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Please help me answer all questions (2, 3, 4, 5, I have the answer to #1.) Thank you!! 1) What is the median salary and

Please help me answer all questions (2, 3, 4, 5, I have the answer to #1.) Thank you!!

1) What is the median salary and bonus the business major received in the investment banking area? - $125,000

2) Suppose you get a job offer from an investment bank, and your compensation package is the following: your annual income (including salary and bonus) will be the same as median salary and bonus in investment banking but your basic salary is 70% of your annual income while bonus takes 30%. Your employer will match your deposit in your 401k plan but the amount of match money will be capped by 6% of your salary. If you decide to input 8% of your salary in your 401k account each month and expect to make 10% return, at time when you retire, how much money will you have in your 401k account? If you need $1.5 million dollars for your retirement life, based on the above investment in your 401k plan, at what age can you retire to enjoy life?

3) After arranging your retirement money, you are planning to save money for down payment of a house purchase. Suppose your investment in 401k is tax-deductible. That means the amount you invest in 401k will be subtracted from your taxable income. Assuming your personal income tax rate is 25% roughly, how much money do you think you can save each month based on your estimation for your monthly expenses?

4) If you choose to save $500 each month from your salary and invest them in the stock market for 3 years, how much will you have at the end of year 3? Assume your expected return is 8%. In addition to save $500 per month, each year you will invest the bonus you receive at the end of the year in stock market with 8% expected return, how much money will you have totally (from investments of both monthly saving and bonus) at the end of year 3?

5) Based on your answer to question 4, if at year 3, you want to buy a house that is sold at $300,000 and it requires 20% down payment and $5,000 closing costs, can you afford it? Use the 30 year fixed mortgage rate to make calculations. If, alternatively, you want to borrow a 15 years fixed rate mortgage, can you pass the mortgage banks evaluation? Usually the banks dont allow your monthly mortgage payment to exceed 30% of your before tax income. All others equal, to be qualified for a 15 years fixed rate mortgage borrowing, how much annual salary do you have to make?

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