Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. assume that you contribute $260 per month to a ret

Assume that you contribute $260 per month to a retirement plan for 20 years. Then you...

60.1K

Verified Solution

Question

Finance

Assume that you contribute $260 per month to a retirement planfor 20 years. Then you are able to increase the contribution to$460 per month for the next 30 years. Given a 6.0 percent interestrate, what is the value of your retirement plan after the 50 years?(Do not round intermediate calculations and round your final answerto 2 decimal places.)

Answer & Explanation Solved by verified expert
4.1 Ratings (812 Votes)
Lets divide the annuity stream in to two annuities first one with 260 monthly deposits for 50 years and second one with 200 monthly deposits for 30 years We have to compute    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Assume that you contribute $260 per month to a retirement planfor 20 years. Then you are able to increase the contribution to$460 per month for the next 30 years. Given a 6.0 percent interestrate, what is the value of your retirement plan after the 50 years?(Do not round intermediate calculations and round your final answerto 2 decimal places.)

Other questions asked by students

Q

Describe the process of convolving an image with a mask (kernel). How could the process be...

Physics
Q

In the potentiometer circuit shown in figure the internal resistance of the 6V battery is...

Physics
Q

The graph of y f x is shown below Draw the graph of y f...

Geometry
Q

3A 25-foot water slide has a 10.8-ft ladder which meets the slide at a 100...

Basic Math
Q

Claim The mean systolic blood pressure of all healthy adults is less than 123 mm...

Statistics
Q

Let p x 9 A general quadratic polynomial can be written as q x ax...

Calculus
Q

27 a 13 m c 22 m

Algebra
Q

Required information [The following information applies to the questions displayed below.) On January...

Accounting
Q

Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution...

Accounting
Q

Pls help me solve b), thank u very much ...

Accounting
Q

Mailings Review View Table Design Layout Tell me Aalbode AD AaBbc 1 a. Exercise 7-11...

Accounting
Q

3. Use a scale drawing to determine the height of the ledge. 5 pts 1....

Accounting