Reference no: EM131097838
Can someone please answer the following questions?
1) You invest $1583 at the beginning of every year and your friend invests $1583 at the end of every year. If you both earn an annual rate of return of 13%, how much will each of you have in your account after 34 years?
Amount in friend's account = ?
Amount in your account = ?
2) You currently have $3574 in a retirement savings account that earns an annual return of 9%. You want to retire in 42 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal?
Amount of annual savings needed = ?
3) You currently owe $3603 of your credit card that charges an annual interest rate of 17.1%. You make $154 of new charges every month and make a payment of $223 every month. What will your credit card balance be in three months?
Credit card balance at the end of three months = ?
4) You would like to retire in 14 years. The expected rate of inflation is 2% per year. You currently have a standard of living that requires $7808 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement?
5) You purchases a house for $152062. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 7.6%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?
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Receive to reach her goal
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: You currently have $3574 in a retirement savings account that earns an annual return of 9%. You want to retire in 42 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal?
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