+1-415-670-9189
info@expertsmind.com
Save money to meet three objectives
Course:- Business Economics
Reference No.:- EM132281492




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Economics

Uncle Phil wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with a retirement income of $28,500 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a mansion in 10 years at an estimated cost of $365,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $1,225,000 to his nephew Will. He can afford to save $3,000 per month for the next 10 years. If he can earn an EAR of 11 percent before he retires and an EAR of 8 percent after he retires, how much will he have to save each month in Years 11 through 30? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
Suppose that coffee growers sell 200 million pounds of coffee beans at $2 per pound in 2007, and sell 240 million pounds for $3 per pound in 2008. Based on this information we
Many movie theaters and restaurants offer discounted prices to senior citizens.  According to Economic principles, the best explanation for this is that senior citizens tend t
Aggregate demand and aggregate demand curve. The three reasons that explain the downward slope nature of the AD curve. Recessionary and inflationary gaps: please use AD/AS cur
Please write in your own words. How has NAFTA affected the economies of North America and the EU affected Europe? What importance do these economic pacts have for internationa
For each of the following cost-output relationship, describe the shape (U-shape, Decrease, increase, constant) of the average total cost and marginal cost function (C=total co
Suppose you have the following hypothetical demand or sales function. Qx= -4Px+2Py+0.20I+0.04A and PX = $200, (price of good X) PY =$230, (price of good Y) I = $1,500 (disposa
Consider the forces that led to the Great Depression. In the very short run, the effect of these forces would be _________ in the price level and _________ in real output. Con
Given the estimate for own price elasticity is -4.5, and the upper and lower 95% confidence intervals are -.5 and -8.5, what is the standard error for the own price elasticity