Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.25. During these years of part-time work, he will neither make deposits to nor take withdrawa from his retirement account. Exactly one year after the day he turns 73.25 when he fully retires, he will begin to make annual withdrawals of $150,876.06 from his retirement account until he tu 90.98. After this final withdrawal, he wants $1.81 million remaining in his account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach h goal, what must the contributions be? Assume a 7.99% interest rate.

To prepare for an early retirement, a self-employed businessman makes deposits of $6200 at the begin of each half-year for 6 years, starting on his 40 birthday. When he is 53, he wishes to make 30 equal day withdrawals. What is the size of each withdrawal if interest is 7.21% compounded daily?

Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free retirement account earning interest at the rate of 3.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have the same amount of money in their accounts at age 65. (Round your answer to the nearest cent.)

Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions from his IRA account that had a balance of $175,000 as of December 31, 2019. Make these three assumptions: his IRA will earn 6% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2020. Required: Calculate the amount of his distribution for years 2020 through 2024 and the ending balance in his IRA account on December 31, 2024. Use Table I, Table III and Table V. (Round "Applicable Life Expectancy" answers to 1 decimal place and other answers to nearest whole dollar value. Use these answers in subsequent computations.) Year. (1) IRA Balance At End of Prior Year. (2) Applicable Life Expectancy. (3) Required Distribution. (4) IRA Earnings. (5) Ending Balance 2020 2021 2022 2023 2024

A woman is planning for retirement in 30 years and decides she can deposit $6,000 each year on December 31 into a retirement savings plan that she expects will pay 6% interest.  In 20 years she also expects to receive a small inheritance of $12,000 that she can also put into her retirement fund. The woman anticipates that her retirement fund will need to last 20 years; she estimates that she will need $60,000 at the end of each year in retirement to cover her living expenses. Her plan is flawed.  How much extra does she need to save every year (rounded to dollars and cents) to achieve her goals? (Do not round interim calculations)

Sam refuses to retire until his retirement account has a balance of at least $ 369,214 . Sam refuses to make any more deposits in the account. The account currently has a balance of$ 117,923 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire? You are computing number of years. Round your answer to one decimal place. For example, record 14.294 years as 14.3.

Eugene began to save for his retirement at age 30, and for 11 years he put $ 275 per month into an ordinary annuity at an annual interest rate of 7% compounded monthly. After the 11 years, Eugene was unable to make the monthly contribution of $ 275, so he moved the money from the annuity into another account that earned 11% interest compounded monthly. He left the money in this account for 24 years until he was ready to retire. How much money did he have for retirement?

Logan starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He deposits $⁢400 each month. Upon retirement at the age of 65, his retirement savings is $⁢943,445.01. Determine the amount of money Logan deposited over the length of the investment.  Round to the nearest thousand dollars.

Joseph Kirn has just inherited $827,790 which he would like to use as part of his retirement nest egg. He invested the funds at a 3.47 percent annual rate compounded annually. Joseph will reach age sixty in 17 years and will retire early. Now he would like to know how much he could withdraw from the fund in equal installments at the end of each year from the year he reaches age 60 until he reaches age 70½, the year he must start withdrawing funds from his individual retirement account (IRA). Joseph assumes the funds will continue to earn at a 3.47 percent annual rate. In other words, Joseph would like to know the annual year-end payment from an eleven-year annuity (from age 60 to the year he will be 70½), earning 3.47 percent annually. Round the answer to two decimal places.

Luis has $170,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put $3000/quarter into the new account until his retirement 30 years from now. If the new account earns interest at the rate of 4.5%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? (Round your answer to the nearest cent.)