6,069.00 19,918.00 13,392.00 ??? ??? 2,850 2,850 22,008.00 18,713.00 500 500 1,000.00 971.00 1,252.00 1,157.00 3,089.00 6,728.00 16,515.00 22,991.00 75,747.00 74,007.00 4,008.00 6,577.00 20,000 35,532.00 34,864.00 46,360 45,310.00 350 920 Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) 19,950 Retained earnings What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 to: O decimal places. Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,770,597.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 8.00% Interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 29.00th birthday and ending on his 65th birthday. How much must those deposits be? Submit Answer format: Currency: Round to: 2 decimal places Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434) D Category Sales Taxes Prior Year Current Year 3,195.00 5,993.00 6,836.00 9,072.00 5,798.00 6,069.00 19,918.00 13,392.00 ??? ??? 2,850 2,850 22,008.00 18,713.00 500 500 1,000.00 971.00 1,252.00 1,157.00 3,089.00 6,728.00 16,515.00 22,991.00 75,747.00 74,007.00 4,008.00 6,577.00 20,000 35,532.00 34,864.00 46,360 45,310.00 350 920 Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) 19,950 Retained earnings What is the firm's total change in cash from the prior year to the current year? Submit Answer format: Number: Round to: 0 to: O decimal places.

Answer rating: 100% (QA)

Youve provided two different questions I assume you want help with both so let me address each one s... View the full answer