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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?A mother earned $17500.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The home balance will be used for her sons future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $840.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) How much money was invested in the savings bond? (Round to the nearest cent.)A mother earned $18750.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $900.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) GILB
- Se Ri Pak, age 23, recently graduated with her bachelor's degree in library and information sciences. She is about to take her first professional position as an archivist with a civil engineering firm in a rapidly expanding area in the U.S. Southwest. While in school, Se Ri worked part time, earning about $8000 per year. For the past two years, she has managed to put $1000 each year into an individual retirement account (IRA), Se Ri owes $15,000 in student loans on which she is obliged now to begin making payments. Her new job will pay $45,000. Se Ri may begin participating in her employer's 401(k) retirement plan immediately, and she can contribute up to 6 percent of her salary to the plan. Her employer will contribute 1/2 of 1 percent for every 1 percent that Se Ri contributes. What do you recommend to Se Ri on the importance of personal finance regarding: 3. Factoring the current state of the economy into her personal financial planning?a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down payment for a new home. The balance will be used for her son's future education. She invested a portion of the money in a bank certificate of a deposit (cd account) that earns 4% and the remainder in a savings bond that earns 7%. IF the total interest earned after one year is $720.00, how much money was invested at each rate?Jules deposits $70 each month into a 4010d savings account paying 3.59% annually, and her employer matches 50%. After 43 years, she'll have $128.646.55 in her account. How much more is in the account than what Jules invested? Type your answer...
- Jim, aged 62, was retrenched and has been unemployed for ten months, but is still looking for work. He has $620,000 in super and, based on advice received, decides to purchase a 4 - year annuity of $24,000 p.a. payable monthly and indexed at 3% p.a. He can obtain this at a yield of 5.1% from a commercial provider. How much does Jim's annuity cost to purchase?Molly Lincoln, a 25-year-old personal loan officer at First National Bank, understands the importance of starting early when it comes to saving for retirement. She has committed $3,500 per year for her retirement fund and assumes that she'll retire at age 65. How much will Molly have accumulated when she turns 65 if she invests in equities and earns 8 percent on average? Round your answer to the nearest dollar. Molly is urging her friend, Isaac Stein, to start his plan right away, too, because he's 45. What would his nest egg amount to if he invested in the same manner as Molly and he, too, retires at age 65? Round your answer to the nearest dollar. 2a. Nest egg at 4% 2b. Nest egg at 8%a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $138,000 in a savings account on January 1 of this year. The savings account will earn 7 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,300 in a savings account. The account will earn 10 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required: 1. In (a), how much will be available at the end of five years? What is the total interest earned over the five years? 2. In (b), what will be the balance in the savings account at the end of the 8th year (i.e., after 8 deposits)? What is the interest earned on the 8 deposits?
- Julie started her first job a year ago and called to ask about her 401k which already has a balance of $9,437.00 as of today. She is now 25 years old and is making 75k a year living in So California. She was auto enrolled into her 401k contributing 6% with a 4% match. Her employer also contributes a profit-sharing contribution of an additional 3% of salary into the retirement account. If she works till age 65, how much will she have in her 401k if her investments earn a 6% average rate of return? She has a surplus of income right now, so she is thinking of adding another 6% in addition to her current 6% contribution for a total contribution of 12% from her. The employer would still contribute the 4% match and the 3% profit sharing into her 401k. How much would she have at age 65 if she contributed at this higher amount? What would the difference be if she earned 7% instead of 6% in both previous scenarios? For this problem you should have 4 answers when you are done. Two with…You and your spouse are in good health and have reasonably secure careers. You make about $75,500 annually and have opted for life insurance coverage of three times your salary through your employer. With your spouse's income, you are able to absorb ongoing living costs of $55,500 a year. You own a home with a $290,500 mortgage. Other debts include a $15,250 car loan, $7,100 student loan, and $4,050 charged to credit cards. In the event of your death, you wish to leave your family debt- free. One of your most important financial goals involves building an education fund of $101,000 to cover the costs of a four-year university program for each of your two children ages two and four. To date, you have accumulated $25,500 toward this goal in an RESP. Should you die, your beneficiaries would receive a $2,500 death benefit lump-sum payment from the Canada Pension Plan. You also have $35,500 in your company pension plan. Average funeral expenses are $13,600. Your other financial assets are…Molly Lincoln, a 25-year-old personal loan officer at First National Bank, understands the importance of starting early when it comes to saving for retirement. She has committed $4,000 per year for her retirement fund and assumes that she'll retire at age 65. a. How much will Molly have accumulated when she turns 65 if she invests in equities and earns 8 percent on average? Round your answer to the nearest dollar. $ b. Molly is urging her friend, Isaac Stein, to start his plan right away, too, because he's 40. What would his nest egg amount to if he invested in the same manner as Molly and he, too, retires at age 65? Round your answer to the nearest dollar. Nest egg amount at 6% = $ Nest egg amount at 8% = $
