User Account

All Pages

What if mary starts making the deposits in one year

Assignment Help Financial Accounting
Reference no: EM132496408

Your friend, Mary Jones, is celebrating her 30th birthday and wants to start saving for her anticipated retirement. She has the following years to retirement and retirement spending goals, which are as follows:

Years until retirement: 30

Amount to withdraw each year upon retirement: $90,000

Years to withdraw in retirement: 20

Interest rate: 5%

  • Mary is planning to make equal annual deposits into her retirement account, while her first withdrawal will take place one year after her last deposit.

Question 1: What if Mary starts making these deposits in one year when she turns 40 years old and only has 20 years left to retirement, what amount must she deposit annually to be able to make the same desired withdrawals?

Reference no: EM132496408

Questions Cloud

What would need to deposit today to cover the anticipated : What would she need to deposit today to cover the anticipated withdrawals? Assume but the interest rate she can earn over the next 30 years is only 3%
Depression among adolescents assignment : Depression among Adolescents Assignment help and solution - discussion section focuses on expected results and suggested future steps that psychologists
Think about gender in terms of development : Why do we need to think about gender in terms of development?
ENC 1102 Rhetoric and Academic Research Assignment : ENC 1102 Rhetoric and Academic Research Assignment Help and Solution - University of Florida, USA. Organizing a coherent argument with an introduction
What if mary starts making the deposits in one year : What amount must she deposit annually to be able to make the same desired withdrawals? What if Mary starts making these deposits in one year
Gender-specific characteristics : What factors contribute to gender-specific characteristics and identity?
What amount must deposit annually to be able to make : What amount must she deposit annually to be able to make the desired withdrawals at retirement? Does that mean she will need to deposit annually
Amount of time spent studying : The results of the test would be considered the? The amount of time spent studying could be a?
What is dweck mindset theory : What is Dweck's Mindset Theory and how it works? Description of current mindset and future mindset

Reviews

Write a Review

Financial Accounting Questions & Answers

  Purposes of inventory valuation and income determination

"Job costs are accumulated for purposes of inventory valuation and income determination." State two other purposes.

  Difference in cost of capital in two currencies for a firm

The U. S.- based MNC Fairwon is contemplating a major corporate investment in Mexico to construct turbines. The level of long- term interest rates is about 6 percent higher in Mexico at 12 percent. Fairwon estimates that its USD cost of capital (for ..

  Is the capital gains tax a good tax

Is the capital gains tax a good tax? Why or why not? In making your decision (and explaining your answer), make sure that you consider some of the fundamental requirements of a good tax that we explored in Week 1, such as fairness, efficacy in raisin..

  What is the divisions turnover and divisions margin

Eckels Wares is a division of a major corporation. The following data are for the latest year of operations: What is the division's margin? What is the division's turnover? What is the division's return on investment (ROI)?

  What are the direct costs to the mid-line of cars total

A company which manufactures 3 types of automobiles (standard, mid classm and luxury incurred the following costs for March. What are the direct costs to the mid-line of cars total

  Good example of derivative mismanagement

JPMorgan is a good example of derivative mismanagement. Please note the discussion of recent examples of mismanagement of derivatives on pages 904 to 907 of the textbook. Class, Futures contracts can be used for both speculation and hedging. What is ..

  Determine the firms net income for the period ending march

Determine the cost of the company's land by preparing a trial balance. Determine the firm's net income for the period ending March 31.

  Appropriately applies the equity method of accounting

BuyCo holds 25 percent of the outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment amounts to $10,000 per year.

  Prepare entries using t account to record given transactions

Prepare entries using T accounts to record the above transactions. Prepare the stockholders' equity section of Canterbury's balance sheet on November 30, 2014. Net income for the quarter was $80,000.

  Determine the present value of the note

Determine the present value of the note. On December 31, 2010, Green Company finished consultation services and accepted in exchange

  Prepare an income distribution worksheet

Journalize closing of the income summary accounts to the capital accounts and prepare an income distribution worksheet

  What was shareholders equity as of december

What ($ in 000s) was shareholders' equity as of December 31, 2012? What ($ in 000s) was shareholders' equity as of December 31, 2012?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd