11. A couple sets a goal to have $2,000,000 in 25 years. If their IRA has a 10% return, how much do they need to invest each year?
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- 12) What annual rate of return would Jia need to earn if she deposits $20,000 per year into an account beginning one year from today in order to have a total of $1,000,000 in 30 years?1. Retirement Planning. A couple will retire in 50 years; they plan to spend about $30,000 a year in retirement, which should last about 25 years. They believe that they can earn 8 percent interest on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year.b. How would the answer to part (a) change if the couple also realizes that in 20 years, they will need to spend $60,000 on their child’s college education?13. You have just made your first $4,000 contribution to your retirement account. Assuming you earn an 11 percent rate of return and make no additional contributions, what will your account be worth when you retire in 45 years? What if you wait 10 years before contributing? (Does this suggest an investment strategy?). 14. You are saving up for a down payment on a house. You will deposit $600 a month for the next 24 months in a money market fund. How much will you have for your down payment in 24 months if the fund earns 12% APR compounded monthly?
- 4. You want to have a retirement fund of $200,000 available when you retire. You invest in an IRA to achieve this goal. The IRA has an annual return of 8%. How much do you need to invest each month to meet your retirement goals if you will retire in 25 years?K Jack and Jill have just had their first child. If college is expected to cost $190,000 per year in 18 years, how much should the couple begin depositing annually at the end of the next 18 years to accumulate enough funds to pay 1 year of tuition 18 years frm now? Assume that they can earn a 6% annual rate of return on their investment. The amount that the couple should begin depositing annually at the end of each year is S This question: point(s) (Round to the nearest cent)4. A couple decides to invest some money in an account for use during retirement. Their goal is to have $100,000 in 40 years. The account pays 5.5% compounded monthly. A. How much do they need to invest to meet their goal? B. How much interest will they earn? C. What is the annual percentage yield? D. Prepare a table that shows the growth of the investment.
- 28. A couple will retire in 50 years; they plan to spend about $30,000 per year in retirement, which should last about 25 years. They believe that they can earn 8% interest on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment is made in one year. (Round your answer to the nearest cent.) b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $60,000 on their child's university or college education? (Round your answer to the nearest cent.)A couple will retire in 50 years; they plan to spend about $38,000 a year in retirement, which should last about 25 years. They believe they can earn 9% interest on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year ?You believe you will need to have saved $480,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $115,000 in 5 years. a) If the interest rate is 6% per year, what is the future value of your inheritance at retirement? b) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?
- 27. A couple thinking about retirement decide to put aside $3,000 each year in a savings plan that earns 8% interest. In 5 years they will receive a gift of $10,000, which can also be invested. a. How much money will they have accumulated 30 years from now? (Round your answer to the nearest cent.) b. If their goal is to retire with $800,000 of savings, how much extra do they need to save every year? (Round your answer to the nearest cent.)A couple will retire in 50 years; they plan to spend about $32,000 a year in retirement, which should last about 25 years. They believe that they can earn 9% interest on retirement savings.a) If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Db) How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $62,000 on their child’s college education?You believe you will need to have saved $593,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $113,000 in 5 years. 1) If the interest rate is 7% per year, what is the future value of your inheritance at retirement? 2) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?