Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10. Assume you have started working and here are the details of your income and expenses: (15 points) Monthly Salary: $6200 Federal tax: $700 per
10. Assume you have started working and here are the details of your income and expenses: (15 points)
- Monthly Salary: $6200
- Federal tax: $700 per month
- California state tax: $200 per month
- Rent: $2000 per month
- Food: $900 per month
- Car payment: $600 per month
- Car Insurance: $125 per month
- Phone: $125 per month
- Electric+Gas+Cabel/Netflix: $100
- Clothes: $200 per month
- Personal care / gym: $250
- Travel: $300 per month
- Gas: $200 How much money can you save every month? Use the savings calculator https://www.calculator.net/savings-calculator.html and answer the following questions:
- Assume you invest your entire saving in the market and your starting balance is $1, annual contribution is $1, for 40 year, increase is 3%, monthly contribution ????? (from above), for 480 months, increase 3% per year, end of period, interest rate 3%, compound monthly, after 40 years, tax rate 0%, inflation 3%. What is the value of your savings?
- Assume you invest your entire saving in the market and your starting balance is $1, annual contribution is $1, for 40 year, increase is 3%, monthly contribution ????? (from above), for 480 months, increase 5% per year, end of period, interest rate 9%, compound monthly, after 40 years, tax rate 0%, inflation 3%. What is the value of your savings?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started