Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e9-19 (algo) calculating a retirement fund lo 9-7

E9-19 (Algo) Calculating a Retirement Fund LO 9-7 You are a financial adviser working with...

60.1K

Verified Solution

Question

Accounting

image
E9-19 (Algo) Calculating a Retirement Fund LO 9-7 You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 8% annual interest. The client wants to deposit an amount that will provide her with $1,002,000 when she retires. Currently, she has $300,800 in the account. (FV of $1. PV of $1. FVA of $1. and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should she deposit now to provide her with $1,002,000 when she retires? (Round your answer to nearest whole dollar.) Answer is complete but not entirely correct. Additional deposit amount S 166.643

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