Create an Account

Already have account?

Forgot Your Password ?

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

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

 

Apr 10 2021 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions