(a) Construct a data table that will show Lindsay the balance of her retirement account for various levels of annual investment and return. If Lindsay invests $10,000 at a return of 9% how much will she have (in dollars) in her retirement account at the end of 30 years. (Round your answer to the nearest dollar.)
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- Lindsay is 25 years old and has a new job in web development. She wants to make sure that she is financially sound in 30 years, so she plans to invest the same amount into a retirement account at the end of every year for the next 30 years. Note that because Lindsay invests at the end of the year, there is no interest earned on the contribution for the year in which she contributes. (a) Construct a data table that will show Lindsay the balance of her retirement account for various levels of annual investment and return. If Lindsay invests $12,000 at a return of 11% how much will she have (in dollars) in her retirement account at the end of 30 years. (Round your answer to the nearest dollar.) $ (b) Develop the two-way table for annual investment amounts of $5,000 to $20,000 in increments of $1,000 and for returns of 0% to 12% in increments of 1%. Using the table, what are the minimum annual investments Lindsay must contribute (in dollars) for annual rates ranging from 7% to 11% to…Lindsay is 25 years old and has a new job in web development. Lindsay wants to make sure that they are financially sound in 30 years. So, Lindsay plans to invest the same amount into a retirement account at the end of every year for the next 30 years. Note that because Lindsay invests at the end of the year, there is no interest earned on the contribution for the year in which Lindsay contributes. (a) Construct a spreadsheet model that will calculate Lindsay's retirement savings given a fixed annual amount saved and a fixed annual interest rate of return. If Lindsay invests $13,000 at an annual return of 7%, how much will be in the retirement account (in dollars) at the end of 30 years? (Round your answer to the nearest dollar.) $ (b) Develop a two-way table for annual investment amounts of $5,000 to $20,000 in increments of $1,000 and for returns of 0% to 12% in increments of 1%. Using the table, what are the minimum annual investments Lindsay must contribute (in dollars) for…Marites, a self-employed individual, is opening a retirement account at a bank. Her goal is to accumulate Php 1,000,000 in the account by the time she retires from work in 20 years’ time. A local bank is willing to open a retirement account that pays 8% interest compounded annually throughout the 20 years. Marites expects that her annual income will increase by 6% yearly during her working career. She wishes to start with a deposit at the end of year 1 (A1) and increase the deposit at a rate of 6% each year thereafter. What should be the size of her first deposit (A1)? The first deposit will occur at the end of year 1, and the subsequent deposits will be made at the end of each year. The last deposit will be made at the end of year 20.
- Maude worked as a Software Developer for Microsoft for 3 internships. She was just hired full-time after graduating from Concordia in December 2022. On her first day of work on January 1, 2023, she was offered to participate in the company’s retirement plan which is a Defined Contribution Pension Plan (DCPP). After having taken a Personal Finance course, Maude enrolled immediately on her first day, as she knows the benefit of putting money away early and having it grow even though she is a long way from retirement. Whatever Maude contributes, Microsoft doubles her contributions dollar for dollar. So far the plan averages a return of 7% compounded weekly. Both Maude and her employer contribute at the beginning of each month. Maude is only 24 years old with plans to retire early at age 55. Maude can afford to contribute $300/month. How much will she have in her retirement plan at retirement?.llison has completed a degree in Computer Science at Santa Clara Univ. and has just begun a full-time job at Alphabet Inc. (Google). Below are a few facts concerning her financial status and outlook (as of her first day on the job; July 1, 2020). She owns a used car which she purchased for $20,000. Her remaining loan balance of $12,000 is to be paid out monthly over the next two years. She secured the loan from her dad and it carries no interest, so she only has to pay down the principle. She has student loan debt of $48K. Now that she has graduated she plans to pay this off in 6 years with annual payments of $8,000 beginning December 1, 2020. She has credit card debt with a current balance of $3,500. Last week she moved into a new Mountain View apartment. 1. Monthly rent of $4,200 (the rent payment includes all utilities) 2. She paid an additional $4,200 when she moved in as a security deposit. This money is held by the apartment management against potential damage. If she…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?
- Gail decided that in six years she would leave her job in publishing and retire to Arizona. What amount should Gail invest today, so that she will be able to withdraw $50,000 at the end of each year for 30 years after she retires? Assume she can invest money at 5%, compounded annually.Josh is an employee of a large Accounting firm in the city earning $120,000 peryear. On weekends, to earn extra income, she established a small businessselling Pokemon soft toys at the local market. In the first year of operating herbusiness, she earned $8,000 revenue and incurred expenses of $10,000. Can heoffset this loss against her salary income of $120,00? Would your answers will bedifferent if Joss has been doing business this year for the past 5 years and the itwas profitable on the first 3 years.The problem in the textbook is modified as below: Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. They file a joint return. In 2022, Sandy worked as a computer technician at a local university earning a salary of $152,000, and John worked part time as a receptionist for a law firm earning a salary of $29,000. Sandy also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons reported making the following payments during the year: • Taxable income of $135,165, which includes $800 ofqualified dividends. • They paid state income taxes of $4,400 and $12,200 of real property taxes (i.e., part of itemized deduction). • They received a $200 refund of their state income taxes. • $3,600 to Kid Care daycare center for Samantha’s care while Sandy and John…
- Maria has just finished her thirty-second year with her company and is getting ready to retire. During her thirty-two years, Maria's average annual salary was S62,544. How much can Maria expect to receive from Social Security annually if she were to retire today? (Assume she will receive 55% of his average annual salary.) a. $96.943.20 b. $34.399 92 c. S28.144.00 d. $62.544Kaan, a 55-year-old software engineer, earned a pre-tax income of $200,000 in 2024. He plans to quit his current job in 10 years to start his own business. Kaan already holds several accounts with RBC but intends to open new TFSA, RRSP, and non-registered investment accounts with TD Bank. He will allocate funds in TD Bank for his business venture while reserving funds in RBC for emergencies and retirement. Kaan has the capacity to save $100,000 annually in real, before tax dollars and will only deposit to TD bank accounts from now on until retirement. His savings strategy includes contributions to a TFSA, RRSP, and non-registered investment account at TD Bank. In 2024, he will contribute to the TFSA up to the 2024 annual limit, with contributions increasing annually to match the inflation rate. The RRSP contribution remains fixed at $20,000 in real dollars due to employer contributions. Any remaining savings are directed to the non-registered investment account. Contributions occur at…Kaan, a 55-year-old software engineer, earned a pre-tax income of $200,000 in 2024. He plans to quit his current job in 10 years to start his own business. Kaan already holds several accounts with RBC but intends to open new TFSA, RRSP, and non-registered investment accounts with TD Bank. He will allocate funds in TD Bank for his business venture while reserving funds in RBC for emergencies and retirement. Kaan has the capacity to save $100,000 annually in real, before tax dollars and will only deposit to TD bank accounts from now on until retirement. His savings strategy includes contributions to a TFSA, RRSP, and non-registered investment account at TD Bank. In 2024, he will contribute to the TFSA up to the 2024 annual limit, with contributions increasing annually to match the inflation rate. The RRSP contribution remains fixed at $20,000 in real dollars due to employer contributions. Any remaining savings are directed to the non-registered investment account. Contributions occur at…