Reference no: EM133180734
Questions -
Q1. Thomas plans to withdraw $100,000 each year from his retirement account for a 25-year period. The account earns 6% annual interest. How much does Thomas need to have in the account at the beginning of his retirement, in order to allow these withdrawals?
Q2. Charlie wants to know how much his cost of living will be in 28 years, based on a 2.75% annual rate of inflation. His current cost of living is $47,000.
Q3. Grayson plans to withdraw $55,000 each year from his retirement account for a 23-year period. The account earns 9% annual interest. How much does Grayson need to have in the account at the beginning of his retirement, in order to allow these withdrawals?
Q4. Roger needs to have $1,500,000 on the day he retires 35 years from now. If he earns 11.00% annual return on his investments, how much does he need to invest each month, in order to reach his goal?
Q5. Claire plans to withdraw $62,000 each year from her retirement account for a 22-year period. The account earns 6.5% annual interest. How much does Claire need to have in the account at the beginning of her retirement, in order to allow these withdrawals?
Q6. Todd wants to have $895,600 on the day he retires 29 years from now. If he earns 6.5% annual return on his investments, how much does he need to invest each month, in order to reach his goal?
Q7. Andrew plans to have $1,235,000 on the day he retires 31 years from now. If he earns 7.50% annual return on his investments, how much does he need to invest each month, in order to reach his goal?
Q8. Katie plans to withdraw $8,000 each month from her retirement account for a 30-year period. The account earns 7% annual interest. How much does Carol need to have in the account at the beginning of her retirement, in order to allow these withdrawals? Assume monthly compounding.
Q9. Sam plans to withdraw $81,400 each year from his retirement account for a 26-year period. The account earns 9.5% annual interest. How much does Sam need to have in the account at the beginning of his retirement, in order to allow these withdrawals?
Q10. Jared plans to withdraw $7,000 each month from his retirement account for a 29-year period. The account earns 8.5% annual interest. How much does Jared need to have in the account at the beginning of his retirement, in order to allow these withdrawals? Assume monthly compounding.