Pat and Chris have identical interest-bearing bank accounts that pay them $15 interest per year. Pat leaves the $15 in the account each year, while Chris takes the $15 home to a jar and never spends any of it. After five years, who has more money? Expl
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Pat and Chris have identical interest-bearing bank accounts that pay them $15 interest per year. Pat leaves the $15 in the account each year, while Chris takes the $15 home to a jar and never spends any of it. After five years, who has more money? Expl
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- Karen invested $10,000 in a money market account with an interest rate of 1.75% compounded semiannually. Five years later, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account?A. Twin #1 (at age 23) invests $2000 at the end of each 6 months for 10 years only, till he reaches age 33, in an annuity account that earns 8%, compounded semiannually. He stops paying anything into the account at age 33, but keeps the balance in the account till he reaches age 65. How much does he have in his account at age 65? B. Twin #2 waits until he turns age 40 before beggining investing. For the next 25 years, he invests in an annuity at the end of every 6 months, that earns 8%, compounded semiannually. How much must twin #2 pay each period (every 6 months) in order for him to have as much as twin #1 when they both reach age 65?Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
- Rita borrows $2000 from her parents. She repays them $2600. What is the interest rate if she pays the $2600 at the end of (a) Year 2? (b) Year 3? (c) Year 6? (d) Year 10?Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correctFrom age 20 to 35, Susan deposits $350 semi-annually in a savings account paying 6.12% compounded semi-annually. She then quits making deposits, and leaves the money to continue earning interest until she reaches age 65. William starts later, at age 50, and deposits $2200 semi-annually in an account paying the same rate until he reaches 65. (a) How much money will Susan have accumulated at age 65? $ (b) How much money will William have accumulated at age 65? $
- a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $138,000 in a savings account on January 1 of this year. The savings account will earn 7 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,300 in a savings account. The account will earn 10 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required: 1. In (a), how much will be available at the end of five years? What is the total interest earned over the five years? 2. In (b), what will be the balance in the savings account at the end of the 8th year (i.e., after 8 deposits)? What is the interest earned on the 8 deposits?Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays 32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of 500,000. As a result, how much gross income does Jason report?
- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?When Sam was 16, he got an after school job at his parents' Mexican restaurant. His parents told him that if he put some of his earnings into an IRA, they would contribute an equal amount to his IRA. That year, and every year thereafter, he deposited $600 into his IRA. When he turned 21, his parents stopped contributing, but Sam increased his annual deposit to $1,200 and continued depositing that amount annually until he retired at the age of 65. His IRA paid 5.1% interest. Find the future value if this account.Two people plan to invest $50,000. Matt is going to invest it in one lump sum and leave it in the account for 25 years to use for retirement. Sarah is going to invest $2000 per year for 25 years and will also use the money in the account for retirement. Is it reasonable to expect that Matt will have more money in his account than Sarah does in 25 years if both accounts earn the same interest?
