After graduating from school, Carl, 30 years old, wants to make a retirement plan for his future with the 50000$ money his father gave him for graduation. In this retirement planning, he wants to pay the plan's payments in cash, the amount his father gave him, and pay the rest in 20 equal annual installments. In the pension plan, the retirement age is set at 70. He wants 300000 $ retirement bonus in the year he retires, 200000 $ death guarantee for life after retirement, and also 25000 $ pension for 10 years at the beginning of each year in his retirement. Interest rate is 6% and according to 1958 CSO Mortality table 1. Write the actuarial equivalence formula 2. Find the annual premium payments. 3. What is the 5th year end reserve of this pension plan. 4. What is the 45th year end reserve of this pension plan. 5. If Carl Bey gives up his current rights 5 years after his retirement and wants a plan where he will be paid a pension for only 10 years at the beginning of each year, how much would the new pension be
After graduating from school, Carl, 30 years old, wants to make a retirement plan for his future with the 50000$ money his father gave him for graduation. In this retirement planning, he wants to pay the plan's payments in cash, the amount his father gave him, and pay the rest in 20 equal annual installments. In the pension plan, the retirement age is set at 70. He wants 300000 $ retirement bonus in the year he retires, 200000 $ death guarantee for life after retirement, and also 25000 $ pension for 10 years at the beginning of each year in his retirement. Interest rate is 6% and according to 1958 CSO Mortality table
1. Write the actuarial equivalence formula
2. Find the annual premium payments.
3. What is the 5th year end reserve of this pension plan.
4. What is the 45th year end reserve of this pension plan.
5. If Carl Bey gives up his current rights 5 years after his retirement and wants a plan where he will be paid a pension for only 10 years at the beginning of each year, how much would the new pension be?
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