Eugene began to save for his retirement at age 26, and for 10 years he put $ 425 per month into an ordinary annuity at an annual interest rate of 9% compounded monthly. After the 10 years, Eugene was unable to make the monthly contribution of $ 425, so he moved the money from the annuity into another account that earned 8% interest compounded monthly. He left the money in this account for 29 years until he was ready to retire. How much money did he have for retirement? Retirement amount =

Q: Georgi Rostov deposits $4,000 in a savings account that pays 8% interest compounded monthly. Three…

A: Future value is the value of the current amount at some future date after adjusting it with the…

Q: At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the…

A: Annuity, A = $ 2,000Interest rate, r = 12%Number of annuities = n = 65 - 28 = 37

Q: When Bo McSwine was 16, he got an after-school job at his parents' barbecue restaurant. His parents…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: wishes to provide herself, or her estate, with an income of $10,000 at the end of each year for 10…

A: Deposit A Amount = 10,000 End of year deposits N = 10 years   Deposit B Amount = 10,000 End of year…

Q: Twenty years ahead of her retirement, Kelly opened a savings account that earns 5% interest rate…

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

Q: How much money did he have for retirement?

A: Future Value of annuity = A= R* (1+rm)n-1rmwhereA - future valueR - periodic paymentr - nominal…

Q: Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded…

A: a) Ali leaves this amount ($10,496.48) for additional 5 years therefore, the worth after 5 years…

Q: Kyler deposits $225 each month into an annuity at 6.2% annual interest for 25 years . At the end of…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount initially…

Q: At age 18, Marcia started depositing $2000 per year at the end of each year into an account earning…

A: Annuity, A = $ 2,000Rate of interest = r = 12%number of annuities, n = 8

Q: Crystal Nelson is 30 years old and she invests $3,300 in an annuity, earning a 8% compound annual…

A: PV = 0 N = 21 rate = 8% PMT = 3300 use FV function in Excel with type as 1

Q: How much money can he receive on his 18th birthday, if he decided to withdraw all the money at once?

A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

Q: Onin plans on retiring on his 60th birthday. He wants to put the same amount of funds aside each…

A: Nominal Rate = 10% Compounded Semi Annually Number of compounding periods = 2 Amount to withdraw…

Q: Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning…

A: Annuity means series of no. of finite payments which are same in size and made in equal intervals.…

Q: Shiraz deposited $500 at the end of each year for 18 years in a savings account. If the account paid…

A: Using the Future value function in excel

Q: Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a…

A: In the span of 25 years, the interest rate is 6% on both the deposits and the withdrawals. First…

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: Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns…

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

Q: Stephanie purchased an annuity that will provide her with payments of $1,500 every month for 4…

A: monthly rate of interest = (1 + 4.25%/2)1/6 - 1 = 0.3511%

Q: Bobbi opens an IRA account in which she deposits $3,000 per year until she retires in 50 years. If…

A: The accumulated amount can be calculated with the help of future value of annuity function

Q: Since the birth of his granddaughter, 18 years ago, Luis has deposited $250 at the beginning of…

A:

Q: Denise has $180,983 saved for her upcoming retirement and will make no further contributions. She…

A: Interest rate = 5% compounded semiannually Annuity amount (A) = $5000 per quarter for 20 years (80…

Q: Since the birth of his daughter, 17 years ago, Derek has deposited $150.00 at the beginning of every…

A: Here Derek is making paying at the beginning of the months, so this is annuity due. When payments…

Q: Since the birth of his granddaughter, 18 years ago, Kristen has deposited $300 at the beginning of…

A:

Q: Since the birth of his granddaughter, 20 years ago, Jason has deposited $200 at the beginning of…

A: 1. FVA after 7 years   = P * (([1 + I]^N - 1 )*(1+I))/I, where P is the payment amount= 200 I is…

Q: Mrs. Kimberly deposited P 300, 000 in an account earning 8% compounded every 6 months. On the 2th…

A: Compound interest: Compound interest denotes an interest computed on the total initial deposits and…

Q: After retiring, Valeria wants to be able to withdraw $36,500.00 every year from her account for 27…

A: Amount to withdraw every year "PMT"  is $36,500 Time period "N" is 27 years Interest rate "I/Y" is…

Q: etirement for 20 years, a self-employed engineer deposits P6,000 every end of 3 months in a fund…

A: Given information : Time period (years) 20 Periodic deposits 6000 Payment  quarterly…

Q: Since the birth of her daughter, 20 years ago, William has deposited $50 at the beginning of every…

A: Time period is 20 years Monthly deposit is $50 Interest rate for first 8 years is 5.10% Interest…

Q: On Juan’s 26th birthday, he invested $7,500 in a retirement account. Each year thereafter he…

A: A concept through which it is studied that the current worth of money is higher than its future…

Q: Andy invested a certain amount of money which he saves in account that earns 4% per year, compounded…

A: Present value of annuity payments of $3500 for 10 years at 4% is calculated as below:

Q: For 30 years, lilly contributed $180 every month to savings accountthat earns 1.6%…

A: Balance at the end of 45 years will be future value of monthly savings

Q: Omar was given $1,000,000 on his 2nd birthday. The money is put into an account that pays 4%…

A: Annuity refers to series of equalized payments that are paid or received at start or ending of…

Q: To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account paying 9%. Nine…

A: We have certain age for retirement, and for that, we add an amount after some interval of time to be…

Q: On Juan’s 26th birthday, he invested $7,500 in a retirement account. Each year thereafter he…

A: Rate of interest=5%,0.05               Time=35 Number of years=10Amount=Principal1+rateyears…

Q: How much should be his monthly withdrawals?

A: Given in the question: Principal amount deposited = P150,000 Interest Rate = 3% Interest is…

Q: Since the birth of his granddaughter, 20 years ago, Jacob has deposited $100 at the beginning of…

A: Monthly Deposit = 100 Beginning of period deposits   First 11 years: Interest Rate = 4.50%/12  Time…

Q: How much will be in the account when the individual retires at age 65 if the savings program starts…

A: Future Value of Annuity: It represents the future worth of the present stream of annuity cash…

Q: When she was 6 years old, Jane’s parents set up an annuity for her college education, with the first…

A: Since, the payments are semiannual, Number of payment periods = 2 * years  Since payment will…

Q: Mr. Arman has decided to start saving for his retirement. Beginning on his twenty-sixth birthday,…

A: It is required to find the future value in the accounts of Mr. A and Mr. J to know who will be…

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

A:

Q: How much money did he have for retirement?

A: Future Value of Annuity: It is the future worth of the present annuity stream cash flows and is…

Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…

A: Interest earned on savings - 3.2% quarterly Period for which it is saved - 9 years Conversion of…

Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…

A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…

Q: Joe Hernandez has inherited $25,000 and wishes to purchase an annuity that will provide him with a…

A: Time value tells that money received today is of more value than that of receiving the exact value…

Q: John Jones has just retired after many years with the telephone company. His pension funds have a…

A: Annuity refers to series of equalized payments that are made at end or begin of period for constant…