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What must the contributions be

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Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday?

Derek can deposit $19,888.00 on each birthday beginning with his 28.00th and ending with his 67.00th. What will the rate on the retirement account need to be for him to have $3,802,038.00 in it when he retires?

If Derek plans to deposit $11,497.00 into his retirement account on each birthday beginning with his 26th and the account earns 11.00%, how long will it take him to accumulate $2,577,096.00?

Derek decides that he needs $162,387.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $162387.0 on each birthday from his 66th to his 88.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 9.00%.

Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will wants to have $2,616,549.00 in his retirement account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 8.00% interest rate.

Reference no: EM132467362

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