Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you plan to retire in year 20 your retirement will

You plan to retire in year 20 Your retirement will last 25 years starting in year...

70.2K

Verified Solution

Question

Finance

You plan to retire in year 20
Your retirement will last 25 years starting in year 21
You want to have $50,000 each year of your retirement.
How much would you have to invest each year, starting in one year,for 15 years , to exactly pay for your retirement ,if yourinvestments earn 6.00% APR (compounded annually)?

Answers:

$21,349

$21,546

$20,930

$20,520

Answer & Explanation Solved by verified expert
3.7 Ratings (335 Votes)
Annuity starting after retirement P 5000000 Time in years n 25 interest rate i 6 or 006 Present Value of annuity formula    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

You plan to retire in year 20Your retirement will last 25 years starting in year 21You want to have $50,000 each year of your retirement.How much would you have to invest each year, starting in one year,for 15 years , to exactly pay for your retirement ,if yourinvestments earn 6.00% APR (compounded annually)?Answers:$21,349$21,546$20,930$20,520

Other questions asked by students

Q

Given the joint distribution from the previous example Employee 96 1 0 1 0 W

Basic Math
Q

pleasant thoughts generally stimulate which neurons?

Biology
Q

There are five different types of control methods that managers can utilize to maintain control. These...

General Management
Q

Question 1 Write the meaning of the suffix penia deficiency

Biology
Q

If AB CD find the measures of angles x y z 9 1 C x...

Geometry
Q

Colise has 2 vases of flowers that each hold 10 red and 5 yellow roses....

Basic Math
Q

A number from 1-72 is chosen at random. Find each probability as a fraction (in...

Statistics
Q

Find the derivative of the function.f(x) = arcsin(8x) + arccos(8x)f'(x) =

Calculus
Q

Graph s x x 10x 22 on the Cartesian plane to the right To graph...

Algebra
Q

Given the function f x 3 1 determine the average rate of change from x...

Algebra
Q

8 Solve for x 18x 1 3x

Algebra
Q

1) Brainstorm a list of ways you can get to class each day. Dont be...

Accounting