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- Sophia Martinez wants to travel after she retires as well as pay off the balance of the loan she has on the home she owns. whi planning process does this situation demonstrate? Multiple Choice Determining her current financial situation Developing her financial goals Identifying alternative courses of action Evaluating her alternatives Implementing her financial planHere is the deal: You can pay your college tuition at the beginning of the academic year or the same amount at the end of the academic year. You either already have the money in an interestbearing account or will have to borrow it. Deal, or no deal? Explain your financial reasoning. Relate your answer to the time-value of money, present value, and future value13. Moreon the time value of money The time value of money concept can be applied in various situations and is a fundamental concept underlying other financial concepts. Consider the following example of the application of this concept. Charles is a divorce attorney who practices law in New York City. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $550 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $5,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual…
- (Related to Checkpoint 5.6) (Solving for i) Kirk Van Houten, who has been married for 21 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $11,500 in 9 years. Kirk currently has $4,505 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is %. (Round to two decimal places.)After having not gone anywhere over the past few years due to COVID, you would like to begin planning your next family vacation. You plan on taking your family to the Walt Disney World for a magical vacation in two years. Your hope is that, by then, COVID-related restrictions will have been eased. You are also hoping that the new Guardians of the Galaxy attraction will be completed by then. Starting today, you will begin making quarterly deposits of $600 into a savings account that pays interest quarterly (every 3 months). The annual interest rate earned in this account is 4% APR (1.00% quarterly), If you make your first deposit today and continue making quarterly deposits into the account for the next two years, how much money will you have saved for your vacation after you make your final payment at the end of the second year (9 total deposits)? The amount of money saved in the account at the end of the 2nd year is closest to which of the following? O A. $5,092 O B. $4,591 O C.…What would be the best way to for me to save money, for when I know i have money, i continue to spend until i run out
- Maria has extra money, and she is planning to buy certain income-earning assets to help her earn more. However, she wants to make sure that when she needs the money she temporarily invested, she will be able to get a part or whole of it immediately. What would you advise Maria to invest on?(Related to Checkpoint 5.6) (Solving for) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $12,000 in 8 years. Kirk currently has $4,487 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is (Round to two decimal places.) ||| < %.Suppose that you need $30,000 for your last year of college. You could go to a private lending institution and apply for a signature student loan; rates range from 7% to 14%. However, your Aunt Sally is willing to loan you the money from her retirement savings, with no repayment until after graduation. All she asks is that in the meantime you pay her each month the amount of interest that she would otherwise get on her savings (since she needs that to live on), which is 4%.What is your monthly payment to her, and how much interest will you pay her over the year (9 months)?(Fill in the blanks below and give your answers as whole numbers.)The amount of interest per month you would pay Aunt Sally is $__(1)__ .The total interest you will pay her over the year (9 months)is $__(2)__ .
- Use a financial calculator or computer software program to answer the following questions: a) Melanie is trying to save money for retirement and has a future goal of $750,000 at the end of 20 years. Determine the present value of her goal using a discount rate of 12%. b) How would the present value change if the $750,000 is to be received at the end of 15 years instead? Explain the impact and show your work?(Related to Checkpoint 5.5) (Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $350,000 Rolls-Royce Phantom. Jack currently has $18,570 that he may invest. He has found a mutual fund with an expected annual return of 7 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation. The number of years it will take for Jack to win Jill's hand in marriage is years. (Round to one decimal place.)(Related to Checkpoint 5.5) (Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $340,000 Rolls-Royce Phantom. Jack currently has $22,400 that he may invest. He has found a mutual fund with an expected annual return of 7 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation. The number of years it will take for Jack to win Jill's hand in marriage is years. (Round to one decimal place.)