Allison is 31years old and plans to retire at age 65 with $920,000 in her retirement account. What amount would she have to set aside now in an investment paying 7​% annual interest if the compounding is done daily (assume 365 days in a​ year)?

Q: Following her 18th birthday, Madison began investing $44 at the end of each week in an account…

A: The computation is as follows: Hence, the retirement nest egg is $511041.72.

Q: A civil engineer planning for her retirement places 8% of her salary each year into a…

A: To calculate the future worth we will use the future value of growing annuity formula as follows:…

Q: Magdalena, age 35, has $72,000 accumulated in savings. She projects she will save $23,000 a year…

A: The amount you can put back or invest each period, as well as the interest you earn on your savings,…

Q: Your sister turned 35 today, and she is planning to save $85,000 per year for retirement, with the…

A: Given Information: Annual payment is $85,000 for 30 years Interest rate is 7.5%

Q: On her 23rd birthday. an engineer decides to start saving toward building up a retirement fund that…

A: a. The calculation is: The formulae snip is shown as:…

Q: how much will John have in his retirement account at age 60?

A: Present age is 25 Rate of return = 8% Retirement age = 60

Q: Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin…

A: Calculate the monthly payments as follows:MS-Excel --> Formulas --> Financials -->PMT

Q: Kathryn, believing that life begins at 40, decided to retire and start enjoying life ar age of 40.…

A: To calculate the present value from the given future value for the given rate and specified period…

Q: Mary just turned 31 years old today and she is saving for her retirement. This is her plan. She will…

A:

Q: amount (same buying power) which she currently enjoys. Inflation is expected to remain at 6% pa…

A: If you plan properly and on time for retirement than you can retire with good amount of money on…

Q: 1) Sabrina waits to start saving for retirement until age 35. If she saves the same $8000 each year…

A: Annual saving (P) = $8000 Period from 35th year to 65th year (n) = 30 Interest rate (r) = 7.00%

Q: Sherry has a goal of retiring with $375,394 by making weekly deposits into an investment account…

A: Present value =Future amount/(1+r)n n=29 years  r=rate of interest =1.4%

Q: Michelle is 25 years old and has decided to start a retirement program. Beginning in exactly one…

A: Time period is 30 years Annual savings are $15,000  Interest rate is 4% To Find: Amount saved for…

Q: Sally is 25 years old and has decided to start a retirement program. Beginning in exactly one year,…

A: We need to use future value of ordinary annuity formula to calculate total saving value at the time…

Q: 7. Kate deposits $9,900 each yearinto her retirement account. If these funds have an average eaming…

A: Given, A=$9900 r=11% n=40 years

Q: Joanna is making a financial plan for her retirement. Today is her 35th birthday, and she receives…

A: Present Value(PV) is value of amount of series of amount that is paid or received at future date. It…

Q: At the age of 35 John began contributing 10,500 Php every month to a retirement fund. If his money…

A: Using excel nper function

Q: Luis has $170,000 in his retirement account at his present company. Because he is assuming a…

A: This account works as a combination of two separate account: fixed principal of $170,000 compounded…

Q: Jane just turns 30 years old and wants to start a savings plan, where she contributes $X every month…

A: Given:

Q: Becky would like to be a millionaire in 20 years. How much would she need to invest quarterly in a…

A: Here, Required Amount is $1,000,000 Time Period (n) is 20 years Interest Rate (r) is 9% Compounding…

Q: ang Daiyu expects to retire in 30 years. She has decided that she would like to retire with enough…

A:

Q: Currently, Ally Gator has saved $15,000 in her retirement account. Ally plans on saving $6000…

A: The present value of cash flows presents the discounting value of future cash flows that arises in…

Q: . Agunton is planning for her retirement. He is 30 years old today and would like to have N500,000…

A:

Q: Bella is 23 years old and wants to invest money for her retirement.  She wants to have $2,000,000…

A: The annual investment is calculated by the function: PMT(Rate,Nper,PV,FV)  Here, Rate = Interest…

Q: Hannah wants to have $ 7500 to help pay for a new deck in 16 years. If she wants to put her money…

A: GIVEN, Future Value  = $7500 Interest rate(r)  = 6.25/100 = 0.0625 Time Period(t) = 16 years Present…

