Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please! I really need help! Question # 1 A. Use the PROJECTING RETIREMENT INCOME AND INVESTMENT NEEDS interactive spread sheet to calculate these amounts or

image text in transcribed

image text in transcribed

please! I really need help!

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Question # 1 A. Use the "PROJECTING RETIREMENT INCOME AND INVESTMENT NEEDS interactive spread sheet to calculate these amounts or use your financial calculator: Austin Miller wishes to have $600,000 in a retirement fund 30 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use your financial calculator or the appendixes to determine the lump sum amount needed if the fund that earns 6% annually. How much would Austin need to have on deposit at retirement in order to withdraw $45,000 annually over 15 years in the retirement fund earning 6%? $ Question #2 Creating a balance sheet Use Worksheet 2.1. Katie Wright's banker has asked her to submit a personal balance sheet as of June 30, 2020, in support of an application for a $3,000 home improvement loan. She comes to you for help in preparing it. So far, she has made the following list of her assets and liabilities as of June 30, 2016: $ 70 180 600 $ Cash on hand Balance in checking account Balance in money market deposit account with Southwest Savings Bills outstanding: Telephone Electricity Charge account balance Visa MasterCard Taxes Insurance Condo and property Condo mortgage loan Automobile: 2016 Honda Civic Installment loan balances: Auto loans Furniture loan Personal property: 20 70 190 180 220 400 220 $1,300 66,000 52,000 12,000 3,000 500 3,500 English (United States) Focus 998 SO F3 DII FB F4 F5 F6 F7 FO 510 $ & C ) * 00 3 4 5 6 7 9 0 E R. T o 500 3,500 Fumiture loan Personal property: Furniture Clothing Investments: 1,050 900 1,950 500 U.S. government savings bonds Apple Stock 3,000 3,500 From the data given, prepare Katie Wright's balance sheet, dated June 30, 2020 (follow the balance sheet form shown in Worksheet 2.1). Then evaluate her balance sheet relative to the following factors: (a) solvency, (b) liquidity, and (c) equity in her dominant asset. Balance Sheet Name(s): Katie Wright Date: 30-Jun-20 Assets Liabilities and Net Worth Liquid assets: Current liabilities: Cash on hand Utilities In checking Rent Savings accounts Insurance premiums Money Market funds and deposits Taxes Medical/dental bills Certificates of deposit (

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions