Home / Questions / 1) Ean inherited an annuity worth $3,643.34 from his uncle. The annuity will pay him four ...
1) Ean inherited an annuity worth $3,643.34 from his uncle. The annuity will pay him four equal payments of $1,100 at the end of each year. What rate of return is the annuity fund offering?
a. 9.44%
b. 8%
c. 6.96%
d. 10.80%
2) Ean's friend, Ian, has hired a financial planner for advice on retirement. Considering Ian's current expenses and expected future lifestyle changes, the financial planner has stated that once Ian crosses a threshold of $8,310,521 in savings, he will have enough money for retirement. Ian has nothing saved for his retirement yet, so he plans to start depositing $70,000 in a retirement fund at a fixed rate of 8% at the end of each year. How long will it take for Ian to reach his retirement goal?
a. 25.97 years
b. 30.55 years
c. 38.19 years
d. 41.24 years
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