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In the setting of problem 3(a), John will transfer her money at the age of 65 (his retirement) from his 401K account (valued at $2 million) into a safe account which will earn an annual interest of 3.6% (APR on a monthly base).
(a) If he wants to use up all his money at the age of 90, how much can he spend each month after retirement?
(b) With the increase in life expectancy, John does not know how long he will live. So he buys a whole life annuity using all of his money at retirement. Assuming the same 3.6% return, how much can he consume each month? (hint: the whole life annuity is just like a perpetuity)
(c) Continue from (b). If John actually dies at the age of 90, how much he could pass to his children if he does not buy the whole life annuity but consumes at the level computed in (b)?
Illustrate the initial situation in the market for peso-denominated deposits using demand and supply curves.
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A person with diminishing marginal utility will demand insurance (i.e., will be willing to pay more to get insurance than (the negative of) the expected value of the loss lottery). Try to replicate our example of full insurance with an individual who..
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What are they pros and cons of eliminating the provision of Rule 203 of the AlCPA's professional ethics that permits non conformance with GAAP.
A bond that sell for 952 and matures is 1 year. The coupon rate is 10% paid annually and the bonds maturity value is 1000. What is the yield to maturity?
Explain the relationship between Actual National Income (Y) and Desired Aggregate Expenditure (AE = C + I) and how this creates equilibrium National Income?
Americans are known for their long-term love affair with their cars. But as gasoline prices soar and concern about the environment mounts, the need to conserve gasoline has become increasingly clear. What would it take to reduce the overall demand fo..
Could the bailout by the Federal Reserve in 1998 and subsequent closing of the fund in 2000 be seen as a precursor of the 2008 Bear Sterns bailout, Lehman Brothers failure, credit crisis and subsequent bank bailout?
According to the classical view, which of the following statements is true? The government's budget deficit is equal to. Which of the following is a leakage in the macro economy?
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