Herbert has opened a retirement fund account which pays 7 percent ...

[KimWrice]

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

[nathang24]

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]

Excellent

[covalentbond]

TYSM