Fixed annual retirement income

Assignment Help Finance Basics
Reference no: EM13747597

An individual is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires, that is, until he is 85. He wants a fixed annual retirement income of $65,156. His retirement income will begin the day he retires, 10 years from today, and he will then get 24 additional annual payments. He currently has $100,000 saved up; and he expects to earn a return on his savings of 8 percent per year, annual compounding. To the nearest dollar, how much must he save during each of the next 10 years (with deposits being made at the end of each year) to meet his retirement goal?

Reference no: EM13747597

Questions Cloud

Dumonts monthly mortgage payment for piti : Compare the dumonts monthly mortgage payment for PITI in question 25 with their curren tmonthly rent and renters insurance cost of 1300. should cory anthisha consider purchasing a house that would require their maximum qualifications mortgage loan..
Determine strategies to ensure successful implementation : Identify barriers that can interfere with the implementation or revision of quality measures. Determine strategies to ensure successful implementation of new quality measures.
Overall role of investing in personal financial planning : Discuss the overall role of investing in personal financial planning. Discuss three (3) attributes of three (3) different stocks that would be a good choice for Sam's financial profile based on your Internet research.
Explain the threat of terrorism in the united states : Do you think that the threat of terrorism in the United States justi?es the imposition of limits on the right to privacy? Generally, in the wake of terrorist attacks.
Fixed annual retirement income : An individual is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires, that is, until he is 85. He wants a fixed annual retirement income of $65,156.
Fed independent from politics : What factors make the Fed independent from politics? Why is there so much political pressure on the Fed, despite its independence?
The final implementation plan for the project selection : Write a 1,400- to 2,100-word project implementation plan for the project selected by the Learning Team in Week 2 which will also be used for the final implementation plan for the Project Selection Paper Assignment. Part 1 of the plan must include ..
Which statements is a principle of nationalism : Which statements is a principle of nationalism? How did the Napoleon Bonaparte from the first French Revolution (1789-1815) influence the revolutions of 1848?
Define accreditation : Write a short (5-6 page) APA style term paper answering the following: Define accreditation

Reviews

Write a Review

Finance Basics Questions & Answers

  Opinion polls attempt to predict the results of local

opinion polls attempt to predict the results of local state and federal elections. discuss six reasons why the results

  What are the basic requirements for the project plans

This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better.

  What would be the incremental bad debt losses

The variable cost percentage is 60 percent and the cost of capital is 15 percent. What would be the incremental bad debt losses if the change were made?

  An investment will pay 150 at the end of each of the next 3

an investment will pay 150 at the end of each of the next 3 years 200 at the end of year 4 300 at the end of year 5 and

  The federal open market committee

The Federal Open Market Committee

  What will be your account balance at the end of the 5th year

You deposit $150 in your credit union for 5 years at annual rate of 6%, and interest compounds annually. What will be your account balance at the end of the 5th year? (Pick the best answer.)

  Compute descriptive statistics and perform a paired t test

Compute descriptive statistics and perform a paired t test. State your findings and conclusions in a report to the vice president for human resources.

  Projects a and b are mutually exclusive project a costs

projects a and b are mutually exclusive. project a costs 10000 and is expected to generate cash inflows of 4000 for 4

  Prepare a report summarizing the two quality systems and

prepare a report summarizing the two quality systems and showing where they are similar and where they differ.1. is

  What is the amount of interest revenue recognized by seller

On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using the 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the ..

  Estimate your exposure to the exchange risk compute the

suppose you are a british venture capitalist holding a major stake in an e-commerce start-up in silicon valley. as a

  Marshal is considering the purchase of new equipment that

marshal corporation sells a single product at a price of 62 per unit. fixed costs total 640000 and variable costs per

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd