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Question - Suppose your investment adviser sets up a retirement saving plan for you, with a promise to earning APR=1.2%, compounded monthly. Now suppose you plan to retire in 25 years. If you can afford to contribute USD$4000 monthly to this retirement saving plan for the next 25 years, starting today until your retirement, with a total of 300 (=25*12) monthly retirement fund contributions. The last contribution will be made one month before your retirement.
(a) How much fund can you accumulate on your retirement date?
(b) Suppose you expect to live another 20 years after your retirement. With the retirement fund you will accumulate in 25 years (your answer in (a)), you plan to withdraw USD4,500 monthly, starting on the date of your retirement (25 years from now), for another 20 years (total 360 withdraws). How much money will be left on your retirement saving plan account 45 years from now?
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Although only 20 units are on hand at the beginning of the year, World Company plans to sell 100 units during 2014. Assuming the company desires an ending inventory of 10 units,
Bert bought a house, signing a $120,000 mortgage for 30 years. Each year, he will pay the bank $10,659.
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