Week 12 exam practice problem

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Suppose you wish to retire 40 years from today you determine you need $50,000 per year once you retire with the first retirement fund withdrawn one year from the day you retire you estimate that you will earn 6% per year on your retirement fund and that you will need to fund up to and including your 25th birthday after retirement

Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly, wage-bracket method, and a 2.3% state income tax on total wages)? $_ d. What would be her weekly take-home pay without the retirement contribution deduction? $

You have to decide whether or not to participate in the employer match program at your work. If you place 8% of your gross pay into a retirement account, your employer will match it. You plan to retire in 30 years. You expect to earn 6% return on your investment. How much will you have in the account if your average annual gross salary is $50,000? A. $316,232.80 B. $22,973.96 C. $45,947.92 D. $632,465.60 Using the same information as the previous question, assume that you want to increase your portion of the contribution to 10%. The employer will only match up to 8%. How much would you have in this situation? A. $692,523.80 B. $711,523.80 C. $316,232.80 D. $632,465.60

Please answer part a, a(i), a(ii),  of this textbook question a) You are 35 years old today and are considering your retirement needs. You expect to retire at age 65 (in 30 years) and you plan to live to age 99. You want to buy a house costing $300,000 on your 65th birthday and your living expenses will be $30,000 a year after that (starting at the end of year 65 and continuing through the end of year 99, i.e. for 35 years). Assume an annual interest rate of 8%, annual compounding: (i) How much will you need to have saved by your retirement date to be able to afford thiscourse of action?(ii) Suppose you already have $50,000 in savings today. If you can invest money at 8% a year, how much would you need to save at the end of each year for the next 30 years to be able to afford this retirement plan?

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General Accounting Question

George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? $ 12,500 ✓ b. What would be the company's contribution? $ X Note: For items c. & d. below, round interim amounts two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be his weekly take-home if he contributes the maximum allowed retirement contribution (married, allowances, wage-bracket method, and a 2.3 % state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $ X d. What would be his weekly take-home pay without the retirement contribution deduction? X

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Subject :- Accounting    You have discussed your retirement plans with your significant other and plan to move to a state with a lower cost of living upon retirement. You plan on living off $85,000 annually. You understand that your retirement account will likely yield a 5% return. Using the 4% Rule, how much money do you need in your retirement account upon retirement?(round to the nearest dollar){DO NOT INCLUDE COMMAS OR $}

:= Question 2.5 Homework Answered Crane Flight Services contributes $25 a week to Helen's retirement plan starting immediately. Assuming she works for Crane for another twenty-two years and the applicable discount rate is 4 3/4%. Given these assumptions, the value of this employee benefit today is closest to: (state your answer to 2 decimal places) Type your numeric answer and submit 177547.78 Answered - Incorrect 1 attempt left X H You are incorrect Resubmit Consumer Loans There are two broad categories of loans, commercial and consumer. We'll talk about the characteristics and features of commercial loans in the chapter on fixed income and interest rates, but we'll deal with consumer loans here. Most consumer loans are known as fully-amortizing loans, or level- pay loans. This means that each payment is the same for the life of the loan and that both principal and C

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Financial accounting questions

Practice 1 Your friend is celebrating her 35th birthday today and wants to start saving for her anticipated retirement at age 65 (she will retire on her 65th birthday). She would like to be able to withdraw $80,000 from her savings account on each birthday for 20 years following her retirement (the first withdrawal will be on her 66th birthday). Your friend intends to invest her money in the local savings bank which offers 4% p.a. compound semi-annually. She wants to make equal annual deposits on each birthday in a new savings account she will establish for her retirement fund. If she starts making these deposits TODAY and continues to make deposits until she is 65 (the last deposit will be on her 65th birthday), what amount must she deposit annually to be able to make the desired withdrawals upon retirement? Any intermediate steps should be rounded to 4 or more decimal places.

Karla Lopez deposit $3000 a year into her retirement account if these phones have an average running at 8% over the 40 years until her retirement what will be the value of her retirement account?

Problem Outline Part A By the end of this year, you will be 35-years old, and you want to plan for your retirement. You wish to retire at the age of 65, and you expect to live 20 years after retirement. Upon retirement you wish to have an annual sum of $50,000 to supplement your social security benefits. Therefore, you opened your retirement account with a 7% annual interest rate. At retirement you liquidate your account and use the funds to buy an investment grade bond which makes $50,000 annual coupon payments based on a 6 % coupon rate throughout your retirement years.  What is the face value, not the actual value, of the bond that you will be investing in? Calculate the monthly payment in your retirement account to be able to achieve the plan mentioned above.  How much will your inheritors receive?  Problem Outline Part B Suppose you think if you were to retire right now, you would have needed $50,000 each year to supplement your social security and maintain your desired…