Multiple Choice
You estimate you'll need $200,000 per year for 25 years starting on your 65th birthday to live on during your retirement.Today is your 50th birthday and you want to make equal deposits into an account paying 9% interest per year,the first deposit today and the last deposit on your 64th birthday.How much must each deposit be (rounded to the nearest $10) ?
A) $99,920
B) $85,840
C) $66,909
D) $49,380
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Auto Loans R Them loans you $24,000
Q12: The same underlying formula is used for
Q13: You borrow $25,000 to buy a car,and
Q14: One bank offers you 4% interest compounded
Q15: Bill saves $3,000 per year in his
Q17: An investment promises to pay you the
Q18: A bond maturing in 10 years pays
Q19: If you invest $750 every six months
Q20: If you want to have $12,500 in
Q21: Which of the following investments has the