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Which of the following is NOT a retirement plan?
a) 401k plan
b) 529 plan
c) IRA plan
d) 501(c) plan
Step by step
Solved in 2 steps
- A defined Select one: plan offers a guaranteed level of retirement income. A. non-contributory B. contribution C. retirement OD. spending E. benefitA financial institution (loan shark ) is willing to lend you $400. You pay $450 after one week. a) What is the nominal interest rate b) What is the effective annual interest rateWhat are the importances of retirement planning?
- When a loan is amortized, it means: a. The principal is never repaid, only interest b. The principal and interest are paid off by the borrower over the life of the loan c. The borrower is in default d. The interest is due entirely at the maturity dateWhich Defined Benefit Pension Plan income option will provide the highest monthly pension income to the retiree? Select one: a. Single Lifetime b. Joint Lifetime, 5-year guarantee, reduced by 1/3 c. Joint Lifetime, 5-year guarantee d. Single Lifetime, 5-year guaranteeLiving in retirement 25 years Retirement age 65 Annual income $100,000 Interest Rate 6% Need 2 million to live comfortably What is the present value of the retirement income needs? ( this is how much you will need k retirement savings on the day you retire in order to meet your goals) How much must you save each year (or each month) during your working years to meet this goal? ( compute the required payment to achieve a future value equal to the amount you need to have on the day you retire, which was computed above) Is the goal realistic?
- It refers to the actual or exact rate of interest earned on the principal during a one year period. A Nominal Rate of interest B) Compound Interest D Simple Interest Effective Rate of InterestWhat type of annuity where the periodic payments (withdrawals) continue indefinitely? a. Annuity Due b. Ordinary Annuity c. Deferred Annuity d. Perpetuity It refers to the actual or exact rate of interest earned on the principal during a one-year period. a. Effeective Rate of Interest b. Simple Interest c. Nominal Rate of Interest d. Compound Interest Type of annuity where the payments are made at the end of each period. a. Annuity Due b. Ordinary Annuity c. Deferred Annuity d. Perpetuity A series of flows increasing or decreasing by a fixed amount at regular intervals a. Geometric Gradient b. Incremental Cashflow c. Annuity Due d. Uniform Gradient The cost of borrowing money. It refers to the amount earned by a unit principal per unit time. a. Compound Interest b. Interest rate c. Simple Interest d. Effective rate The application of engineering or mathematical analysis and synthesis to economic decisions. a. Cost Concept and Design b. Engineering Economy c. Present Economy…how to calculate future value