-1. To your age as a round number add four more vears. At the end of the month Tollowing your birthday in that year you start adding $500 to a retirement plan that earns 7.20% APR. You will do so at the end of each month until you turn 65. a. How much will you have accumulated when you turn 65? b. If your life expectancy is 90 years, how much can you withdraw at the end of each month if you can earn 4.80% APR during retirement? C. By what amount does this monthly withdrawal amount exceed $400? Please show detailed explanations and calculations so that I can understand what you are doing. See me if there are any questions.

-1. To your age as a round number add four more vears. At the end of the month Tollowing your birthday in that year you start adding $500 to a retirement plan that earns 7.20% APR. You will do so at the end of each month until you turn 65. a. How much will you have accumulated when you turn 65? b. If your life expectancy is 90 years, how much can you withdraw at the end of each month if you can earn 4.80% APR during retirement? C. By what amount does this monthly withdrawal amount exceed $400? Please show detailed explanations and calculations so that I can understand what you are doing. See me if there are any questions.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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am. 115.
Akbari and her twin sister, Asghari, are celebrating their 30th birthday today. Akbari has been saving for her retirement ever since their 20th On their 20th birthday, she made a $7,000 contribution to her retirement account. Every year thereafter on their birthday, she has added another $7,000 to the account. Her plan is to continue contributing $7,000 every year on their birthday. Her 46th and final, $7,000 contribution will occur on their 65th birthday. So far, Asghari has not saved anything for her retirement but she wants to begin today. Asghari’s plan is to also contribute a fixed amount every year. Her first contribution will occur today, and her 36th, and final, contribution will occur on their 65th birthday. Assume that both investment accounts earn an annual return of 10 percent. How large does Asghari’s annual contribution have to be for her to have the same amount in her account at age 65, as Akbari will have in her account at age 65? Tariq Ahmed is 25 years old and is…
Please help me. Thankyou.
50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of property
Jalen just turned 71 years old on December 16, 2023. He knows nothing about personal income taxes and has always relied on his accountant and investment advisor to look after him. He is not too clear on what was said or by which advisor but he remembers one of them mentioning that he needed to take action on his Registered Retirement Savings Plan (RRSP) before the end of the year. He also can't remember what was said about the different conversion options but remembers that one of the options was not tax-efficient. Which is the least tax-efficient? Select one: O a. Purchase a term annuity.. b. Withdraw the RRSP. c. Transfer the funds to a Registered Retirement Income Fund (RRIF). . d. Transfer to a registered annuity.
Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. 1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. Wade is eligible to claim the Other Dependent Credit. Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…
Lori is 45 years old and has always contributed the maximum to her Tax-Free Savings Account (TFSA) on each January 1st since the program started in 1999. As of January 1, 2023, she has contributed a total of $88,000 which includes the latest contribution of $6,500, for a total market value of $234,590! If Lori continues to contribute $6,500 each January 1st until her retirement in 20 years, how much will she have in her TFSA where she expects to earn 6% compounded weekly? Assume that we are January 1, 2023, and that TFSA contributions continue on each January 1st at $6,500 until Lori’s retirement.
Rachel is 20 years old. She plans on retiring in 40 years when she will be 60 years old. Rachel believes she will live until she is 105. In order to live comfortably, she needs a substantial retirement income. She wants to receive a weekly income of $5,000 during retirement. The payments will be made at the beginning of each week during her retirement. Also, Rachel has pledged to make an annual donation to her favorite charity during her retirement. There will be a total of 45 payments. The payments will be made at the end of each year. The first annual payment will be for $20,000. Rachel wants the annual payments to increase by 3% per year. The payments will end when she dies. In addition, she would like to establish a scholarship at Toronto Metropolitan University. The first payment from scholarship would be $50,000. The first scholarship payment would be made 7 years after she retires. Thereafter scholarship payments will be made every year. She wants the payments to continue after…
2
Augustus is single and age 51. He had AGI of $53,000 in tax year 2022 and is an active participant in his employer's pension plan. What is the maximum deductible IRA contribution he can make in 2022?
Emma is 45 years old and single. • Emma has two children, Poppy, age 17 and Sebastian, age 25, who lived with her all year. Sebastian had a part- time job where he earned $4,500 in 2020. • Emma paid all the cost of keeping up the home and more than half the support for her children. Emma received disability pension benefits. She has not reached the minimum retirement age of her employer's plan. She also received interest and dividend income. • In early January 2020, she went to the local casino and won some money playing the slot machines. During the intake and interview, she mentioned that she had gambling losses of $700. • She does not have enough expenses to itemize for the 2020 tax year. • Emma made a $100 cash contribution to her daughter's school to help buy masks for students. • Emma received a $1,700 Economic Impact Payment (EIP) in 2020. 18. Emma's disability pension is reported as wages and considered earned income for the purposes of the earned income credit.
Donna turned 72 on January 7th of Year 2. Her profit-sharing account balance was $100,000 at the end of Year 1 and $150,000 at the end of Year 2. Her beneficiary is her older sister, Robin, who turned 82 years old on July 2nd of Year 2. Assume that the life expectancy factor based on the uniform lifetime table for someone who is 70, 71, 72, and 73 is 27.4, 26.5, 25.6, and 24.7, respectively. If Donna only takes a distribution of $2,000 for Year 2, then how much is her minimum distribution penalty? $953 $1,024 $1,930 $2,036

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