Question
In: Finance
1. You earn $8,000 a month. After taxes, social security contributions, and living expenses you have...
1. You earn $8,000 a month. After taxes, social security
contributions, and living expenses you have $400 per month that you
can and will save. What is the future value of $200 saved every
month for 30 years if the annual rate is of return is 12%. Interest
is compounded monthly. Your first deposit is made at the end of
month 1. We are looking for the value of your savings 30 years from
the time you stated saving.
2. You earn $8,000 a month. After taxes, social security
contributions, and living expenses you have $200 per month that you
can and will save. What is the future value of $200 saved every
month for 30 years if the annual rate is of return is 6%. Interest
is compounded monthly. Your first deposit is made at the end of
month 1. We are looking for the value of your savings 30 years from
the time you stated saving.
3. You earn $4,000 a month. After taxes, social security
contributions, and living expenses you have $600 per month that you
can and will save. What is the future value of $600 saved every
month for 30 years if the annual rate is of return is 4%. Interest
is compounded monthly. Your first deposit is made at the end of
month 1. We are looking for the value of your savings 30 years from
the time you stated saving.
4. You would like to accumulate $1 million over the next forty
years. This means you would like your wealth to be $1 million at
the end of 40 years. You are planning to invest money at the end of
each year for the next forty years beginning at the end of the
first year.
If you invest $2,000 a year and earn 12% interest per year
(compounded annually) will you meet your financial
goal.
Yes or no?
Solutions
Expert Solution
Solution Q-1
| Period | Opening Balance | Investment at the end of month | Monthly Rate of Interest | Interest Amount | Closing Balance |
| 1 | $0.00 | $200.00 | 1.00% | $0.00 | $200.00 |
| 2 | $200.00 | $200.00 | 1.00% | $2.00 | $402.00 |
| 3 | $402.00 | $200.00 | 1.00% | $4.02 | $606.02 |
| 4 | $606.02 | $200.00 | 1.00% | $6.06 | $812.08 |
| 5 | $812.08 | $200.00 | 1.00% | $8.12 | $1,020.20 |
| 6 | $1,020.20 | $200.00 | 1.00% | $10.20 | $1,230.40 |
| 7 | $1,230.40 | $200.00 | 1.00% | $12.30 | $1,442.71 |
| 8 | $1,442.71 | $200.00 | 1.00% | $14.43 | $1,657.13 |
| 9 | $1,657.13 | $200.00 | 1.00% | $16.57 | $1,873.71 |
| 10 | $1,873.71 | $200.00 | 1.00% | $18.74 | $2,092.44 |
| 11 | $2,092.44 | $200.00 | 1.00% | $20.92 | $2,313.37 |
