Today is Derek’s 25th
birthday Derek has been advised that he needs to have $2,930,173.00 in his
retirement account the day he tums 65. He estimates his retirement account will
pay 8.00% Interest. Assume he chooses not to deposit anything today. Rather he
chooses to make annual deposits into the retirement account starting on his
30.00th birthday and ending on his 65th birthday. How much must those deposits
be? Submit
Answer format: Currency:
Round to 2 decimal places
Dorok can deposit
$11,000 on each birthday beginning with his 26th and ending with his 65th. What
will the rate on the retirement account need to be for him to have $3,000,000
in it when he retires on his 65th birthday? Submit
Answer format:
Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Ww
accept decimal format rounded to 6 decimal places (ex 0.092434))
