Maria, a 25-year-old teacher, wants to start saving for her retirement. Maria wants a comfortable retirement, so she needs to have one million dollars in her saving account which pays 4.8% annual interest rate, when she reaches 65 years of age. }How much should Maria deposit into her saving account monthly now? Round your answer to the nearest cent. a. b. ) If Maria wants the one million dollars in her saving account to last 20 years into her retirement, how much could she withdraw from the saving account monthly for retirement? You can assume the saving account will pay the same 4.8% annual interest rate. Round your answer to the nearest cent. If Maria increases her monthly deposit in part (a) by S200, how much will be in her saving account if she wants to retire at 60 years of age? Round your answer to the nearest cent. C.
Maria, a 25-year-old teacher, wants to start saving for her retirement. Maria wants a comfortable retirement, so she needs to have one million dollars in her saving account which pays 4.8% annual interest rate, when she reaches 65 years of age. }How much should Maria deposit into her saving account monthly now? Round your answer to the nearest cent. a. b. ) If Maria wants the one million dollars in her saving account to last 20 years into her retirement, how much could she withdraw from the saving account monthly for retirement? You can assume the saving account will pay the same 4.8% annual interest rate. Round your answer to the nearest cent. If Maria increases her monthly deposit in part (a) by S200, how much will be in her saving account if she wants to retire at 60 years of age? Round your answer to the nearest cent. C.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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