Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 1, Problem 8FPE
Summary Introduction
To discuss: Steps to be taken to repackage in the new field.
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Assume you graduated from college with a major in marketing and took a job with a large consumer products company after three years you were laid off when the company downsized describe the steps you take to repackage yourself for another field
Assume that you graduated from college with a major in finance and took a job with a large bank. After 3 years, you are laid off when the company downsizes. Describe the steps you’d take to “repackage” yourself for another field.
(Comprehensive Problem) Suppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is
not purely financial. However, to make an informed decision you would like to know the financial implications of the two alternatives. Let's assume that your alternatives are as follows:
If you take the "get a job" route you expect to start off with a salary of $45,000 per year. There is no way to predict what will happen in the future, your best guess is that your salary will grow at 5 percent
per year until you retire in 41 years. As a law student, you will be paying $25,000 per year tuition for each of the 3 years you are in graduate school. However, you can then expect a job with a starting
salary of $70,000 per year. Moreover, you expect your salary to grow by 9 percent per year until you retire 36 years later.
Clearly, your total expected lifetime salary will be higher if you become a…
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- uppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is not purely financial. However, to make an informed decision you would like to know the financial implications of the two alternatives. Let's assume that your alternatives are as follows: If you take the "get a job" route you expect to start off with a salary of $45,000 per year. There is no way to predict what will happen in the future, your best guess is that your salary will grow at 5 percent per year until you retire in 43 years. As a law student, you will be paying $20,000 per year tuition for each of the 3 years you are in graduate school. However, you can then expect a job with a starting salary of $75,000 per year. Moreover, you expect your salary to grow by 8 percent per year until you retire 36 years later. Clearly, your total expected lifetime salary will be higher if you become a…arrow_forward(Comprehensive Problem) Suppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is not purely financial. However, to make an informed decision you would like to know the financial implications of the two alternatives. Let's assume that your alternatives are as follows: If you take the "get a job" route you expect to start off with a salary of $35,000 per year. There is no way to predict what will happen in the future, your best guess is that your salary will grow at 3 percent per year until you retire in 44 years. As a law student, you will be paying $30,000 per year tuition for each of the 3 years you are in graduate school. However, you can then expect a job with a starting salary of $80,000 per year. Moreover, you expect your salary to grow by 7 percent per year until you retire 38 years later. Clearly, your total expected lifetime salary will be higher if you become a…arrow_forwardSuppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is not purely financial. However, to make an informed decision you would like to know the financial implications of the two alternatives. Let's assume that your alternatives are as follows: If you take the "get a job" route you expect to start off with a salary of $40,000 per year. There is no way to predict what will happen in the future, your best guess is that your salary will grow at 5 percent per year until you retire in 45 years. As a law student, you will be paying $25,000 per year tuition for each of the 3 years you are in graduate school. However, you can then expect a job with a starting salary of $75,000 per year. Moreover, you expect your salary to grow by 7 percent per year until you retire 39 years later. Clearly, your total expected lifetime salary will be higher if you become a…arrow_forward
- Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the bank’s evaluation (interview) process, you have been asked to take an exam that covers several financial analysis techniques. The hiring decision depends on how you would answer the following questions: Part I: TVM Analysis. The first section of the test addresses time value money analysis.John andMaryareayoungcouple, who want to put their finance in order. Boththehusbandandthe wifeare27yearsagoandinstableemployment. They want to manage their savings and earnings to achieve a better return and reduce the risks. You want to help them with their financial planning by answering a series of questions as follows: ThegreatAlbertEinsteinoncesaid“Compoundinterestistheeighthwonderofthe world. He who understands it earns it...he who doesn't...pays it.” Whatisthefuture value of an initial $500 after 30 years if it is invested in an account paying 15 percent annual interest? What is the…arrow_forwardWhat are the components of a strategic plan? Find one of these components for the company you work for and share (if you are not currently employed, use the college you attend).arrow_forward4arrow_forward
- Which of the following does not represent a reason to map a Career Path? A Avoid taking jobs that get you nowhere B Strive for a better paycheck C Identify gaps in knowledge and skills D Bounce back quicker from career setbacksarrow_forwardWhat year are you? What is your major? What do you want to do for work when you graduate? Have you taken a similar course before? What do you expect to get out of this course? How do you think this course will relate to your life and the "real world" as a whole? Do you currently work? Part-time or full-time? Do you work in the field you are studying? If not, what field? Do you have your own computer or access to one? Do you have internet access? What is your computer/internet/technology level? Beginner - Novice - Intermediate - Advanced - Geek What are you passionate about? What are your interests, hobbies? Open question - Tell me something interesting about yourself or that you think I may need to know.arrow_forwardScenario Much like the decision to start a business, the decision to attend college is fraught with risk; however, the risk of entering the job market with only a high school diploma is just as great. As the U.S. transformed from a manufacturing-based economy to an economy based on knowledge, high school graduates are often unable to obtain the number of high-paying jobs that were once available. College graduates earn more-some suggest as a much as 60% more over a lifetime than those without a college degree, and have a lower divorce rate, lower blood pressure and stress levels, and higher rates of job stability and satisfaction. However, a college education may not be the right choice for some. There may be a glut of college-educated workers in our workforce, and many careers, including those in cosmetology, do not require a college degree. The U.S. Department of Labor projects jobs for hairdressers, hairstylists, cosmetologists, and skin care specialists to grow 9-17% through the…arrow_forward
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