The following formula is applicable;
A=P(1+r)^n
Where,
A = Total amount accrued after 10 years (this is the amount from which the yearly withdrawals will be made from for the 30 years after retirement)
P=Amount invested today
r= Annual compound interest for the 10 years before retirement
n= Number of years the investments will be made.
Therefore,
A= Yearly withdrawals*30 years = $25,000*30 = $750,000
r= 9% = 0.09
n= 10 years
P= A/{(1+r)^n} = 750,000/{(1+0.09)^10} = $316,808.11
Therefore, he should invest $316,808.11 today.
Answer:
Did you try this
Step-by-step explanation:
you have to do it yourself
Answer:
24.8 mins
Step-by-step explanation:
Time > timemark > frequency
0 – 10 > 10/2 = 5 > 5
10 – 20 > (10+20)/2 = 15 > 15
20 – 30 > (20+30)/2 = 25 > 13
30 – 40 > (30+40)/2 = 35 > 10
40 – 50 > (40+50)/2 = 45 > 7
The mean time for the 50 people is given by:
Mean = summation (mid time x frequency) / total frequency
Mean = [5x5 + 15x15 + 25x13 + 35x10 + 45x7] / 50
Mean = [25 + 225 + 325 + 350 + 315] / 50
Mean = 1240 / 50
Mean = 24.8 mins
Answer:
15556913140
Step-by-step explanation:
