This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Herbert has opened a retirement fund account which pays 7 percent interest and requires 5,000 annual ... (Read 70 times)

KimWrice

  • Hero Member
  • *****
  • Posts: 579
on: Jul 10, 2018
Herbert has opened a retirement fund account which pays 7 percent interest and requires 5,000 annual deposits. Herbert will retire in 15 years and expects 10 years of retirement life.
 
  What is the maximum annual retirement benefit Herbert can get during his retirement years?

Question 2

The number of outstanding shares of common stock is always greater than or equal to the number of authorized shares of common stock.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nathang24

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jul 10, 2018
Answer to Question 1

I = 7, PMT = 5,000, N = 15, PV=0
At the beginning of retirement:
CPT FV = 125,645
Annual retirement benefit: i = 7, n = 10, PV = 125,645, FV=0
CPT PMT = 17,887.96

Answer to Question 2

FALSE


KimWrice

  • Member
  • Posts: 579
Reply 2 on: Jul 10, 2018
Great answer, keep it coming :)

abro1885

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

A nineteenth-century Japanese portrait of Commodore Matthew Perry, who “opened up” Japan in 1854. A nineteenth-century Japanese portrait of Commodore Matthew Perry, who “opened up” Japan in 1854.
How would you rate your overall health?” The percent of adults answering “excellent” or ... How would you rate your overall health?” The percent of adults answering “excellent” or ...
Percent of Selected Foods and Beverages Consumed in the United States Percent of Selected Foods and Beverages Consumed in the United States
You deposit $2000 each year into an account earning 4% interest compounded annually. How much ... You deposit $2000 each year into an account earning 4% interest compounded annually. How much ...
Determine the nominal annual rate of interest of the following ordinary general annuity. Determine the nominal annual rate of interest of the following ordinary general annuity.
Nancy borrowed $8000 from her grandfather to buy a car when she started college. The interest ... Nancy borrowed $8000 from her grandfather to buy a car when she started college. The interest ...
Video: Gastrulation: cross section of the frog

For a complete list of videos, visit our video library