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Select one: a. $1,449,334 b. 579,360 C. $115.594 d. $1,108,432 e. $147.332

Select one: a. $1,449,334 b. 579,360 C. $115.594 d. $1,108,432 e. $147.332

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter3: Income Sources
Section: Chapter Questions
Problem 41P
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Draw a timeline in your notes to practice, then use the one below to help you! Tom started his career with Oracle with an intention to retire in 25 years. When he retired, he started receiving $66 000 every 6 months for 15 years, starting on the date of his retirement. How much did Tom deposit in an account at the start of his career, if interest is 9.25% compounded semi- annually? Retirement Start of career (semi-annual periods) 25 yrs 40 years 80 semi-annual periods today 2 49 50 51 79 IY = ? $66,000 $6,000 ............ $6,000 CY = ? PV, =?+ FV, n, =? PV, FV, -0 Select one: a. $1,449,334 b. $79,360 C. 5115.594 d. $1,108,432 e. S147.332
Transcribed Image Text:Draw a timeline in your notes to practice, then use the one below to help you! Tom started his career with Oracle with an intention to retire in 25 years. When he retired, he started receiving $66 000 every 6 months for 15 years, starting on the date of his retirement. How much did Tom deposit in an account at the start of his career, if interest is 9.25% compounded semi- annually? Retirement Start of career (semi-annual periods) 25 yrs 40 years 80 semi-annual periods today 2 49 50 51 79 IY = ? $66,000 $6,000 ............ $6,000 CY = ? PV, =?+ FV, n, =? PV, FV, -0 Select one: a. $1,449,334 b. $79,360 C. 5115.594 d. $1,108,432 e. S147.332
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