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What amount can you expect to have available

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1. You have $57,000 in your account that you want to grow to triple that amount in 35 years. What annual rate of return is necessary to reach your goal? (Note: Enter your answer is a decimal, not a percentage. For example, enter .0452 instead of 4.52%)

2. You save $2000 a year into a 401(k) account that you invest in a mutual fund earning 9% per year. You plan to retire in 35 years. How much money will you have in your account at retirement?

3. You have a child who will start college in 13 years, and you plan to set aside $1,000 a year for her college education during that period. You estimate that you will earn an annual interest rate of 5% on your investment. What amount can you expect to have available for your child when they start college?

4. Your mother just inherited $500,000. If she invests the money in a well-diversified, low-cost mutual fund returning 7% per year, how many years will it take her investment to become worth $1,000,000?

5. You just graduated from college and landed your first "real" job, which pays $61,000 a year. In 12 years how much will you need to earn to maintain the same purchasing power if inflation is 1.25% per year?

6. You plan to deposit $175 each month into an IRA earning 0.50% interest monthly. How much will you have in your account in 25 years?

7. How many months will it take you to pay off a loan of $18,000 at 6% APR compounded monthly if you make monthly payments of $850?

Reference no: EM132370457

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