Today is your 24th birthday, and you decide to save $12,000 each year (with the first deposit one year from now), in an account paying 7% p.a., compounded annually. You will make your last deposit 41 years from now when you retire at age 65. You have a life expectancy of 95 years. How much money would you be able to withdraw per year after your retirement, if the first withdrawal occurs on your 66th birthday? (Round your answer in dollars to 2 decimal places, e.g. put 1204.42 if your answer is 1204.4243.)

You are saving for retirement. You plan to retire when you reach 65 yearsold. To live comfortably during retirement, you plan to withdraw moneyfrom your savings account $48,000 each year. Suppose today is your 25thbirthday, and you decide, starting today and continuing on every yearup to your 64th birthday, that you will put the same amount into a savingsaccount. If the interest rate is 2.4% per annum, compounded annually,how much must you set aside each year to make sure that you will haveenough money in the account on your 65th birthday in order to be ableto withdraw $48,000 per year when you retire and you expect to live untilyour are 90 years old (i.e., the first withdrawal is on your 65th birthday andthe last withdrawal occurs on your 89th birthday)?

You inherit $300,000 from your parents and want to use the money to supplement your retirement. You receive the money on your 65th birthday, the day you retire. You want to withdraw equal amounts at the end of each month for the next 20 years. What constant amount can you withdraw each month and have nothing remaining at the end of 20 years if you are earning 7% interest compounded monthly?

You have $400,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

Suppose you want to have $400,000 for retirement in 25 years. Your account earns 7% interest. How much would you need to deposit in the account each month to reach your goal?Round your answer to the nearest cent as needed.

Which of these savings periods will result in the largest future amount when you retire at age 67, assuming any positive rate of return?ANSWERSave $2,000 a year from age 47 to age 67.Save $2,000 a year from age 42 to age 62.Save $2,000 a year from age 22 to age 42.