Question
Hey you helped me on another assignment I had earlier and I had another and was wondering if you could help again. I have $20
Hey you helped me on another assignment I had earlier and I had another and was wondering if you could help again. I have $20 remaining in tutor credits and if you can help me with these problems they are yours. The questions aren't very hard I just have a hard time setting them up so if you could show all work as before that would be greatly appreciated!
1-You are 25 years old and need to have $1,000,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on your investment. a.How much do you need to put into retirement savings on an annual basis?
2- You are 25 years old and need to have $1,000,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on your investment. b.How much do you need to put into retirement savings on an annual basis if you get an annual return of 10%?
3- You are just starting your first job out of college. You are racing your best friend to have more in savings when you both plan to retire at age 52, just 30 years out. You will need $5 million to retire. If you average an annual return of 7% on your investment, how much do you need to put into retirement savings on an annual basis?
4-You have four children. You and your spouse want to maximize the amount you can give to each child each year before you have to pay gift tax. a.How much would you give each child?
5- You have four children. You and your spouse want to maximize the amount you can give to each child each year before you have to pay gift tax b.What would the total gifts be in a year?
6- You give $1 million to your college or university in an irrevocable trust with the stipulation that you receive the earnings from the gift. You are guaranteed 8% return on your investment. a.What would your income be from your gift? b.How much of your gift would be a tax deduction?
7- You are at your first job out of college and as you go through your new employee orientation you have to make a decision about contributing to a 401(k) that your company offers. You company will match you 50% of your contributions for the first 6% you contribute. You decide to put in 7% of your income so that with the 3% match, you are contributing 10% of your income to retirement. Your new co-worker, who has not taken this class, has a lot of expenses and figures that he cannot make any contributions to an IRA for at least the next 10 years when his student loans are paid off. What arguments would you use to convince your co-worker to contribute at least 6% of his income?
please show me how you got the answers thank you
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