How much money will you have on the date of your retirement

Assignment Help Financial Management

Reference no: EM131831231

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $59,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.9 percent per year. Your salary will increase at 2 percent per year throughout your career.

How much money will you have on the date of your retirement 35 years from today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Reference no: EM131831231

Questions Cloud

Describe culturally appropriate communication techniques : BSBADM405 Organise Meetings Assignment. Describe culturally appropriate communication techniques. Identify requirements for this meeting

Productivity improvements offered by the HR module : "Does it make sense to invest in the productivity improvements offered by the HR module?"

Discuss problem on outstanding shares : Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares.

What is your incremental cash flow from selling the machine : If you sell the machine today (after three years of depreciation) for $ 748 000, what is your incremental cash flow from selling the machine?

How much money will you have on the date of your retirement : How much money will you have on the date of your retirement 35 years from today?

Discuss about the balance sheet for wells fargo : Wells Fargo & Company, headquartered in San Francisco, is one of the nation's largest financial institutions.

Making monthly contributions to savings program : Many persons prepare for retirement by making monthly contributions to a savings program.

Calculating discounted payback : What is the discounted payback period if the discount rate is 0 percent? What is the discounted payback period if the discount rate is 5 percent?

Review problem on stockholders equity accounts : The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Ryder Corporation at December 31, 2017.

User Account

All Pages