| 12 | $2,313.37 | $200.00 | 1.00% | $23.13 | $2,536.50 |
| 13 | $2,536.50 | $200.00 | 1.00% | $25.37 | $2,761.87 |
| 14 | $2,761.87 | $200.00 | 1.00% | $27.62 | $2,989.48 |
| 15 | $2,989.48 | $200.00 | 1.00% | $29.89 | $3,219.38 |
| 16 | $3,219.38 | $200.00 | 1.00% | $32.19 | $3,451.57 |
| 17 | $3,451.57 | $200.00 | 1.00% | $34.52 | $3,686.09 |
| 18 | $3,686.09 | $200.00 | 1.00% | $36.86 | $3,922.95 |
| 19 | $3,922.95 | $200.00 | 1.00% | $39.23 | $4,162.18 |
| 20 | $4,162.18 | $200.00 | 1.00% | $41.62 | $4,403.80 |
| 21 | $4,403.80 | $200.00 | 1.00% | $44.04 | $4,647.84 |
| 22 | $4,647.84 | $200.00 | 1.00% | $46.48 | $4,894.32 |
| 23 | $4,894.32 | $200.00 | 1.00% | $48.94 | $5,143.26 |
| 24 | $5,143.26 | $200.00 | 1.00% | $51.43 | $5,394.69 |
| 25 | $5,394.69 | $200.00 | 1.00% | $53.95 | $5,648.64 |
| 26 | $5,648.64 | $200.00 | 1.00% | $56.49 | $5,905.13 |
| 27 | $5,905.13 | $200.00 | 1.00% | $59.05 | $6,164.18 |
| 28 | $6,164.18 | $200.00 | 1.00% | $61.64 | $6,425.82 |
| 29 | $6,425.82 | $200.00 | 1.00% | $64.26 | $6,690.08 |
| 30 | $6,690.08 | $200.00 | 1.00% | $66.90 | $6,956.98 |
| 31 | $6,956.98 | $200.00 | 1.00% | $69.57 | $7,226.55 |
| 32 | $7,226.55 | $200.00 | 1.00% | $72.27 | $7,498.81 |
| 33 | $7,498.81 | $200.00 | 1.00% | $74.99 | $7,773.80 |
| 34 | $7,773.80 | $200.00 | 1.00% | $77.74 | $8,051.54 |
| 35 | $8,051.54 | $200.00 | 1.00% | $80.52 | $8,332.06 |
| 36 | $8,332.06 | $200.00 | 1.00% | $83.32 | $8,615.38 |
| 37 | $8,615.38 | $200.00 | 1.00% | $86.15 | $8,901.53 |
| 38 | $8,901.53 | $200.00 | 1.00% | $89.02 | $9,190.54 |
| 39 | $9,190.54 | $200.00 | 1.00% | $91.91 | $9,482.45 |
| 40 | $9,482.45 | $200.00 | 1.00% | $94.82 | $9,777.27 |
| 41 | $9,777.27 | $200.00 | 1.00% | $97.77 | $10,075.05 |
| 42 | $10,075.05 | $200.00 | 1.00% | $100.75 | $10,375.80 |
| 43 | $10,375.80 | $200.00 | 1.00% | $103.76 | $10,679.56 |
| 44 | $10,679.56 | $200.00 | 1.00% | $106.80 | $10,986.35 |
| 45 | $10,986.35 | $200.00 | 1.00% | $109.86 | $11,296.21 |
| 46 | $11,296.21 | $200.00 | 1.00% | $112.96 | $11,609.18 |
| 47 | $11,609.18 | $200.00 | 1.00% | $116.09 | $11,925.27 |
| 48 | $11,925.27 | $200.00 | 1.00% | $119.25 | $12,244.52 |
| 49 | $12,244.52 | $200.00 | 1.00% | $122.45 | $12,566.97 |
| 50 | $12,566.97 | $200.00 | 1.00% | $125.67 | $12,892.64 |
| 51 | $12,892.64 | $200.00 | 1.00% | $128.93 | $13,221.56 |
| 52 | $13,221.56 | $200.00 | 1.00% | $132.22 | $13,553.78 |
| 53 | $13,553.78 | $200.00 | 1.00% | $135.54 | $13,889.32 |
| 54 | $13,889.32 | $200.00 | 1.00% | $138.89 | $14,228.21 |
| 55 | $14,228.21 | $200.00 | 1.00% | $142.28 | $14,570.49 |
| 56 | $14,570.49 | $200.00 | 1.00% | $145.70 | $14,916.20 |
| 57 | $14,916.20 | $200.00 | 1.00% | $149.16 | $15,265.36 |
| 58 | $15,265.36 | $200.00 | 1.00% | $152.65 | $15,618.01 |
| 59 | $15,618.01 | $200.00 | 1.00% | $156.18 | $15,974.19 |
| 60 | $15,974.19 | $200.00 | 1.00% | $159.74 | $16,333.93 |
| 61 | $16,333.93 | $200.00 | 1.00% | $163.34 | $16,697.27 |
| 62 | $16,697.27 | $200.00 | 1.00% | $166.97 | $17,064.25 |
| 63 | $17,064.25 | $200.00 | 1.00% | $170.64 | $17,434.89 |
| 64 | $17,434.89 | $200.00 | 1.00% | $174.35 | $17,809.24 |
| 65 | $17,809.24 | $200.00 | 1.00% | $178.09 | $18,187.33 |
| 66 | $18,187.33 | $200.00 | 1.00% | $181.87 | $18,569.20 |
| 67 | $18,569.20 | $200.00 | 1.00% | $185.69 | $18,954.90 |
| 68 | $18,954.90 | $200.00 | 1.00% | $189.55 | $19,344.44 |
| 69 | $19,344.44 | $200.00 | 1.00% | $193.44 | $19,737.89 |
| 70 | $19,737.89 | $200.00 | 1.00% | $197.38 | $20,135.27 |
| 71 | $20,135.27 | $200.00 | 1.00% | $201.35 | $20,536.62 |
| 72 | $20,536.62 | $200.00 | 1.00% | $205.37 | $20,941.99 |
| 73 | $20,941.99 | $200.00 | 1.00% | $209.42 | $21,351.41 |
| 74 | $21,351.41 | $200.00 | 1.00% | $213.51 | $21,764.92 |
| 75 | $21,764.92 | $200.00 | 1.00% | $217.65 | $22,182.57 |
| 76 | $22,182.57 | $200.00 | 1.00% | $221.83 | $22,604.40 |
| 77 | $22,604.40 | $200.00 | 1.00% | $226.04 | $23,030.44 |
| 78 | $23,030.44 | $200.00 | 1.00% | $230.30 | $23,460.74 |
| 79 | $23,460.74 | $200.00 | 1.00% | $234.61 | $23,895.35 |
| 80 | $23,895.35 | $200.00 | 1.00% | $238.95 | $24,334.30 |
| 81 | $24,334.30 | $200.00 | 1.00% | $243.34 | $24,777.65 |
| 82 | $24,777.65 | $200.00 | 1.00% | $247.78 | $25,225.42 |
| 83 | $25,225.42 | $200.00 | 1.00% | $252.25 | $25,677.68 |
| 84 | $25,677.68 | $200.00 | 1.00% | $256.78 | $26,134.45 |
| 85 | $26,134.45 | $200.00 | 1.00% | $261.34 | $26,595.80 |
| 86 | $26,595.80 | $200.00 | 1.00% | $265.96 | $27,061.76 |
| 87 | $27,061.76 | $200.00 | 1.00% | $270.62 | $27,532.37 |
| 88 | $27,532.37 | $200.00 | 1.00% | $275.32 | $28,007.70 |
| 89 | $28,007.70 | $200.00 | 1.00% | $280.08 | $28,487.78 |
| 90 | $28,487.78 | $200.00 | 1.00% | $284.88 | $28,972.65 |
| 91 | $28,972.65 | $200.00 | 1.00% | $289.73 | $29,462.38 |
| 92 | $29,462.38 | $200.00 | 1.00% | $294.62 | $29,957.00 |
| 93 | $29,957.00 | $200.00 | 1.00% | $299.57 | $30,456.57 |
| 94 | $30,456.57 | $200.00 | 1.00% | $304.57 | $30,961.14 |
