Author Question: Siri plans to retire when her simple annuity savings account has enough money to receive $10 000.00 ... (Read 287 times)

cdr_15 · **on:** Jun 6, 2019

Question 1

Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement savings account paying him a long-term interest of 9% compounded monthly. What will be the size of his payments at the start of each month from the ordinary simple annuity for 20 years following his retirement?
◦ $8682
◦ $8618
◦ $965 020
◦ $957 836
◦ $2000

Question 2

Siri plans to retire when her simple annuity savings account has enough money to receive $10 000.00 per month for twenty years starting at the start of the first month after her retirement. She starts saving $4420 per month. Calculate when should Siri retire from today if her savings account pays 4.9% compounded monthly.
◦ 1.41 years
◦ 18 years
◦ 2.41 year
◦ 36 years
◦ 216 years

upturnedfurball · **Reply #1 on:** Jun 6, 2019

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