J'Mal wishes to retire at age 65. At the age of 21, he begins depositing $35 per month into an account earning 8.5% AAPR. How much money will he have when he turns 65?

Q: Matthew, age 37, currently makes $90,000. His wage replacement ratio is determined to be 85 percent.…

A: The amount of capital needed to be accumulated today for the retirement age of 70 will be calculated…

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: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Alex and Tony are twins. After graduation and being finally able to get a good job, they plan for…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: How much money will there be in the account?

A: solution A= R(1+i)n+1/i R= Contribution half year=$425 n= number of periods=48 years - 33 years =15…

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: A person joins a pension plan at age 35. How much will she have to pay into the pension fund each…

A: The question is based on the concept of Annuity in Financial Management.

Q: Gary decides to set up a retirement fund by depositing $182 at the end of each week for 17 years.…

A: Calculation of Amount at the end of 17 years:To calculate the amount at the end of 17 years, the…

Q: Sandra Jones intends to retire in 20 years at the age of 65. As yet, she has not provided for…

A: Present Value:  The present value (PV) is the present sum of a series of fixed payments. The series…

Q: Eugene began to save for his retirement at age 26, and for 10 years he put $ 425 per month into an…

A: Here we have to use the concept of future value to determine the retirement amount.  The amount…

Q: Magnus wishes to have $1,500,00 when he retires in 44 years. What are the monthly payments he must…

A: Future value of annuity = P * [ (1+r)^n  - 1 ] /r  Where, Future value of annuity = 150000 n = 44 r…

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: 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: Starting on his 25th birthday, Jason makes 20 semi-annual payments of P15,000 each in a savings…

A: Compound interest refers to the interest that is calculated on a deposit or loan on the basis of an…

Q: After retiring, Gabriella wants to be able to withdraw $7,000.00 every quarter from her account for…

A: Future Value: It is  the worth of a resource at a particular date.  It estimates the ostensible…

Q: Alex and Tony are twins. After graduation and being finally able to get a good job, they plan for…

A: The Future Value of the annuity refers to the sum value of all the payments which is occurred…

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: Chad is a 49 year-old manager at an insurance company who earns $90,000 a year. He has a daughter…

A: Note: There are two parts to this question. The first two questions in part 1 have been solved…

Q: Lynn estimates that when she retires at age 60, she will have $165,766.18 in her retirement account.…

A: Amount at the time of retirement = $ 165766.18 Expected Life as per Lynn = (85-60) + 3 = 28 Years…

Q: After retiring, Rosetta wants to be able to withdraw $4,000.00 every month from her account for 26…

A: Amount to withdraw per month "PMT" is $4,000 Time period is 26 years Interest rate is 6% Compounded…

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: Jamal Brown is a 55-year-old engineer. According to mortality tables, a male at age 55 has an…

A:

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: Anthony is 30 years old and just received an inheritance from his parents' estate. He wants to…

A: Annuity is the term used for a payment if it is done repeatedly.

Q: Ed who was then 26 years old planned to retire at the age of 56 years and so he purchased an…

A: Let the annual amount of annuity = A Annuity payments (n) = 30 Annual income from 56th birthday = P…

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: EZ Leifer plans to retire at the age of 65 and believes he will live to be 90.  EZ wants to receive…

A: Present value of annuity due = P + [P * {1-[1/(1+r)^n]/r}] Where, n = 90 years - 65 years =25years P…

Q: Zachary has opened a retirement account that will pay 4% interest each year. He plans to deposit 8%…

A: Interest Rate = 4%   Year N (Time to last deposit) Salary Sample Working Deposit Sample Working…

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: Levi plans to retire at age 66, and estimates that $61,200 a year in retirement for 20 years will be…

A: The amount needed at retirement will be equal to the present value of all the payments needed after…

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: Derek plans to retire on his 65th birthday. However, he wants to work part-time until he turns 72.…

A: Annuity is a sequence of equal amount of payments made at regular time gaps for a specified period…

Q: ne began to save for his retirement at age 30, and for 13 years he put $ 250 per month into an…

A: Future value of annuity is the future value of all the stream of cash flow. Future value of annuity…

Q: Sam is currently 30 years of age. He owns his own business and wantsto retire at the age of 60. He…

A: a. Calculate amount accumulated up-to age of 60 as below: Resultant Table: Hence, amount…

Q: When she turned 30, Arwen started depositing $400 per month in a retirement account that earns 2.4%…

A: An annuity is a series of cash flows that contain a fixed amount for a specific duration at equal…

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: at the end of year for 18 years.

A: Given information : Particulars Alex Tony Periodic deposits 10000 20000 Time period (years)…

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: A woman is planning for retirement in 30 years and decides she can deposit $6,000 each year on…

A: An Annuity Due is a stream of regular periodic payments made at a beginning of period for a…

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

A:

Q: Daniel is only 20 years old. He wants to retire as a millionaire by the time he turns 70. How much…

A: The present value is the value of the sum received at time 0. It is the current value of the sum…

Q: EZ Leifer plans to retire at the age of 65 and believes he will live to be90. EZ wants to receive an…

A: Given a certain rate of return, present value (PV) is the current worth of a future sum of money or…

Q: Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual…

A: Computation:

Q: On his 21st birthday, Silver put P300,000 into a retirement fund account that pays 10% interest per…

A: we need to use compound interest formula to calculate value of retainment fund at the age of 65…

Q: A person joins a pension plan at age 40 (40th birthday). How much will s/he have to pay into the…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: From age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded…

A: Time value of money concept is used to determine the worth of money today is different from that in…