Accounting
posted by Mike .
Mr. jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a perodic savings plan to do this. If he makes equal annual payments into a savings account that pays 4 percent interest per year, how large must this payments be to ensure that after retirement he will be able to draw $30,000 per year from their account until he is 80?
Respond to this Question
Similar Questions

accounting
Mr. Jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a periodic savings plan to do this. If he makes equal annual payments into a savings account that pays … 
Business
Mr Jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a periodic savings plan to do this. If he makes equal annual payments into savings account that pays … 
Finance
You are now 30 years old. You plan to retire in 30 years, and expect to live for 30 years after retirement, that is, until you are 90. You want a fixed retirement income that has the same purchasing power at the time you retire as … 
corporate finance
1)You have just turned 30 years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7% per … 
finance
A 45yearold woman decides to put funds into a retirement plan. She can save $2,000 a year and earn 9 percent on this savings. How much will she have accumulated if she retires at age 65. At retirement how much can she withdraw each … 
retireement
• DQ#1 At what age do you hope to retire? 
Retirement
1. I would like to retire in 42 years at the age of 65. The average retirement age for women is between 6062 years of age, and 6264 for men. 2. My annual amount of money I'll need after retiring would be approxiamately $26,500 (2,205*12=$26,460) … 
Finance
You are 45 years of age and your asporation is to retire in 17 years at age 62. Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any … 
math  interest rates/annuity
Plan to save $5000 per year for retirement with first investment made 1 year from now. Plan to earn 10% per year on investments. Plan to retire in 43 years, immediately after making last $5000 investment. a) if, instead, decide to … 
Business Math ( Future ordinary Annuities)
Howard has deposited RM1000 at the end of each month into a retirement savings plan for the last 10 years in his working life. His deposits earned an interest rate of 2.5% per month for the first 4 years and 3% per month for the rest …