Interest rate to fund his retirement goal

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1. George Just hit the jackpot in Las Vegas and won $55,000! if he invests it now, at a 12% interest rate, how much will it be worth 15 years from now?

2. Zach would like to have $4,000,000 saved by the time he retires 40 years from now. How much does he need to invest now at a 14% interest rate to fund his retirement goal?

3. Assume that Olivia accumulates savings of $2 million by the time she retires. If she invests this savings at 8%, how much money will she be able to withdraw at the end of each year for 20 years?

Reference no: EM13777955

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