How much must mike invest each year to reach retirement goal

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Reference no: EM131915145

1. Mary is purchasing a new car that costs $47,999 four years ago. Her loan is at 1.69% annual interest for 54 months. About how much is her loan balance today if she trades her car in for a new car?.

$5,515.10

$5,813.63

$5,793.51

$6,003.19

2. A bond is a ____ asset and a share of stock is a _____ asset.

Mike wants to have $3,500,000 in his 401(K) when he retires in 30 years. If he expects his 401(K) can earn 4.23% annual interest, about how much must Mike invest each year to reach his retirement goal?

$72,412

$60,046

$50.865

$43,524

Reference no: EM131915145

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