Kristina Karganova invites 14 relatives to a party: her mother, 3 aunts, 2 uncles, 2 brothers, 1 male cousin, and 5 female cousins. If the chances of any one guest arriving first are equally likely, find the probabilities that the first guest to arrive is as follows. (a) A brother or an uncle (b) A brother or a cousin (c) A brother or her mother
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- Kristina Karganova invites 16 relatives to a party: her mother, 3 aunts,4 uncles, 3 brothers, 1 male cousin, and 4female cousins. If the chances of any one guest arriving first are equally likely, find the probabilities that the first guest to arrive is as follows. (a) A brother or an uncle (b) A brother or a cousin (c) A brother or her motherSolve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house. Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her. As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,350
- Carey and Pat were good friends and neighbors in an upscale neighborhood near several highly rated golf courses in Arizona. During the winter, both Carey and Pat decided to rent their homes (at a premium) to groups of golfers from the New York area who wanted to get out of the snow and enjoy sunshine and golf for a couple of weeks during the winter. While their homes were rented, Carey and Pat vacationed together in Cancun. In January 2020, Carey rented his home for 14 days and received $14,000 in rent. Pat also rented his home for the same 14 days and received $16,000 in rent. Near the end of the 14-day rental period, Pat got a call from the renters, who wanted to extend their stay for one day. Pat agreed to the extension and charged the group $2,000 for the extra day. When preparing his 2020 tax return, Pat discovered that taxpayers who rent their home for more than 14 days are required to report all of their rental income on their tax returns. Pat didn’t think it was fair that he…The Marco family—comprising Mrs. Marco aged 40, Mr. Marco, aged 39, and their three young children— relocated to Barcelona in January 2020 whenMrs. Marco received a job offer from an international firm. They rented a three-bedroom condominium in Barcelona for 2.150€ per month, whichincluded parking and fees.While renting made life easy, the Marco family began weighing the pros and cons of purchasing a flat, in the same building, that became available inJune 2020. The idea of home ownership as a form of long-term investment appealed to the couple. The preliminary rental payments could be used formortgage payments instead.While searching for the right property they found a nice apartment at one of the best locations of the city. The apartment was owned and had beenpromoted by a state-owned construction company and was offering two alternatives:Option I: renting the apartment with a perpetual contract, meaning forever.The family was very happy living in that area, and they had the chance…Janey, a college student, is on her own financially. She is much too busy with school to hold down any kind of traditional job. However, she does list herself on a number of dating websites and every weekend makes time to see one or more gentlemen. Janey googles all of her potential matches before agreeing to go out in order to confirm a high net worth or income. “I expect a gentleman to be generous,” she says to every potential date. She refuses to go out with anyone who hesitates at that. Janey never does anything illegal but at the same time isn’t shy about showing her appreciation for all she receives. One gentleman pays the rent on her apart-ment. Another pays her tuition for her. A third bought her a car. Some just give her cash... (a) It's 100% certain that everything Janey receives from these gentlemen qualifies as gifts as that term is used in the tax law and so would not need to be reported as “Other income” on her federal income tax return. (b) It's 100% certain…
- Dave and Anna live in Dallas. On a whim, they flew to Vegas on New Year’s Eve 2019 and got married by “Elvis” at the Little White Wedding Chapel on the Strip (legal in Nevada!). The thing is, by the time Elvis did the deed, it was 11:45 (15 minutes to midnight) in Vegas. But Texas is in an earlier time zone, so we stay-at-homes were well into 2020 by the time Elvis, 1,200 miles to the west, finished with Dave and Anna quickie marriage. Can Dave and Anna file a joint return for 2019? Or, because it was already 2020 here in their state of residency by the time they wed, do they have to wait to file jointly until their 2020 return? What’s your advice to them, and why?Timmy and Tammy live in Dallas. On a whim, they flew to Vegas on New Year’s Eve 2019 and got married by “Elvis” at the Little White Wedding Chapel on the Strip (legal in Nevada!). The thing is, by the time Elvis did the deed, it was 11:45 (15 minutes to midnight) in Vegas. But Texas is in an earlier time zone, so we stay-at-homes were well into 2020 by the time Elvis, 1,200 miles to the west, finished with Timmy and Tammy’s quickie marriage. Can Timmy and Tammy file a joint return for 2019? Or, because it was already 2020 here in their state of residency by the time they wed, do they have to wait to file jointly until their 2020 return? What’s your advice to them, and why?Eli wants each of his children to receive $1000000as an inheritance if he dies.this is a part of? a)family equalisation.b)financial plannng.c)estate planning.d)risk sharing
- David has a total wealth of $50,000, which corresponds to 500 utils of happiness (i.e., David's utility from $50,000 of wealth is equal to 500). If David gets sick he will incur $30,000 in medical bills, leaving him with $20,000 of wealth and utility from wealth of 300 (i.e., David's utility from $20,000 of wealth is 300). Suppose that David has a 40% chance of getting sick. What is David's expected utility from wealth? (Note that expected utility from wealth is equivalent to expected utility over wealth.)Christian and Monica are married and are both in good health with reasonably secure careers. Christian and Monica have annual incomes of $60,000 each. The family debts are a home mortgage of $120,000, car loans of $10,000, personal debts of $14,000, and credit card loans of $7,500. The estimated funeral cost is $6,000. Under the DINK Method, what is the amount of total insurance that Christian would need?Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000. He recorded the transactions as follows: Debit Credit Cost of Goods Sold $10,000 Inventory $10,000 Respond to the following questions and, if appropriate, include personal experience as part of your answers. How do you feel Symington should have recorded these transactions? Why? What are the ethical implications of Symington's actions?