You have take home pay of $600 a week. Your disability insurance coverage replaces 80% of your earnings after a four-week waiting period. What amount would you receive in disability benefits if an illness keeps you from work for 15 weeks?
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- Their employers provide a short-term disability benefit for 6 months which is 50% of their currently monthly income. Should the Jacksons buy disability insurance? If so, how much should they buy? Assume that disability insurance costs 2% of monthly income needed.Your part-time job pays you $175 per week. How much money would your parents need in anaccount paying 4.3% simple interest annually to equal your total yearly income from that part-time job?1. Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. How long will it take for you to be saving at least 20% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? 2. Based on your calculations from part a. how much will you be saving (using the end-of- year savings rate) over the next 10 years if you earn $30,000 this year?
- Your employer contributes $50 a week to your retirement plan. Assume that you work for your employer for another 20 years and that the applicable discount rate is 9 percent. Given these assumptions, what is this employee benefit worth to you today?Consider that you are 30 years old and have just changed to a new job. You have $91,000 in the retirement olan from your former employer. You can roll that money into the retirement plan of the new employer. You vill also contribute $400 each month into your new employer's plan. If the rolled-over money and the new contributions both earn a 7 percent annual return, how much should you expect to have when you retire in 38 years? O $2,019,095.26 O $2,195,145.40 $2,298,025.12 $2,301,116.92A public relations specialist earns $71,500 salary each year. He/she wants to spend no more than three times his/her salary on a house. What is the maximum price of a home that he/she can afford?A. If a 20% down payment is required, what is the amount financed?B. If he/she buys a home for the maximum he/she can afford, what is the monthly mortgage payment for a 25 year fixed interest loan at 3.25% compounded monthly?C. How much will he/she pay in over the 25 year loan?D. How much will he/she pay in interest over the 25 year loan?
- A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. a. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 40? $ b. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions? c. How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70? 2$You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for 10 years. You can earn 6.50% on your money. What option should you take and why?You expect to work for another 30 years. At your retirement in year 30, you expect your company's pension plan is worth $850,000. The interest rate is 6% per year. Suppose you are contemplating a switch to a new employer. The new employer will match your annual base salary. However, the new employer offers no pension plan. The new employer offers to pay you a flat annual bonus, on top of your base salary, to compensate you for the loss of the pension plan. How much of an annual bonus would you require before you were just willing to make the switch? a. $9,568 b. $10,200 c. $10,752 d. $11,546
- Unemployment Insurance. Each worker employed by Risky Business has a 20 percent chance of losing his or her job in the next year. Each worker employed by Safe Business has a 2 percent chance of losing his or her job. You manage an insurance company that provides a lump sum of $10,000 to each unemployed worker. a. The minimum amount you would charge Risky Business for each employee covered by the unemployment policy is $. (Enter your response as an integer.) b. The minimum amount you would charge Safe Business for each employee covered by the unemployment policy is $ (Enter your response as an integer.) c. Suppose you charge the same premium to both businesses. The companies have the same number of workers and are required to purchase unemployment insurance. The minimum amount you would charge is $. (Enter your response as an integer.)Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $43,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 4 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 37 years from today?A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 9 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 50?$ How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?$ How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70?$
