Calculate annual payments into a savings account, Financial Management

Assignment Help:

Calculate annual payments into a savings account:

Mr. Jones intends to retire in 20 years at the age of 65. As, yet he has not provided for retirement income, and he wants to set up a periodic savings plan for this. If he makes equal annual payments into a savings account that pays 4 per cent interest per year, how large must his payment be to ensure that after retirement he will be able to draw $30,000.00 per year from this account until he is 80?


Related Discussions:- Calculate annual payments into a savings account

Eurocurrency, Eurocurrency A currency on deposit outside its country o...

Eurocurrency A currency on deposit outside its country of source. Such deposits are well known as external currencies, international currencies or xenocurrencies.

Explain the sharpe performance measure, Explain the concept of the Sharpe p...

Explain the concept of the Sharpe performance measure. Answer:  The Sharpe performance measure abbreviated as SHP is a risk-adjusted performance measure. It is denoted as the mea

Credit rating, As the number of companies borrowing directly from the...

As the number of companies borrowing directly from the capital market increases, and as the industrial environment becomes more and more competitive and demanding,

Step-up (step down) notes, These types of securities have more ...

These types of securities have more than one coupon rate and each subsequent coupon rate is higher (or lower) than the previous coupon rate. For

Determine interest coverage ratio, Q. Determine Interest coverage ratio? ...

Q. Determine Interest coverage ratio? Current interest coverage ratio = 7000/500 = 14 times Increased profit before interest and tax = 7000 × 1.12 = $7.84m Increased inte

Write down budget constraint - budget line, You have $20 to spend on high q...

You have $20 to spend on high quality pens and low quality pens. High quality pens cost $5 each and low quality pens cost $2 each.    (a) Suppose that you will spend your entire

13 basic ratios, What its the net income? Total current assets, plant and e...

What its the net income? Total current assets, plant and equipment, net plant and equipment, our net account receivable?

Describe the major financial problems of a firm, Describe the major financi...

Describe the major financial problems of a firm The three questions posed above cover between them the major financial problems of a firm. Or we can say that financial manageme

Explain the significance of the term additional funds needed, Explain the s...

Explain the significance of the term additional funds needed . When the pro forma balance sheet is finished, total liabilities and total assets and equity will rarely match.

#tFuture Value, You deposit $3,000 in a back account that pays 10% annually...

You deposit $3,000 in a back account that pays 10% annually, how much would you have im your account after 5 years?

Write Your Message!

Captcha
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!

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