Q: At the age of 25 Riley starts saving for retirement. If his investment plans pay an APR of 6%…

A: We will use the concept of time value of money here. As per the concept of time value of money the…

Q: andez wishes to have $368,765 in a retirement account 15 years from now. What payment would Noime…

A: There is need of proper planning for the retirement and proper planning lead to have good money on…

Q: John is currently 25 years old. He has $10,000 saved up and wishes to deposit this into a savings…

A: John age = 25 years he saved up to = $10000     annual interest rate = 6% 0.06/12 = 0.005  every…

Q: Suzette is receiving $10,000 today, $15,000 one year from today, and $25,000 four years from today.…

A: GIVEN, PV0= $10,000 PV1= $15,000 PV4= $25,000 R= 9.6% N = 30

Q: John and Jane are both 40 years old. When they retire in 25 years, they hope to have a retirement…

A: Present value refers to the current value of a sum of money in the future at a specified interest…

Q: Bella is 23 years old and wants to invest money for her retirement.  She wants to have $2,000,000…

A: A fixed amount of cashflow which occurs periodically for a certain or infinite period of time is…

Q: Becky would like to be a millionaire in 40 years. How much would she need to invest quarterly in a…

A: Given:

Q: Beth is 35 years old and wants to set up a payout annuity. She plans to retire at age 65 and wants…

A: COLA Rate after inflation=2.9*1.029=2.98% First payout=$24000 Years=20 Present value of all payout=?

Q: Alexandra is 30 years old today, and she is planning to retire at age 65. Her current salary is…

A: The payment for retirement funds is 10% of income but because the income is increasing by 5%, the…

Q: Hannah wants to have $ 6500 to help pay for a new deck in 16 years. If she wants to put her money…

A: Future value required (FV) = $6500 Period of investment (n) = 16 Years Value of e = 2.7182818285…

Q: James invests $20,000 on his 25th birthday and plans to add $2,000 to his investment each year until…

A: Investment means engaging your funds to generate income in the future. Interest is a return which is…

Q: Tameshia deposits $5500 in her retirement account every year. If her account pays an average of 6%…

A: We get future value of depositsUse FV function in excel Type =FV and press tab key. Type 6%,  (this…

Q: Tina is exactly 25 years old and has already accumulated $18,000 of retirement savings. Her goal is…

A: Present Value of savings = 18,000 Future Value Required = Current Requirement × (1+Inflation Rate)N…

Q: Karen has been depositing $150 at the end of each month in a tax-free retirement account since she…

A: According to the time value of money concept, the value of money today will be more worth as…

Q: Elif received a bonus of $100,000 at the age of 30 and she decides to invest this money to a savings…

A: The nper function or concept can be used to determine the number of years or time required to…

Q: calculate the amount of money she would have to invest in equal annual amounts to achieve her…

A: The future value of an investment is the expected value of money that will be received after a…

Q: SHaylda, age 22. just started Wolking full-time and plans to deposit $6,000 annually into an IRA…

A: To open the "FV function" window - MS-Excel --> Formulas --> Financials --> FV.

Q: John is currently 25 years old. He has $10,000 saved up and wishes to deposit this into a savings…

A:

Q: Maria Shriver has a $27,600 debt that she wishes to repay in 4 years from today; she has $18,181…

A: This question  require us to calculate the rate of interest so that $18181 will be converted into…

Q: Jackie is 34 years old. She would like to have $850,000 in her retirement account when she is 65…

A: An annuity is a stream of equivalent periodic cash flows occurring at equal time intervals. The…

Q: Lisa plans to retire on her 61st birthday. On her 22nd birthday, Lisa will start saving $A per year…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: Jamie turned 50 years old today. She has just contributed $2,000 to a retirement savings account ar…

A: As the amount is being deposited into the retirement account money grow with time and interest rate…

Q: Tony Bautista needs $25,000 in 4 years. What amount must he invest today if his investment earns 12%…

A: The common formula used to calculate is Future value = Present value (1 +r )^n

Q: If Rex wants to be a millionaire by the time he retires (45 years from now), how much does he need…

A: Present Value: It represents the present worth of the future amount and is computed by the…