You contribute $2,000 annually to a retirement account for eight years and stop making payments at the age of 40. Your twin brother (or sister . . . whichever applies) opens an account at age 40 and contributes $2,000 a year until retirement at age 65 (25 years). You both earn 9 percent on your investments. How much can each of you withdraw for 15 years (that is, ages 66 through 80) from the retirement accounts? Use Appendix A, Appendix C, and Appendix D to answer the question. Round your answers to the nearest dollar.You can withdraw $ .Your twin can withdraw $ .

You contribute $2,000 annually to a retirement account for eight years and stop making payments at the age of 40. Your twin brother (or sister . . . whichever applies) opens an account at age 40 and contributes $2,000 a year until retirement at age 65 (25 years). You both earn 9 percent on your investments. How much can each of you withdraw for 15 years (that is, ages 66 through 80) from the retirement accounts? Use Appendix A, Appendix C, and Appendix D to answer the question. Round your answers to the nearest dollar.You can withdraw $ .Your twin can withdraw $ .

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

See similar textbooks

Similar questions

You contribute $1,000 annually to a retirement account for eleven years and stop making payments at the age of 45. Your twin brother (or sister . . . whichever applies) opens an account at age 45 and contributes $1,000 a year until retirement at age 65 (20 years). You both earn 9 percent on your investments. How much can each of you withdraw for 25 years (that is, ages 66 through 90) from the retirement accounts? Use Appendix A, Appendix
You contribute $1,000 annually to a retirement account for seven years and stop making payments at the age of 40. Your twin brother (or sister . . . whichever applies) opens an account at age 40 and contributes $1,000 a year until retirement at age 65 (25 years). You both earn 12 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accounts? Use Appendix A, Appendix C, and Appendix D to answer the question. Round your answers to the nearest dollar.You can withdraw $ ____________ .Your twin can withdraw $ _____________ .
You contribute $1,500 annually to a retirement account for seven years and stop making payments at the age of 45. Your twin brother (or sister . . . whichever applies) opens an account at age 45 and contributes $1,500 a year until retirement at age 65 (20 years). You both earn 9 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accounts? Use Appendix A, Appendix C, and Appendix D to answer the question. Round your answers to the nearest dollar. You can withdraw $ Your twin can withdraw $ bongo O
You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 25 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 25 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 65? Select the larger amount.
You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same starting at age 30 and makes the contributions for 30 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60? the larger amount. -Select-
You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 20 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60?
You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 10 years. Your twin sister does the same starting at age 45 and makes the contributions for 20 years. Both of you earn 8 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.
ou annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 20 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60?-Select-You haveYour sister hasItem 3 the larger amount.
A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. a. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 40? $ b. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions? c. How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70? 2$
A self-employed person deposits $4,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 7 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 50?$ How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?$ How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70
A self employed person deposit $1,250 annually in a retirement account that earns 5.5 percent. What will be the account balance at age 62 if the savings program starts when the individual is age 50? How much additional money will be in the account if the saver defers retirement until age 66 and continue the annual contribution until then? How much additional money will be in the account if the saver discontinues the contributions at age 62, but let's it build up until retirement at age 66?
To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account paying 9%. Nine years after, he deposited another 10,000. How much will be available at his retirement?* Find the simple interest earned in an account where 5,000 is on deposit from March 14, 2020 to your birthday next year at 5%. Write your birthday. Use all methods discussed.* For what rate it is possible for a deposit of 40,000 to earn 8,400 in simple interest if the money is to be left on deposit for 5½ years?* Find the principal necessary to earn 500 in simple interest if the money is to be left on deposit for 5 years and earns (A) 8.5%; (B) 8%; (c) 7.5%.* Michelle signs a note for 2,000 due in 9 months at 3%. Three months after the note is signed, the holder of the note sells it to Donita who charges 3.5%. How much does the holder receive?* Tekla owes 100 due in 5 months and 700 due in 9 months. What single payment in 6 months will discharge these obligations if the settlement is based on an interest…