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Category > Business & Finance Posted 19 May 2017 My Price 7.00

Sam saved $500 at the end of every month

A) Sam saved $500 at the end of every month in her retirement account for 10 years (during age 25-35) and then quit saving. However, she did not make any withdrawal until she turned 65 (i.e., 30 years after she stopped saving). Her friend Cat started saving $650 at the end of every year for 30 years during age 35 - 65.

What will be the difference in accumulated balances in their retirement accounts at age 65 if both earned an average return of 8% (compounded monthly) during the entire period?

$562,479; $31,591; $121,015; or $235,305

B) Steve is about to retire and wants to calculate the total worth of his retirement assets. He has a corporate pension paying $2250 at the beginning of every month. He is also entitled for Social Security benefits of $1450 at the beginning of every month. He also has a 401(k) plan with an accumulated balance of $480,000. The regular U.S. government bonds are yielding 5% and government inflation indexed bond provides a current return of 3.5% and his remaining life span is 20 years.

Compute the combined worth of Steve's retirement assets.   

 

$1,073,099; $1,112,452; $1,065,197; or $1,034,568

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Status NEW Posted 19 May 2017 04:05 AM My Price 7.00

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