| 95 | $30,961.14 | $200.00 | 1.00% | $309.61 | $31,470.75 |
| 96 | $31,470.75 | $200.00 | 1.00% | $314.71 | $31,985.46 |
| 97 | $31,985.46 | $200.00 | 1.00% | $319.85 | $32,505.31 |
| 98 | $32,505.31 | $200.00 | 1.00% | $325.05 | $33,030.37 |
| 99 | $33,030.37 | $200.00 | 1.00% | $330.30 | $33,560.67 |
| 100 | $33,560.67 | $200.00 | 1.00% | $335.61 | $34,096.28 |
| 101 | $34,096.28 | $200.00 | 1.00% | $340.96 | $34,637.24 |
| 102 | $34,637.24 | $200.00 | 1.00% | $346.37 | $35,183.61 |
| 103 | $35,183.61 | $200.00 | 1.00% | $351.84 | $35,735.45 |
| 104 | $35,735.45 | $200.00 | 1.00% | $357.35 | $36,292.80 |
| 105 | $36,292.80 | $200.00 | 1.00% | $362.93 | $36,855.73 |
| 106 | $36,855.73 | $200.00 | 1.00% | $368.56 | $37,424.29 |
| 107 | $37,424.29 | $200.00 | 1.00% | $374.24 | $37,998.53 |
| 108 | $37,998.53 | $200.00 | 1.00% | $379.99 | $38,578.52 |
| 109 | $38,578.52 | $200.00 | 1.00% | $385.79 | $39,164.30 |
| 110 | $39,164.30 | $200.00 | 1.00% | $391.64 | $39,755.94 |
| 111 | $39,755.94 | $200.00 | 1.00% | $397.56 | $40,353.50 |
| 112 | $40,353.50 | $200.00 | 1.00% | $403.54 | $40,957.04 |
| 113 | $40,957.04 | $200.00 | 1.00% | $409.57 | $41,566.61 |
| 114 | $41,566.61 | $200.00 | 1.00% | $415.67 | $42,182.27 |
| 115 | $42,182.27 | $200.00 | 1.00% | $421.82 | $42,804.10 |
| 116 | $42,804.10 | $200.00 | 1.00% | $428.04 | $43,432.14 |
| 117 | $43,432.14 | $200.00 | 1.00% | $434.32 | $44,066.46 |
| 118 | $44,066.46 | $200.00 | 1.00% | $440.66 | $44,707.12 |
| 119 | $44,707.12 | $200.00 | 1.00% | $447.07 | $45,354.20 |
| 120 | $45,354.20 | $200.00 | 1.00% | $453.54 | $46,007.74 |
| 121 | $46,007.74 | $200.00 | 1.00% | $460.08 | $46,667.82 |
| 122 | $46,667.82 | $200.00 | 1.00% | $466.68 | $47,334.49 |
| 123 | $47,334.49 | $200.00 | 1.00% | $473.34 | $48,007.84 |
| 124 | $48,007.84 | $200.00 | 1.00% | $480.08 | $48,687.92 |
| 125 | $48,687.92 | $200.00 | 1.00% | $486.88 | $49,374.80 |
| 126 | $49,374.80 | $200.00 | 1.00% | $493.75 | $50,068.54 |
| 127 | $50,068.54 | $200.00 | 1.00% | $500.69 | $50,769.23 |
| 128 | $50,769.23 | $200.00 | 1.00% | $507.69 | $51,476.92 |
| 129 | $51,476.92 | $200.00 | 1.00% | $514.77 | $52,191.69 |
| 130 | $52,191.69 | $200.00 | 1.00% | $521.92 | $52,913.61 |
| 131 | $52,913.61 | $200.00 | 1.00% | $529.14 | $53,642.74 |
| 132 | $53,642.74 | $200.00 | 1.00% | $536.43 | $54,379.17 |
| 133 | $54,379.17 | $200.00 | 1.00% | $543.79 | $55,122.96 |
| 134 | $55,122.96 | $200.00 | 1.00% | $551.23 | $55,874.19 |
| 135 | $55,874.19 | $200.00 | 1.00% | $558.74 | $56,632.93 |
