Reference no: EM131065760
1. You are saving $300 per month in your 401(k) and need $890,000 in 33 years, if you have $35,000 now, what annual rate of return do you need to make to get to your goal?
2. You are 66 years old and hope to live to be 100. Your social security is $28,000 per year and you have $1,600,000 is a 401(k).If you want to make $120,000 each year in total, what rate of return on your 401(k) will allow you to do this?(Round to the nearest 1/10 of 1 %.)
3. You want to have $800,000 in your 401(k) at retirement in 39 years, you have $14,000 now and feel comfortable with 7.7% per year in return. What amount do you need to save per month to reach your goal?
4. You want your present salary at retirement adjusted for inflation which is running at 2.3%. You are 31 years old and want to retire at 65, how much will your salary be at retirement if you adjust your $41,000 present salary for inflation?
5. You need $120,000 per year during 36 years of retirement and inflation is at 2.5%, your social security is $30,000 per year, you project that you can make 3% above inflation during retirement, how much will you need in your 401(k) at retirement?
6. You are saving $250 per month and are 25 years old. You earn 7.75% on your investment. How much will you have at retirement if you want to retire at 67?
7. You need $130,000 per year during 36 years of retirement and inflation is at 2%, your social security is $35,000 per year, you project that your 401(k) will have $1,150,000 in it at retirement.What rate of return, including inflation, do you need to make this work, round to 1 decimal point?
8. Bill has $8,000 in his 401(k) and is 27 years old and Joan is 25 years old and has $1600 in her 401(k). Bill is saving $250 per month, earning 7.2%, and Joan is saving $175 per month, earning 7.5%.How much will they have together when Bill is 67?
9. You need $1,000,000 at age 65, you are 25 now and feel comfortable earning 7.4% per year, how much do you need to save each month to get there if you have nothing saved yet.? Round to the nearest dollar.
10. If you have $1,100,000 in your 401(k) and are earning 4.5%, how long will your money last if you withdraw $65,000 each year? Round to the nearest whole year.
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Explain the difference in production
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Custom halloween company
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What amount do you need to save per month to reach your goal
: You need $1,000,000 at age 65, you are 25 now and feel comfortable earning 7.4% per year, how much do you need to save each month to get there if you have nothing saved yet.? Round to the nearest dollar.
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