maths

posted by .

How much money will I need to have at retirement so I can withdraw $60,000 a year
for 20 years from an account earning 8% compounded annually?
a. How much do you need in your account at the beginning
b. How much total money will you pull out of the account?
c. How much of that money is interest?

  • maths -

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. maths

    You deposit $1000 each year into an account earning 8% compounded annually. a. How much will you have in the account in 10 years?
  2. math

    How much money would need to be deposited into an account earning 5.75% interest compounded annually in order for the accumulated value at the end of 25 years to be $85,000?
  3. finance

    Mrs. Kay who is 24 years old plans to retire at the age of 60. Mrs. Kay would like to be able to withdraw $120,000 per year from her retirement account for 40 years after retirement beginning a year after her retirement. She already …
  4. magh

    suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded annually. …
  5. Finance

    You want to be able to withdraw $25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired Round …
  6. finance

    Starting a year from now and making 10 yearly payments, Pierre would like to put into a retirement account enough money so that, starting 11 years from now, he can withdraw $30000 per year until he dies. Pierre is confident that he …
  7. Annuities

    You deposit $4000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 30 years?
  8. Finance

    You plan on depositing $10,000 at the end of each year for 30 years into a retirement account that pays 5% interest. How much could you withdraw annually in equal beginning of year amounts starting at the time you make your last deposit …
  9. math 107

    You deposit $4000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 30 years?
  10. MATH

    How much should Jessica have in a savings account that is earning 3.50% compounded semi-annually, if she plans to withdraw $2,150 from this account at the end of every six months for 10 years?

More Similar Questions