How much less could you have deposited last year

Reference no: EM13285855

A year ago, you deposited $30,000 into a retirement savings account at a fixed rate of 5.5 percent. Today, you could earn a fixed rate of 6.5 percent on a similar type account. However, your rate is fixed and cannot be adjusted. How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

Reference no: EM13285855

Questions Cloud

Why do we need to take preliminary sample : Why do we need to take a preliminary sample when determining the size of the sample needed to make the margin of error of a confidence interval equal to E?

A research paper of art and expression. : A research paper of Art and Expression.

Determine the total energy stored by the two capacitors : Two capacitors are connected to a battery. The battery voltage is V= 80V, Determine the total energy stored by the two capacitors

Find the volume flow rate through the pipe : A 1.0-cm-diameter pipe widens to 2.0 cm, then narrows to 0.5 cm. What is the volume flow rate through the pipe

How much less could you have deposited last year : How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

Announced a new policy after worker protests : Critics of Wal-Mart say it helps drive down wage standards here and abroad. On the other hand, the CEO has announced a new policy after worker protests early in the year". Is it anything of significance? about it and is Wal MArt entering a new phase

Calculate the magnitude of the normal force : A cube of mass m1 = 8.8 kg is sitting on top of another cube of the same size, What is the magnitude of the normal force with which the bottom cube is acting on the top cube

What is the expected annual inflation rate : A one-year U.S. Treasury security has a nominal interest rate of 2.25 percent. If the expected real rate of interest is 1.5 percent, what is the expected annual inflation rate.

Community that can be mitigated by source control : What are two hazards in your community that can be mitigated by source control? And, what type of control is used? How effective are these controls?

User Account

All Pages