Company deposit assuming the savings account

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Reference no: EM131959581

1. Currently you have $887,921 in your IRA account, and want to retire when its balance becomes $3 million. If you can earn 10% p.a. return, in how many years can you retire?

2. Silver Corporation agrees to pay an employee $6,000 a year for 20 years beginning twelve years from today and decides to fund the payments by depositing one lump sum in a savings account today. How much should the company deposit assuming the savings account will pay interest at an annual rate of 4%?

$50,931

$52,968.

$55,021.

$58,958.

Reference no: EM131959581

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