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Can you please just answer question A. what is the amount contributed each year? Jinhee Ju. 27. Just received a promotion at wotk that nereased
Can you please just answer question A.
Jinhee Ju. 27. Just received a promotion at wotk that nereased her annual salary lo $39,000.57 ia elobie te participate in her amployers 401(k) plan to which the emeloyer mutzhes deliar ior-dolar workers contrbutions up to five percent of salary. However, Jinheo wants to buy a new $27,000 car in 4 years, and she wants to save enough money to make a 55 , oco down. payment og the car and finance the balance. Aso in her plans is a wedding. Jinhee and her boytriond. Paut, have set a wedding date 2 years in the future, atler he finishas medical school. Paul wall have s96,000 of student loars to repoy ater as an inheriance by her late grandfathes. Har trust fund is imested in 9 percont gsvernment bords. a. Justily dinhee's patickition in her emplayer's 401(k) plan using the tme valio of money cantepts. b. Caloulate the amount Jirhee needs to save each year for the doen paymont on a new cat, assuming she can earn percent ao her savings. Calculate haw much she will need to save on a menhily bass, assuming monthly compounging. For each scenaria, how much of her down payment will come from interest earned? c. What wil be the value of Sinhee's trust fund at ape 70 , assurning she takes possessien of hat the maney at age 30 for a house down paymant and ioves the othee half of the money untouthed where it is currently invastod? d. What is Paul's annual payment it he wants to repay his sudent leans completoy whin 8 years and he pays a 4 percent itetereat rate? How much move or less would Peut pay if the iaans compounded interest on a menthly bosis and Paul al6o paid the kans on a morewy hasia? e. List at least three actions that Jinhee and Paul could take to make the time value of money work in their fawor. Cick on the table ican to vitw the FVIFA table and the PVIFA table and the FVIF table a. Jusly Jinhee's parfictetion in her empioyer's 40% (k) plan ushg the time value of money concrpts. Assuming that linhee and her employer boeh contrbute five percent ot her salary s her 40 sikh fos ameunt oontibuled each year wil be s (Riound is ife nearest ooldar) what is the amount contributed each year?
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