Ch 13 WS wo solution

Elijah James is in his early 30s and is thinking about opening an IRA. He can't decide whether to open a traditional/deductible IRA or a Roth IRA, so he turns to you for help.   To support your explanation, you decide to run some comparative numbers on the two types of accounts; for starters, use a 30-year period to show Elijah what contributions of $5,000 per year will amount to (after 30 years) if he can earn, say, 10 percent on his money. Round your answers to the nearest dollar. 1A. traditional IRA $___1B. Roth IRA $ _____ Will the type of account he opens have any impact on this amount?-Select: YES OR NO Assuming that Elijah is in the 30 percent tax bracket (and will remain there for the next 30 years), determine the annual and total (over 30 years) tax savings he'll enjoy from the $5,000-a-year contributions to his IRA. Contrast the (annual and total) tax savings he'd generate from a traditional IRA with those from a Roth IRA. If an answer is zero, enter "0". Round your answers…

Daryl wishes to save money to provide for his retirement. He is now 30 years old and will be retiring at age 64. Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded monthly. Then one year after making his final deposit, he will withdraw $100,000 annually for 25 years. In addition, and after he passes away (assuming he lives 25 years after retirement) he wishes to leave in the fund a sum worth $1,000,000 to his nephew who is under his charge. The fund will continue to earn 12% compounded monthly. How much should the monthly deposits be for his retirement plan?

Elijah James is in his early 30s and is thinking about opening an IRA. He can't decide whether to open a traditional/deductible IRA or a Roth IRA, so he turns to you for help.   To support your explanation, you decide to run some comparative numbers on the two types of accounts; for starters, use a 35-year period to show Elijah what contributions of $5,000 per year will amount to (after 35 years) if he can earn, say, 8 percent on his money. Round your answers to the nearest dollar. 1A. traditional IRA $______1B. Roth IRA $_______ Will the type of account he opens have any impact on this amount? Select: Yes or No 2. Assuming that Elijah is in the 25 percent tax bracket (and will remain there for the next 35 years), determine the annual and total (over 35 years) tax savings he'll enjoy from the $5,000-a-year contributions to his IRA. Contrast the (annual and total) tax savings he'd generate from a traditional IRA with those from a Roth IRA. If an answer is zero, enter "0". Round your…

A 40-year-old woman decides to put funds into a retirement plan. She can save $3,000 a year and earn 7 percent on this savings. How much will she have accumulated if she retires at age 65? Use Appendix C to answer the question. Round your answer to the nearest dollar.$   At retirement how much can she withdraw each year for 25 years from the accumulated savings if the savings continue to earn 7 percent? Use Appendix D to answer the question. Round your answer to the nearest dollar.$   Appendix C

A client needs assistance with retirement planning. Here are the facts:  The client, Dave, is 21 years old. He wants to retire at 65.  Dave has disposable income of $2,000 per month.  The IRA Dave has chosen has an average annual return of 8%.  Question 1. If Dave contributes half of his disposable income to the account, what will it be worth at 65? Question 2. How much would he need to contribute to have $5,000,000 at 65?

Lisa plans to retire on her 61st birthday. On her 22nd birthday, Lisa will start saving $A per year for 40 years. Starting on her 62nd birthday, Lisa plans onwithdrawing $10,000 and will continue these annual withdrawals until the account is exhausted on her 85th birthday. If Lisa’s bank account pays 3% per year, what annual amount of $A will Lisa need to invest in her bank account to achieve her retirement goal?

Draw a timeline in your notes to practice, then use the one below to help you! At the age of 44, Parker just finished all the arrangements on his parents' estate. He is going to invest his $80,000 inheritance at 5.5% compounded quarterly until he retires at age 55, and then wants to receive end-of-quarter payments for the next 25 years. What are his quarterly annuity payments during his retirement? Age 44 Age 80 320 q Age 55 today 44 q 45 q 319 q IY = ? $80,000 PMT PMT PMT CY = ? PV, = ? FV, n = ? PV2 FV, = 0 n2 = ? Select one: O a. $4297 b. $2550 C. $2657 d. $2694

A friend is celebrating her birthday and wants to start saving for her anticipated retirement.  She has the following years to retirement and retirement spending goals.            Years until retirement:     30 Amount to withdraw each year: $120,000 Years to withdraw in retirement: 25 Interest rate: 7.5%   Because your friend is planning ahead, the first withdrawal will not take place until one year after she retires.  She wants to make equal annual deposits into her account for her retirement fund.  Required: If she starts making these deposits in one year and makes her last deposit on the day she retires, what amount must she deposit annually to be able to make the desired withdrawals at retirement?  Suppose your friend just inherited a large sum of money.  Rather than making equal annual payments, she decided to make one lump-sum deposit today to cover her retirement needs.  What amount does she have to deposit today?  Suppose your friend’s employer will…

Please give me answer general accounting question

What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds on these financial accounting question?