Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 4. a woman worked for 30 years before retiring. at

4. A woman worked for 30 years before retiring. At the end of the first...

50.1K

Verified Solution

Question

Finance

image

4. A woman worked for 30 years before retiring. At the end of the first year of employnent she deposited 5,000 into an account for her retirement. At the end of each subsequent ar of emplo ment, she deposited 3% more than the prior year. The woman nade a total of 30 deposits. She will withdraw 50,000 at the beginning of the first year of retirement and will make annual withdraws at the beginning of each subsequent year for a total of 30 withdrawals. Each of these subsequent withdrawals will be 3% more than the prior year. The final withdrawal depletes the account. The account earns a constant annual effective interest rate. Calculate the account balance after the final deposit and before the first withdrawal. 5. A perpetuity costs 77.1 and makes annual payments at the end of the year. The perpetuity pays 1 at the end of year 2, 2 at the end of year 3,... , n at the end of year (n +1). After year (n +1), the payinents remain constaut at n. The annual effective interest rate is 10.5%. Calculate n

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

In the early part of 2018, the partners of Hugh, Jacobs, andThomas sought assistance...

Accounting
1.2K views

You are a manager in the audit division at Miller Yates Howarth(MYH), an accounting...

Programming
1.2K views

UNIX ONLY Write a bash script that will accept a filename as a command line argument. Your...

Advance Math
1.2K views

i need a very detailed proof (Show your work!) Let n > 1. Prove: The sum of the positive integers...

Basic Math
1.2K views

Find the approximate area of the shaded region below consisting of a right triangle with...

Calculus
1.2K views

28 An improper integral ex dx converges if E r 0 F G r 1...

Calculus
1.2K views

For the function to be continuous at x 2 we must have a f x...

Algebra
1.2K views

Find the APPROXIMATE area of each sector Round your answers to the nearest tenth 24...

Accounting
1.2K views

Entrepreneurial Decision Making James M. Jones Jr. is an entrepreneur and the founder of Tasty...

Accounting
1.2K views

Present value of $1 Periods 4% 6% ...

Accounting
1.2K views

If liabilities are $60,000 and assets are $173,850, then equity equals

Accounting
1.2K views

Industrial and consumer prducts have similar characteristics and can be sold through similar channels. Select...