How Much Money Does Suzie Need To Have In Her Retirement
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Question 11) How much money does Suzie need to have in her retirement savings account today if she w 1 answer below »
Question
11) How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw$42,000 a year for 25 years? She expects to earn an average rate of return of 9.75 percent.
11) ______
A) $388,683.83
B) $401,533.33
C) $385,160.98
D) $426,580.50
E) $407,419.81
1
The manager of Gloria's Boutique has approved Carla's application for 24 months of credit with maximummonthly payments of $70.If the APR is 14.2 percent, what is the maximum initial purchase that Carla can buyon credit?
12) ______
A)
$1,300.00
B)
$1,006.90
C)
$1,228.46
D)
$1,455.08
E)
$1,184.75
1
Postal Express is considering the purchase of a new sorting machine. The sales quote consists of quarterlypayments of $37,200 for five years at 7.6 percent interest. What is the purchase price?
13) ______
A) $614,184.40
B) $621,380.92
C) $687,418.22
D) $774,311.28
E) $836,267.35
1
You want to purchase a new condominium that costs $287,500. Your plan is to pay 25 percent down in cash andfinance the balance over 15 years at 3.75 percent. What will be your monthly mortgage payment includingprincipal and interest?
14) ______
A)
$1,568.07
B)
$1,221.43
C)
$1,708.16
D)
$1,333.33
E)
$1,406.11
1
Kurt wants to have $835,000 in an investment account six years from now. The account will pay .67 percentinterest per month. If he saves money every month, starting one month from now, how much will he have tosave each month to reach his goal?
15) ______
A)
$8,501.03
B)
$9,497.03
C)
$8,838.22
D)
$9,062.07
E)
$8,808.11
16) Katie's Dinor spent $113,800 to refurbish its current facility. The firm borrowed 65 percent of the refurbishmentcost at 6.82 percent interest for six years. What is the amount of each monthly payment?
16) ______
A)
$1,108.91
B)
$1,282.16
C)
$1,254.73
D)
$1,333.33
E)
$1,087.06
1
Your grandfather started his own business 52 years ago. He opened an investment account at the end of his thirdmonth of business and contributed $x. Every three months since then, he faithfully saved another $x. Hissavings account has earned an average rate of 5.73 percent annually. Today, his account is valued at$289,209.11. How much did your grandfather save every three months assuming he saved the same amounteach time?
17) ______
A)
$328.67
B)
$262.25
C)
$284.02
D)
$331.09
E)
$226.78
1
Overnight Trucking recently purchased a new truck costing $219,800. The firm financed this purchase at 6.6percent interest with monthly payments of $2,435. How many years will it take the firm to pay off this debt?
18) ______
A) 11.60 years
B) 10.42 years
C) 11.04 years
D)
9.22 years
E) 10.23 years
1
Jake owes $3,990 on a credit card with an APR of 13.9 percent. How much more will it cost him to pay off thisbalance if he makes monthly payments of $50 rather than $60? Assume he does not charge any furtherpurchases.
19) ______
A)
$3,545
B)
$2,409
C)
$1,018
D)
$2,811
E)
$1,648
2
At the end of this month, Les will start saving $200 a month for retirement through his company's retirementplan. His employer will contribute an additional $.50 for every $1.00 that he saves. If he is employed by thisfirm for 30 more years and earns an average of 8.25 percent on his retirement savings, how much will he havein his retirement account 30 years from now?
20) ______
A) $401,005.25
B) $470,465.70
C) $503,289.01
D) $540,311.67
E) $589,406.19
2
Anne plans to save $40 a week, starting next week,for ten years and earn a rate of return of 4.6 percent,compounded weekly. After the ten years, she will discontinue saving and invest her account at 6.5 percent,compounded annually. How long from now will it be before she has accumulated a total of $50,000?
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How Much Money Does Suzie Need To Have In Her Retirement
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