| 136 | $56,632.93 | $200.00 | 1.00% | $566.33 | $57,399.26 |
| 137 | $57,399.26 | $200.00 | 1.00% | $573.99 | $58,173.26 |
| 138 | $58,173.26 | $200.00 | 1.00% | $581.73 | $58,954.99 |
| 139 | $58,954.99 | $200.00 | 1.00% | $589.55 | $59,744.54 |
| 140 | $59,744.54 | $200.00 | 1.00% | $597.45 | $60,541.98 |
| 141 | $60,541.98 | $200.00 | 1.00% | $605.42 | $61,347.40 |
| 142 | $61,347.40 | $200.00 | 1.00% | $613.47 | $62,160.88 |
| 143 | $62,160.88 | $200.00 | 1.00% | $621.61 | $62,982.49 |
| 144 | $62,982.49 | $200.00 | 1.00% | $629.82 | $63,812.31 |
| 145 | $63,812.31 | $200.00 | 1.00% | $638.12 | $64,650.43 |
| 146 | $64,650.43 | $200.00 | 1.00% | $646.50 | $65,496.94 |
| 147 | $65,496.94 | $200.00 | 1.00% | $654.97 | $66,351.91 |
| 148 | $66,351.91 | $200.00 | 1.00% | $663.52 | $67,215.43 |
| 149 | $67,215.43 | $200.00 | 1.00% | $672.15 | $68,087.58 |
| 150 | $68,087.58 | $200.00 | 1.00% | $680.88 | $68,968.46 |
| 151 | $68,968.46 | $200.00 | 1.00% | $689.68 | $69,858.14 |
| 152 | $69,858.14 | $200.00 | 1.00% | $698.58 | $70,756.72 |
| 153 | $70,756.72 | $200.00 | 1.00% | $707.57 | $71,664.29 |
| 154 | $71,664.29 | $200.00 | 1.00% | $716.64 | $72,580.93 |
| 155 | $72,580.93 | $200.00 | 1.00% | $725.81 | $73,506.74 |
| 156 | $73,506.74 | $200.00 | 1.00% | $735.07 | $74,441.81 |
| 157 | $74,441.81 | $200.00 | 1.00% | $744.42 | $75,386.23 |
| 158 | $75,386.23 | $200.00 | 1.00% | $753.86 | $76,340.09 |
| 159 | $76,340.09 | $200.00 | 1.00% | $763.40 | $77,303.49 |
| 160 | $77,303.49 | $200.00 | 1.00% | $773.03 | $78,276.53 |
| 161 | $78,276.53 | $200.00 | 1.00% | $782.77 | $79,259.29 |
| 162 | $79,259.29 | $200.00 | 1.00% | $792.59 | $80,251.89 |
| 163 | $80,251.89 | $200.00 | 1.00% | $802.52 | $81,254.40 |
| 164 | $81,254.40 | $200.00 | 1.00% | $812.54 | $82,266.95 |
| 165 | $82,266.95 | $200.00 | 1.00% | $822.67 | $83,289.62 |
| 166 | $83,289.62 | $200.00 | 1.00% | $832.90 | $84,322.51 |
| 167 | $84,322.51 | $200.00 | 1.00% | $843.23 | $85,365.74 |
| 168 | $85,365.74 | $200.00 | 1.00% | $853.66 | $86,419.40 |
| 169 | $86,419.40 | $200.00 | 1.00% | $864.19 | $87,483.59 |
| 170 | $87,483.59 | $200.00 | 1.00% | $874.84 | $88,558.43 |
| 171 | $88,558.43 | $200.00 | 1.00% | $885.58 | $89,644.01 |
| 172 | $89,644.01 | $200.00 | 1.00% | $896.44 | $90,740.45 |
| 173 | $90,740.45 | $200.00 | 1.00% | $907.40 | $91,847.86 |
| 174 | $91,847.86 | $200.00 | 1.00% | $918.48 | $92,966.33 |
| 175 | $92,966.33 | $200.00 | 1.00% | $929.66 | $94,096.00 |
| 176 | $94,096.00 | $200.00 | 1.00% | $940.96 | $95,236.96 |
| 177 | $95,236.96 | $200.00 | 1.00% | $952.37 | $96,389.33 |
| 178 | $96,389.33 | $200.00 | 1.00% | $963.89 | $97,553.22 |
| 179 | $97,553.22 | $200.00 | 1.00% | $975.53 | $98,728.75 |
| 180 | $98,728.75 | $200.00 | 1.00% | $987.29 | $99,916.04 |
| 181 | $99,916.04 | $200.00 | 1.00% | $999.16 | $101,115.20 |
| 182 | $101,115.20 | $200.00 | 1.00% | $1,011.15 | $102,326.35 |
| 183 | $102,326.35 | $200.00 | 1.00% | $1,023.26 | $103,549.62 |
| 184 | $103,549.62 | $200.00 | 1.00% | $1,035.50 | $104,785.11 |
| 185 | $104,785.11 | $200.00 | 1.00% | $1,047.85 | $106,032.96 |
| 186 | $106,032.96 | $200.00 | 1.00% | $1,060.33 | $107,293.29 |
| 187 | $107,293.29 | $200.00 | 1.00% | $1,072.93 | $108,566.23 |
| 188 | $108,566.23 | $200.00 | 1.00% | $1,085.66 | $109,851.89 |
| 189 | $109,851.89 | $200.00 | 1.00% | $1,098.52 | $111,150.41 |
| 190 | $111,150.41 | $200.00 | 1.00% | $1,111.50 | $112,461.91 |
| 191 | $112,461.91 | $200.00 | 1.00% | $1,124.62 | $113,786.53 |
| 192 | $113,786.53 | $200.00 | 1.00% | $1,137.87 | $115,124.39 |
| 193 | $115,124.39 | $200.00 | 1.00% | $1,151.24 | $116,475.64 |
| 194 | $116,475.64 | $200.00 | 1.00% | $1,164.76 | $117,840.40 |
| 195 | $117,840.40 | $200.00 | 1.00% | $1,178.40 | $119,218.80 |
| 196 | $119,218.80 | $200.00 | 1.00% | $1,192.19 | $120,610.99 |
| 197 | $120,610.99 | $200.00 | 1.00% | $1,206.11 | $122,017.10 |
| 198 | $122,017.10 | $200.00 | 1.00% | $1,220.17 | $123,437.27 |
| 199 | $123,437.27 | $200.00 | 1.00% | $1,234.37 | $124,871.64 |
| 200 | $124,871.64 | $200.00 | 1.00% | $1,248.72 | $126,320.36 |
| 201 | $126,320.36 | $200.00 | 1.00% | $1,263.20 | $127,783.56 |
| 202 | $127,783.56 | $200.00 | 1.00% | $1,277.84 | $129,261.40 |
| 203 | $129,261.40 | $200.00 | 1.00% | $1,292.61 | $130,754.01 |
| 204 | $130,754.01 | $200.00 | 1.00% | $1,307.54 | $132,261.55 |
| 205 | $132,261.55 | $200.00 | 1.00% | $1,322.62 | $133,784.17 |
| 206 | $133,784.17 | $200.00 | 1.00% | $1,337.84 | $135,322.01 |
| 207 | $135,322.01 | $200.00 | 1.00% | $1,353.22 | $136,875.23 |
| 208 | $136,875.23 | $200.00 | 1.00% | $1,368.75 | $138,443.98 |
| 209 | $138,443.98 | $200.00 | 1.00% | $1,384.44 | $140,028.42 |
| 210 | $140,028.42 | $200.00 | 1.00% | $1,400.28 | $141,628.70 |
| 211 | $141,628.70 | $200.00 | 1.00% | $1,416.29 | $143,244.99 |
| 212 | $143,244.99 | $200.00 | 1.00% | $1,432.45 | $144,877.44 |
| 213 | $144,877.44 | $200.00 | 1.00% | $1,448.77 | $146,526.22 |
| 214 | $146,526.22 | $200.00 | 1.00% | $1,465.26 | $148,191.48 |
| 215 | $148,191.48 | $200.00 | 1.00% | $1,481.91 | $149,873.39 |
| 216 | $149,873.39 | $200.00 | 1.00% | $1,498.73 | $151,572.13 |
| 217 | $151,572.13 | $200.00 | 1.00% | $1,515.72 | $153,287.85 |
| 218 | $153,287.85 | $200.00 | 1.00% | $1,532.88 | $155,020.73 |
| 219 | $155,020.73 | $200.00 | 1.00% | $1,550.21 | $156,770.93 |
| 220 | $156,770.93 | $200.00 | 1.00% | $1,567.71 | $158,538.64 |
| 221 | $158,538.64 | $200.00 | 1.00% | $1,585.39 | $160,324.03 |
| 222 | $160,324.03 | $200.00 | 1.00% | $1,603.24 | $162,127.27 |
| 223 | $162,127.27 | $200.00 | 1.00% | $1,621.27 | $163,948.54 |
| 224 | $163,948.54 | $200.00 | 1.00% | $1,639.49 | $165,788.03 |
| 225 | $165,788.03 | $200.00 | 1.00% | $1,657.88 | $167,645.91 |
| 226 | $167,645.91 | $200.00 | 1.00% | $1,676.46 | $169,522.37 |
| 227 | $169,522.37 | $200.00 | 1.00% | $1,695.22 | $171,417.59 |
| 228 | $171,417.59 | $200.00 | 1.00% | $1,714.18 | $173,331.77 |
| 229 | $173,331.77 | $200.00 | 1.00% | $1,733.32 | $175,265.08 |
| 230 | $175,265.08 | $200.00 | 1.00% | $1,752.65 | $177,217.73 |
| 231 | $177,217.73 | $200.00 | 1.00% | $1,772.18 | $179,189.91 |
| 232 | $179,189.91 | $200.00 | 1.00% | $1,791.90 | $181,181.81 |
| 233 | $181,181.81 | $200.00 | 1.00% | $1,811.82 | $183,193.63 |
| 234 | $183,193.63 | $200.00 | 1.00% | $1,831.94 | $185,225.57 |
| 235 | $185,225.57 | $200.00 | 1.00% | $1,852.26 | $187,277.82 |
| 236 | $187,277.82 | $200.00 | 1.00% | $1,872.78 | $189,350.60 |
| 237 | $189,350.60 | $200.00 | 1.00% | $1,893.51 | $191,444.11 |
| 238 | $191,444.11 | $200.00 | 1.00% | $1,914.44 | $193,558.55 |
| 239 | $193,558.55 | $200.00 | 1.00% | $1,935.59 | $195,694.13 |
| 240 | $195,694.13 | $200.00 | 1.00% | $1,956.94 | $197,851.07 |
| 241 | $197,851.07 | $200.00 | 1.00% | $1,978.51 | $200,029.58 |
| 242 | $200,029.58 | $200.00 | 1.00% | $2,000.30 | $202,229.88 |
| 243 | $202,229.88 | $200.00 | 1.00% | $2,022.30 | $204,452.18 |
| 244 | $204,452.18 | $200.00 | 1.00% | $2,044.52 | $206,696.70 |
| 245 | $206,696.70 | $200.00 | 1.00% | $2,066.97 | $208,963.67 |
| 246 | $208,963.67 | $200.00 | 1.00% | $2,089.64 | $211,253.30 |
| 247 | $211,253.30 | $200.00 | 1.00% | $2,112.53 | $213,565.84 |
| 248 | $213,565.84 | $200.00 | 1.00% | $2,135.66 | $215,901.50 |
| 249 | $215,901.50 | $200.00 | 1.00% | $2,159.01 | $218,260.51 |
| 250 | $218,260.51 | $200.00 | 1.00% | $2,182.61 | $220,643.12 |
| 251 | $220,643.12 | $200.00 | 1.00% | $2,206.43 | $223,049.55 |
| 252 | $223,049.55 | $200.00 | 1.00% | $2,230.50 | $225,480.04 |
