This topic contains a solution. Click here to go to the answer

Author Question: Probate costs are costs associated with A) outstanding loans due. B) drawing up the ... (Read 27 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
Probate costs are costs associated with
 
  A)
 
  outstanding loans due.
  B)
 
  drawing up the life insurance contract.
  C)
 
  validating your will and distributing your estate.
  D)
 
  providing an ongoing maintenance fund.

Question 2

A retirement home in Florida costs 200,000 today. Housing prices in Florida are increasing at a rate of 4 per
  year. Joe wants to buy the home in 8 years when he retires. Joe has 25,000 right now in a savings account
  paying 8 interest per year.
 
  Joe wants to make eight equal annual deposits into the savings account starting
  today. How much must each deposit be so Joe will have enough money in his savings account to buy the
  retirement home when he retires?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

brbarasa

  • Sr. Member
  • ****
  • Posts: 308
Answer to Question 1

C

Answer to Question 2

19,798.86; The future value of the home in 8 years is 273,713.80 (PV = 200,000, I = 4, N = 8, solve for FV); The
future value of the savings account in 8 years is 46,273.26 (PV = 25,000, I = 8, N = 8, solve for FV); The difference of
227,440.54 is the additional amount Joe needs in 8 years. Since Joe is making equal annual deposits starting today, the
227,440.54 is the future value of an annuity due. The payment amount is 19,798.86 (FVA due = 227,440.54; N = 8, I =
8, mode = BEG, solve for PMT).;




stephzh

  • Member
  • Posts: 556
Reply 2 on: Jul 11, 2018
YES! Correct, THANKS for helping me on my review


rachel

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Gracias!

 

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

For a complete list of videos, visit our video library