1. You are planning to save for retirement over the next 25 years. To do this, you will invest $790 a month in a stock account and $390 a month in a bond account. The return of the stock account is expected to be 9.9 percent, and the bond account will pay 5.9 percent. When you retire, you will combine your money into an account with a 6.9 percent return.
How much can you withdraw each month from your account assuming a 20-year withdrawal period? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
2 You’ve just joined the investment banking firm of Dewey, Cheatum, and Howe. They’ve offered you two different salary arrangements. You can have $85,000 per year for the next two years, or you can have $74,000 per year for the next two years, along with a $30,000 signing bonus today. The bonus is paid immediately, and the salary is paid in equal amounts at the end of each month.
If the interest rate is 9 percent compounded monthly, what is the PV for both the options? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))
Present Value of Option 1:
Present Value of Option 2:
3 You’re prepared to make monthly payments of $230, beginning at the end of this month, into an account that pays 6.4 percent interest compounded monthly.
How many payments will you have made when your account balance reaches $14,000? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
4 An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child’s birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company:
First birthday: $ 850
Second birthday: $850
Third birthday: $ 950
Fourth birthday: $ 850
Fifth birthday: $ 1,050
Sixth birthday: $ 950
After the child’s sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $350,000. The relevant interest rate is 10 percent for the first six years and 7 percent for all subsequent years.
Find the future value of the payment at the child’s 65th birthday. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
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