Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2062, assuming they appreciate at an annual rate of 4.5 percent?
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Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2062, assuming they appreciate at an annual rate of 4.5 percent?
Coin Collection:
Some persons have hobbies or habits to collect coins of various denominators, periods, or albums. These coins are collected to display or preserve ancient exchange materials that may be value more in the future.
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- An investment promises to pay into an account that pays you 6 percent annually, $150 per month for the next twenty-two years. Suppose the first deposit into the account is made one month from today what is the value of the amount which will be in the account at the end of thirty years? Rounded to 2 decimal places. (Answer up to 2 decimal places)Suppose you collect old coins. Today you have two coins, each of which is valued at $100. One coin is expected to increase in value by 5.6 percent annually, while the other coin is expected to increase in value by 4.8 percent annually. What will be the difference in the value of the two coins 25 years from now?An investment promises to pay into an account that pays you 6 percent annually, $150 per month for the next twenty-two years. Suppose the first deposit into the account is made one month from today what is the value of the amount which will be in the account at the end of thirty years? Rounded to 2 decimal
- When you are 32, you win $20,000 in the lottery. You decide to spend half of your winnings immediately and place the other half in your retirement savings account (which is earning interest at 10% per year. At 45 (after making the retirement account deposit), you decide to quit your job and take a two-year trip around the world. To help finance this trip, you withdraw 15% of the current balance in your retirement savings account. What is the balance of your retirement savings account immediately after your withdrawal?You wish to retire in 14 years, at which time you want to have accumulated enough money to receive an annual annuity of $17,000 for 19 years after retirement. During the period before retirement you can earn 8 percent annually, while after retirement you can earn 10 percent on your money. What annual contributions to the retirement fund will allow you to receive the $17,000 annuity? Use Appendix C and Appendix D for an approximate.Your retirement account has a current balance of $56,500. What interest rate would you need to be earned in order to accumulate a total of $1,500,000 in 40 years, by adding $6,700 annually? Suppose deposits are made at the beginning of the year. Make sure to show your work.
- You are determined to have at least one million dollars on the day you retire. How much will you need to save each year over the next 40 years of your career in order to meet this goal of $1,000,000 assuming you put you money into an account that averages 10% each year?Now that young King Solomon has inherited the kingdom of Israel, and a massive amount of wealth that he can invest, he wants to plan for his "retirement." Since he doesn't know how long he'll live, and data on life expectancy is scarce, he reasons that he just wants a regular "cash flow" over the course of his life. With that in mind, how many shekels would he need to deposit at 20 percent interest compounded every year in order to be able to withdraw 50 shekels at the end of every year for seventy years?If you deposit $4,800 at the end of each of the next 15 years into an account paying 11.3 percent interest, how much money will you have in the account in 15 years? How much will you have if you make deposits for 30 years?
- Suppose that your rich uncle has $1,000,000 that he wishes to distribute to his heirs at the rate of $100,000 per year. If the $1,000,000 is deposited in a bank account that earns 6% interest per year, how many years will it take to completely deplete the account? How long will it take if the account earns 8% interest per year instead of 6%?Assume that your rich aunt has given you $25,000 in a gift. You have come up with three ways to spend (or invest) the capital. First, you want (but do not need) a new car to make your home and social life brighter. Second, you can invest the money in the common stock of a high-tech company. Price is expected to grow by 20 percent a year, but this option is very risky. Third, you can put the money into a three-year deposit certificate with a local bank and receive 6 percent annually. The third alternative carries little risk. a. If you plan to buy the new vehicle, what is the cost of that option for the opportunity? Explain what you think in your own words.b. If you invest in the popular high-tech stock, what is the cost of that option for the opportunity? Explain what you think in your own words.Suppose that your rich uncle has $1,000,000 that he wishes to distribute to his heirs at the rate of $100,000 per year. If the $1,000,000 is deposited in a bank account that earns 6% interest per year, how many years will it take to completely deplete the account?
