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Question

(15 points) Abebi, who has just celebrated her 29th birthday, will retire on her 55th birthday, and she has just set up a retirement plan to pay her income starting on her retirement day, and to continue paying for 19 more years. Abebi's goal is to receive $120,000 for each of these twenty years. In creating her retirement account, Abebi has committed to set aside equal payments at the end of each year, for the next 25 years starting on her 30th birthday. If the annual interest rate is 9%, how big should Abebi's equal payments be?( just the number without the $ sign or a comma; round off decimals.)

 

Answer 1

??????????? reseev ???????? the werd is GET

yer ideas R wakko

1. save munee evree month, & start rite now...DONT wate til end av yeer

55-29=26 yeers yu kan save & invest

sounded tu me like yu sed her wanna take out 120,000$ for 20 yeers

Thats wae 2 much tu take out...lern tu liv in yer meens

Me suspekt yu want yer retire plan tu hav 20*120K $ in 26 yeers=2.4 milyun$

In reel retire plan, em dollars keep erning as yu take sum $ out

yu sed yu get 9% interest

Tu get 2.4 milyun $ in 25 yeers at 9% interest...put in munee 26 yeers

with yeer kompound, yu gotta put in 25,995.41$/yeer

with month kompound...2,124.78$/month (25,497.36$ per yeer)

Both assume yu putin munee at the START av the period

Answer 2

11865