Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you graduate from college at 21. for your retireme

You graduate from College at 21. For your retirement, you decide to invest into a Fidelity...

50.1K

Verified Solution

Question

Finance

You graduate from College at 21. For your retirement, you decideto invest into a Fidelity mutual fund that gives you a 7.5% APRcompounding monthly. After some years of work, you will retire andmove the investment into another Vanguard money market accountwhich gives you a 3% APR compounding monthly. During the years ofworking, you invest $350 every month. You plan to spend $4,500every month until you pass away. You estimate that you will passaway at 85 years old. When can you retire?

Answer & Explanation Solved by verified expert
4.3 Ratings (599 Votes)
To estimate the age of retirement the future value of thesavings at retirement has to equal to    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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You graduate from College at 21. For your retirement, you decideto invest into a Fidelity mutual fund that gives you a 7.5% APRcompounding monthly. After some years of work, you will retire andmove the investment into another Vanguard money market accountwhich gives you a 3% APR compounding monthly. During the years ofworking, you invest $350 every month. You plan to spend $4,500every month until you pass away. You estimate that you will passaway at 85 years old. When can you retire?

Other questions asked by students

Q

An air bottle used for scuba diving breathing apparatus has a volume of 30 l. After...

Chemistry
Q

Explain the process of forward and reverse transport of fatty acids and cholesterol and the role...

Medical Sciences
Q

     A company, currently operating at full capacity, manufactures and sells saucepans at £2 each. Current volume...

Accounting
Q

Question 39 Listen Please define natural selection and provide a detailed exam action I

Biology
Q

time as ortional 0 12 4 1296 km 22 The position x of particle moving...

Physics
Q

Solve the following logarithmic equation. Use a calculator if appropriate.log (4x+3)+ log 2 = log...

Basic Math
Q

Provide an appropriate response Given that P A or B 1 P A O 71...

Statistics
Q

rm the indicated operation Write the result in standare 3 2i 6 61 A 30...

Calculus
Q

Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which...

Accounting
Q

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022,...

Accounting
Q

You have an account that requires a minimum monthly balance of $5000 if the annual...

Accounting
Q

compute depreciation for each year, in total depreciation of all years combined for the machine...

Accounting