9-1: Retirement Income from Savings

You are planning for retirement in 17 years. You decide to open an IRA with an APR of 1.98% compounded semiannually. If you make semiannual deposits of $900 to the account, how much will you have when you are ready to retire?

• $36,169.36

• $36,169.37

• $36,169.38

• $36,169.39

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You are planning for retirement in 19 years. You decide to open an IRA with an APR of 2.19% compounded quarterly. If you make quarterly deposits of $875 to the account, how much will you have when you are ready to retire?

• $82,196.91

• $82,196.92

• $82,196.93

• $82,196.94

You are planning for retirement in 22 years. You decide to open an IRA with an APR of 3.21% compounded monthly. If you make monthly deposits of $750 to the account, how much will you have when you are ready to retire?

• $287,205.72

• $287,205.73

• $287,205.74

• $287,205.75

You are planning for retirement in 27 years. You decide to open an IRA with an APR of 4.32% compounded quarterly. If you make quarterly deposits of $1,500 to the account, how much will you have when you are ready to retire?

• $304,222.27

• $304,222.28

• $304,222.29

• $304,222.30

You are planning for retirement in 30 years. You decide to open an IRA with an APR of 5.43% compounded semiannually. If you make semiannual deposits of $225 to the account, how much will you have when you are ready to retire?

• $33,059.79

• $33,059.80

• $33,059.81

• $33,059.82

You are planning to open a retirement account. You want to have $175,000 in the account when you retire in 10 years. How much must you deposit semiannually into an account with an APR of 3.21% to reach your goal?

• $7,490.06

• $7,490.07

• $7,490.08

• $7,490.09

You are planning to open a retirement account. You want to have $225,000 in the account when you retire in 15 years. How much must you deposit quarterly into an account with an APR of 4.32% to reach your goal?

• $2,684.82

• $2,684.83

• $2,684.84

• $2,684.85

You are planning to open a retirement account. You want to have $350,000 in the account when you retire in 20 years. How much must you deposit monthly into an account with an APR of 5.43% to reach your goal?

• $810.01

• $810.02

• $810.03

• $810.04

You are planning to open a retirement account. You want to have $475,000 in the account when you retire in 25 years. How much must you deposit quarterly into an account with an APR of 6.54% to reach your goal?

• $1,911.86

• $1,911.87

• $1,911.88

• $1,911.89

You are planning to open a retirement account. You want to have $525,000 in the account when you retire in 30 years. How much must you deposit semiannually into an account with an APR of 7.65% to reach your goal?

• $2,360.11

• $2,360.12

• $2,360.13

• $2,360.14