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Sam wants to be able to make withdrawals of 60000 a year for 30 years after retiring in 35 years How much will she have to save each year up until retirement if her account earns 7 interest?
JesseBonterre
In order for Sam to be able to withdraw $60,000 a year for 30 years she would need a total of $1,800,000 total. The equation needed to figure out the amount needed is 37.45x=1800000. Divide each side by 37.45 to get $48,064.09.
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You deposit 900 in a savings account that earns 4 interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for 2 years at the end of 2 year?
$973.44 Mostly your account would become dormant. Most banks have some specifications of the number of minimal transactions that need to be done on an account for it to remain active. If you do not have any deposits/withdrawals for more than 1year the account would become dormant and you may have to visit the branch and re-activate it.
What is the future amount in a retirement account if 100 dollars per month is deposited into a retirement account at 12 percent interest for 25 years?
This is a very tough question, with tonnes of working, so I will give you the answer but if you want the working, send me a message and I will get it to you.It took me a while to work it out, and it may not be 100% accurate, but I think it is pretty close...$179,200.72If you have any problems just leave me a message
Is savings account interest accrued and posted monthly?
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
You deposit 900 in a saving account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposit or withdrawals to the account for two years at the end o?
result= (original)x(1+ rate/frequency)^ (frequency)(time) x= (900)x(1+0.04/1)^ (1)(2) x= 973.44
What kind of savings account is 401k?
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
What is the name of a high interest retirement account in Omaha, NE?
Omaha School Employees' Retirement Systems(OSERS) is the high interest retirement account in Omaha,NE, it gives a 2% credit by multiplying the years of retirement.
What is The addition of interest added to the principal in a retirement account over time?
compunding
What is IRA and Roth IRA?
An IRA (Individual Retirement Account) is a type of investment account that offers tax advantages to help individuals save for retirement. Contributions to a traditional IRA may be tax-deductible, but withdrawals during retirement are taxed as ordinary income. On the other hand, a Roth IRA allows for after-tax contributions, meaning contributions are not tax-deductible, but qualified withdrawals during retirement are tax-free. Both IRAs provide individuals with a means to save for retirement with potential tax benefits.
What addition of interest added to the principal in a retirement account over time is called what?
compunding
What is the addition of interest added to the principal in a retirement account over time is called?
compunding
What is the addition of interest added to the principal in a retirement account over time called?
compunding
What are some of the limitations of a savings account?
One limitation of a savings account is the amount of withdrawals you can make per month. Unlike a checking account, which let's you withdraw money until there are no funds left, savings accounts are restricted to 6 withdrawals per month. Another limitation is that withdrawals usually can only put into a linked checking account- you can't directly transfer funds from a low-interest savings account to a savings account with a higher yield.
What is a good bank to start my retirement account with?
A good way to start your retirement account is to open a simple interest-bearing savings account. Every paycheck, place ten percent of your total pay into the account. It's surprising how fast it builds.
900 in savings account that earns 4 percent interest after two years how much is in the account if no deposits or withdrawals have been made?
It depends on the compounding frequency of the rate of interest earned on your bank account. Some banks compound the interest yearly and some do it quarterly. If the interest is compounded every year you will have 973.44 at the end of 2 years.
What are considered lawful withdrawals from a trust account?
All of the following would be lawful withdrawals from a trust account EXCEPT
What is the mean of saving account?
Generally speaking, A savings account is one which pays interest on the funds held in the account, and usually has restrictions on withdrawing funds (usually less than 3 withdrawals in a 30 day cycle)
