Betty Smith (that scoundrel Bob’s wife) wants to save $500,000 in four years. She knows that Bob is no good and is planning on leaving him. She wants to make monthly deposits into an account that pays 5%monthly. How much should she deposit at the end of each month? For those that are curious, Betty makes money by selling poodle prints. She dips her poodle in a giant ink well and presses it onto a canvas. Dog lovers will buy anything.

Q: Dina Naples is saving money at the IBM Credit Union for a down payment on a house. How much does she…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Bianca decides to stop going to the coffee shops in the morning and figures she saves about $30 per…

A: The amount of money after 5 years can be calculated with the help of future value of annuity…

Q: George buys a car every 6 years for ₱18,000. He trades in his current car to count as the 20%…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Bert spends $10.60 a day travelling to work, and a further $65 a day sending his daughter Belle to a…

A: Income tax: Income tax can be defined as the tax charged on the income of the individual and the…

Q: Malcolm borrowed $550 from his parents to buy a used computer. He did not have to pay them back for…

A: We can solve the question by drawing the repayment schedule.

Q: Jane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She…

A: JJ usually receives $50,000 worth appliances per month and always pays her bill on time. She finds…

Q: After visiting several automobile dealerships, Richard selects the used car he wants. He likes its…

A: Given information: Cost of car is $10,000 Down payment of $1,500 Loan needed is $8,500 Number of…

Q: Molly Lincoln, a 25-year-old personal loan officer at First National Bank, understands the…

A: 1. Accumulate amount is computed below: The formula sheet used for computing the above table as…

Q: Jing, a recent engineering graduate, never took engineering economics. When she graduated, she was…

A: Effective Annual Rate is a modified rate of return where it considers the compounding effect.…

Q: Molly Lincoln, a 30-year-old personal loan officer at First National Bank, understands the…

A: 1) Hence, the account balance after 65 years is $1021906.79.

Q: rew deposited $1000 in a savings account that pays 8% interest co. quarterly, planning to use it to…

A: Solution Given Amount deposited 1000 Interest rate 8% Compounding Quarterly…

Q: Mike Smith just turned 16 years old. He wishes to buy a used car in one year, and he is willing to…

A: The value of money changes with time. Therefore, the time value of money considers the money…

Q: Maria, a 25-year-old teacher, wants to start saving for her retirement. Maria wants a comfortable…

A: GIVEN, Age of Maria = 25  retirement age = 65 therefore number of years of savings = 65- 25 = 40…

Q: Madeline is the sole proprietor of Maddie's Fine Art and wants to know whether she will have enough…

A: Madeline has $1000 in her bank account. And Owes to a vendor =$500 Current Asset = $1000 Current…

Q: Khanyisile owns a fabric store and offers a curtain-making service to her customers. The industrial…

A: Given, Cost of machine is R 75,000 Interest rate is 15% Term is 3 years.

Q: Mr. and Mrs. De Dios are planning to buy a new house despite of their limited budget. They seek…

A: Amount to be invested at the end of each year is P20,000 Time period is 5years   Interest rate is…

Q: Phoebe Jones is now employed as the managing editor of a well-known business journal. Although she…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: A mother is thinking about funding her daughter’s medical education in 6 years when she is expected…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Jane James owns an appliance store. She usually receives $50,000 worth of appliances per month. She…

A: The question is based on the concept of Financial Analysis.

Q: Eleanor is switching jobs. She wants to roll over her previous jobs retirement fund of $72,000, Her…

A: The concept of the time value of money states that the same amount of money has more value today…

Q: After visiting several automobile dealerships, Richard selects the car he wants. He likes its…

A: Given: Particulars Amount Price $15,000 Cash payment $3,000 Loan $12,000 Interest rate…

Q: lthough Goldman Sachs paid Heather $100,000.00 per year, she was not satisfied with her job. She had…

A: Opportunity Cost: The opportunity cost of a specific action choice is the deficiency of significant…

Q: Taurus needs P 4,000 per year for four years to go to college. His sugar mama invested P 5,000 in 7…

A: The worth of money changes with time, therefore the TVM considers the value of money according to…

Q: Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in…

A: The basic deposit-withdrawal facility is allowed to retail depositors or households by banks through…

Q: George used to work as a research analyst earning $80,000 per year. George has decided that he has…

A: Accounting profits only includes explicit costs such as material, labor, overheads, which are…

Q: your birthday is next week and instead of other presents, your parents promised to give you$1,000 in…

A: QUATERLY COMPOUNDING INTEREST RATE  (5.20%/4) 1.30% PERIOD (4*2) 8 PRESENT VALUE $1,000 PMT…

Q: June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her…

A: A deposit account that allows a user to withdraw and deposits money multiple times is known as the…

Q: After visiting several automobile dealerships, Richard selects the car he wants. He likes its…

A: a) Borrowing Amount = $8,400 Add-On Interest Rate = 10%. Time Period = 2 Years   The calculation of…

Q: Jeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a…

A: Monthly total revenue denotes the value of sales made by the company during a month. Account profit…

Q: Three friends are starting a home painting business while they are in college. One of the friends is…

A: Various forms of ownership are as follows: Sole Proprietorship Partnership Company Corporative…

Q: Bert spends $10.60 a day travelling to work, and a further $65 a day sending his daughter Belle to a…

A: Step 1 In Income tax assessment, while calculation tax liability all the expenses are allowed up to…

Q: Elisa needs money to repair her home air​ conditioner, so she pawns her bicycle. The pawnbroker…

A: In order to find the simple interest rate one has to find the simple interest amount and then…

Q: Bob has lost his job and had to move back in with his mother. She agreed to let Bob have his old…

A: Time value It tells that the money today received by the individual has more value than receiving…

Q: Katie had a high monthly food bill before she decided to cook at home every day in order to reduce…

A: An annuity is a financial term that depicts a series of equal cash flows at equal time intervals for…

Q: Nest egg at 4% 2b. Nest egg at 8%

A: 1.

Q: Mark Rosenberg and Trina Adams are to be married in two months. Both are employed full time and…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: When Jack started his job working for an industrial manufacturing company, he contributed $200 at…

A: The solution is solved in excel using excel formulas as below: Value of Jack's investment at the end…

Q: week into her savings account at an interest rate of 1.5% and made a decision not to withdraw any…

A: Amount required after 3 year =350,000 Which also includes interest of 1.5% Net amount required to be…

Q: Jack and Jill are saving for a rainy day and decide to put ​$60 away in their local bank every year…

A: Future value is the value of current cashflow at the future date compounded at the specified rate.…

Q: With only a​ part-time job and the need for a professional​ wardrobe, Rachel quickly maxed out her…

A: Computation of the time Period in months to pay for wardrobe is shown as follows: Hence, Rachel has…

Q: Martin is a student who plans to attend approximately four professional events a year at her…

A:

Q: Garth Grits works as an employee at Superior​ Foods, a local supermarket. As an​ employee, Garth…

A: Given that, Garth earns ​$17 per hour and works 200 hours per month. Garth currently supplements his…

Q: Fiona has a four-year contract to sell coffee in a local office building. After two years in…

A: The amount that Kurt should be paying today should not exceed the present value of all the future…

Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.