Haley has an annual salary of $1,000,000 in 2019, 2020, and 2021. She is thinking about retiring at the beginning of 2022 after working for XYZ Corp. and participating in XYZ Corp.’s defined benefit plan. If  XYZ Corp.’s defined benefit plan pays employees 3 percent for every year of service for the average of their three highest years of compensation, what is the minimum number of years of service that would maximize Haley’s benefit if she were to retire at the beginning of 2022? Assuming she worked the minimum number of years to receive the maximum benefit, what would her annual defined benefit plan payment be in retirement?

Jerome and Laurie are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPS) at CIBC and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, December 17, 2021, the market value of Jerome's RRSP is at $23,765 while Laurie's is at $35,521. What is the maximum amount they can currently withdraw from their respective RRSPS with CIBC for their total down payment on a house under the HBP? Home Buyer's Plan (HBP) Withdraw up to $35,000 per borrower and up to $70,000 per couple. 15 years to pay back the amount withdrawn A $35,000 В $58,765 $70,000 $50,000 E $59,286

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You have been hired as a benefit consultant by Jean Honore, the owner of Sweet Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $49,990; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37.190; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $20,900;…

Matthew is considering several possible compensation alternatives for services he has provided as a consultant:     Option A:  Matthew could receive $8,000 today. Option B:  Matthew could receive $2,500 at the end of each of the next four years. Option C:  Matthew could receive $12,000 five years from now.    Required:    Calculate the present value for each option assuming that Matthew can earn 7 percent on any investment funds. Which option results in the greatest financial benefit to Matthew? If Matthew earns 10 percent, will that change your answer to # 2 above?  Please explain.

You have been hired as a benefit consultant by Jean Honore, the owner of Pina Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $51,900; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37,230; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $19,700;…

Julie has just retired. Her company’s retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $138,000 immediately as her full retirement benefit. Under the second option, she would receive $25,000 each year for 6 years plus a lump-sum payment of $57,000 at the end of the 6-year period.   Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables.   Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 12%. 1-b. If she can invest money at 12%, which option would you recommend that she accept?

A man who is 30 years old at the start of the year, is considering getting an MFM degree. He currently earns $40,000 per year and expects to continue earning that amount for the rest of his working life (until age 65). He will give up his income for two years and will pay $20,000 per year in tuition, if he attends business school. In exchange, he expects a raise in his salary after completing his MFM. Assume that the post-graduation salary grows at a 5% annual rate and that the discount rate is 8%. What is the minimum expected starting salary after graduation for him that makes attending business school a positive-NPV investment? (Assuming that all cash flows happen at the end of each year.) Use Time Value of Money calculations.

Julie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $134,000 immediately as her full retirement benefit. Under the second option, she would receive $28,000 each year for 5 years plus a lump-sum payment of $53,000 at the end of the 5-year period. Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 12%. 1-b. If she can invest money at 12%, which option would you recommend that she accept? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Calculate the present value for the following assuming that the money can be invested at 12%. (Round your final answer to the nearest whole dollar amount.) Option 1 Option 2 Present value Req 1B > 134,000 < Req 1A

Julie has just retired. Her company’s retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $159,000 immediately as her full retirement benefit. Under the second option, she would receive $22,000 each year for 7 years plus a lump-sum payment of $67,000 at the end of the 7-year period.   Click here to view Exhibit 7B-1 and Exhibit 7B-2, to determine the appropriate discount factor(s) using tables.   Required: 1-a. Calculate the present value for the following assuming that the money can be invested at 11%. 1-b. If she can invest money at 11%, which option would you recommend that she accept?