subject
Business, 23.09.2020 06:01 Kemosdasavage

Today is Craig's 24th birthday, and he wants to begin saving for retirement. To get started, his plan is to open a brokerage account, and to put $1,000 into the account today. Craig intends to deposit $X into the account each year on his subsequent birthdays until the age of 64. In other words, Craig plans to make 40 contributions of $X. The first contribution will be made one year from now on his 25th birthday, and the 40th (and final) contribution will occur on his 64th birthday. Craig plans to retire at age 65 and he expects to live until age 85. Once he retires, Craig estimates that he will need to withdraw $100,000 from the account each year on his birthday in order to meet his expenses. (That is, Craig plans to make 20 withdrawals of $100,000 each--the first withdrawal will occur on his 65th birthday and the final one will occur on his 84th birthday.) Craig expects to earn 9% a year in his brokerage account. Given his plans, how much does he need to deposit into the account for each of the next 40 years, in order to reach his goal? (That is, what is $X?) a. $2,379.20
b. $2,555.92
c. $2,608.73
d. $2,657.18
e. $2,786.98

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 00:30
Which statement is true about the elements of the interface of a presentation program? a. the status bar appears at the top of the page and displays options to style your slides. b. the tool bar displays the thumbnails of your presentation slides in the order they will appear in the presentation. c. rulers indicate the margins, tabs, and indents in a presentation slide. d. the document area provides a list of commands to create, format, and edit presentations.
Answers: 3
question
Business, 22.06.2019 07:30
Most states have licensing registration requirements for child care centers and family daycare homes. these usually include minimum standard for operation. which of the following would you most likely find required in a statement of state licensing standards for child care centers?
Answers: 2
question
Business, 22.06.2019 11:30
Given the following information about the closed economy of brittania, what is the level of investment spending and private savings, and what is the budget balance? assume there are no government transfers. gdp=$1180.00 million =$510.00 million =$380.00 million =$280.00 million
Answers: 3
question
Business, 22.06.2019 13:10
bradford, inc., expects to sell 9,000 ceramic vases for $21 each. direct materials costs are $3, direct manufacturing labor is $12, and manufacturing overhead is $3 per vase. the following inventory levels apply to 2019: beginning inventory ending inventory direct materials 3,000 units 3,000 units work-in-process inventory 0 units 0 units finished goods inventory 300 units 500 units what are the 2019 budgeted production costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?
Answers: 2
You know the right answer?
Today is Craig's 24th birthday, and he wants to begin saving for retirement. To get started, his pla...
Questions
question
Social Studies, 08.06.2020 09:57
question
Mathematics, 08.06.2020 09:57
question
Mathematics, 08.06.2020 09:57
question
Mathematics, 08.06.2020 09:57
question
Mathematics, 08.06.2020 09:57
Questions on the website: 13722362