Question # 18 A Report a Problem GRevisit Choose the best option Mr Raman has three minor kids whose interest income is (Rs-2500, Rs 3500, Rs 4500)clubbed in his hand How much amount in totality he can claim as exempt under section 10 (32) O 3000. O 4000 O 4500 O Nl

Question # 18 A Report a Problem GRevisit Choose the best option Mr Raman has three minor kids whose interest income is (Rs-2500, Rs 3500, Rs 4500)clubbed in his hand How much amount in totality he can claim as exempt under section 10 (32) O 3000. O 4000 O 4500 O Nl

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A2 7a May I please have the answer in formula form and not excel. thx:) 7. You are making plans for your retirement. You have just turned 30 and want to retire on your 65th birthday. Once retired, you plan to move to a tax-free Caribbean state, where you believe you can live comfortably on your retirement savings. You plan to make your first withdrawal from your retirement savings when you retire at age 65 and your last withdrawal one month before your 85th birthday. Based on family history, you expect to live until exactly age 85. Your plan is to have a total of $1 million when you retire. Your current salary is $36,000 per year, or $3,000 per month. Your personal tax rate is approximately 30%. You estimate that you can earn an average return of 12% APR compounded annually on any money you invest over the next 60 years. You want to start putting aside a fixed amount of money at the end of every month until your retirement at age 65. You will make your first deposit one month from now…
Question 35 Mary, a recent Western Washington University graduate, applies for and receives a five-year loan through Kent Lending, LLC for $10,000 at 29% APR. If the loan agreement violates the applicable usury statute, Mary may be able to keep: O Any of the answer choices are possible, depending on where the loan was made. the interest that exceeds the usury limit. O the interest and the $5,000. O all of the interest on the loan. Next
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Q 1 Hank purchased a car for $23,500 two years ago using a 4-year loan with an interest rate of 6.0 percent. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What’s the minimum price Hank would need to receive for his car? Calculate his monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the remaining loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.) MINIMUM PRICE?
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Exercise 10-3A (Algo) Determining the present value of a lump-sum future cash receipt LO 10-1 Gail Trevino expects to receive a $630,000 cash benefit when she retires seven years from today. Ms. Trevino’s employer has offered an early retirement incentive by agreeing to pay her $368,000 today if she agrees to retire immediately. Ms. Trevino desires to earn a rate of return of 10 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the present value of the $630,000 future cash benefit. Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Trevino accept her employer’s offer? (Round your final answer to the nearest whole dollar value.)
CHAPTER 5 Time Value of Money 203 Personal Finance Problem 22 Retirement planning Hal Thomas, a 25-year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $2,000 each year into a tax-deferred individual retirement arrangement (IRA). The IRA will earn a 10% return over the next 40 years. a. If Hal makes annual end-of-year $2,000 deposits into the IRA, how much will he have accumulated by the end of his sixty-fiftheyear? b. Personal Finance Problem. 5-23 Value of a retirement annuity Hal decides to wait until age 3.5 to begin making annual end-of-year $2.000 deposits into the IRA, how much will he have accumulated by the end of his c. Using your findings in parts a and b, discuss the impact of delaying making deposits into the IRA for 10 years (age 25 to age 35) on the amount accumulated by the end of Hal's sixty-fifth year. d. Rework parts a, b, and e, assuming that Hal makes all deposits at the beginning. c, rather than…
Problem 12-7 Calculating the Amount of Life Insurance Needed Using the Easy Method [LO12-2] Suppose that yours is a typical family. Your annual income is $55,000. Using the easy method, what should be your need for life insurance? (Do not round intermediate calculations.) Life insurance need $ 26,950
云2 00 # 3 %24 %24 %24 %24 %24 Question 19 Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR. What will be your monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) Question Help: D Video Submit Question MacBook Air 08 F3 DD F4 F5 F2 AV 2$ 2 L M
Question 5 2pts You are due to retire in 40 years. You decide to invest $ 1,000 every year into a savings account paying 3% compound interest. Assuming the first $ 1,000 is invested in one year's time, how much money (rounded to the nearest $ 10) would you have in the savings account when you retire? A) $23,110 B $73,230 C $ 75,400 D) $32,620