| 253 | $225,480.04 | $200.00 | 1.00% | $2,254.80 | $227,934.84 |
| 254 | $227,934.84 | $200.00 | 1.00% | $2,279.35 | $230,414.19 |
| 255 | $230,414.19 | $200.00 | 1.00% | $2,304.14 | $232,918.33 |
| 256 | $232,918.33 | $200.00 | 1.00% | $2,329.18 | $235,447.52 |
| 257 | $235,447.52 | $200.00 | 1.00% | $2,354.48 | $238,001.99 |
| 258 | $238,001.99 | $200.00 | 1.00% | $2,380.02 | $240,582.01 |
| 259 | $240,582.01 | $200.00 | 1.00% | $2,405.82 | $243,187.83 |
| 260 | $243,187.83 | $200.00 | 1.00% | $2,431.88 | $245,819.71 |
| 261 | $245,819.71 | $200.00 | 1.00% | $2,458.20 | $248,477.91 |
| 262 | $248,477.91 | $200.00 | 1.00% | $2,484.78 | $251,162.69 |
| 263 | $251,162.69 | $200.00 | 1.00% | $2,511.63 | $253,874.31 |
| 264 | $253,874.31 | $200.00 | 1.00% | $2,538.74 | $256,613.06 |
| 265 | $256,613.06 | $200.00 | 1.00% | $2,566.13 | $259,379.19 |
| 266 | $259,379.19 | $200.00 | 1.00% | $2,593.79 | $262,172.98 |
| 267 | $262,172.98 | $200.00 | 1.00% | $2,621.73 | $264,994.71 |
| 268 | $264,994.71 | $200.00 | 1.00% | $2,649.95 | $267,844.65 |
| 269 | $267,844.65 | $200.00 | 1.00% | $2,678.45 | $270,723.10 |
| 270 | $270,723.10 | $200.00 | 1.00% | $2,707.23 | $273,630.33 |
| 271 | $273,630.33 | $200.00 | 1.00% | $2,736.30 | $276,566.64 |
| 272 | $276,566.64 | $200.00 | 1.00% | $2,765.67 | $279,532.30 |
| 273 | $279,532.30 | $200.00 | 1.00% | $2,795.32 | $282,527.63 |
| 274 | $282,527.63 | $200.00 | 1.00% | $2,825.28 | $285,552.90 |
| 275 | $285,552.90 | $200.00 | 1.00% | $2,855.53 | $288,608.43 |
| 276 | $288,608.43 | $200.00 | 1.00% | $2,886.08 | $291,694.51 |
| 277 | $291,694.51 | $200.00 | 1.00% | $2,916.95 | $294,811.46 |
| 278 | $294,811.46 | $200.00 | 1.00% | $2,948.11 | $297,959.57 |
| 279 | $297,959.57 | $200.00 | 1.00% | $2,979.60 | $301,139.17 |
| 280 | $301,139.17 | $200.00 | 1.00% | $3,011.39 | $304,350.56 |
| 281 | $304,350.56 | $200.00 | 1.00% | $3,043.51 | $307,594.07 |
| 282 | $307,594.07 | $200.00 | 1.00% | $3,075.94 | $310,870.01 |
| 283 | $310,870.01 | $200.00 | 1.00% | $3,108.70 | $314,178.71 |
| 284 | $314,178.71 | $200.00 | 1.00% | $3,141.79 | $317,520.50 |
| 285 | $317,520.50 | $200.00 | 1.00% | $3,175.20 | $320,895.70 |
| 286 | $320,895.70 | $200.00 | 1.00% | $3,208.96 | $324,304.66 |
| 287 | $324,304.66 | $200.00 | 1.00% | $3,243.05 | $327,747.70 |
| 288 | $327,747.70 | $200.00 | 1.00% | $3,277.48 | $331,225.18 |
| 289 | $331,225.18 | $200.00 | 1.00% | $3,312.25 | $334,737.43 |
| 290 | $334,737.43 | $200.00 | 1.00% | $3,347.37 | $338,284.81 |
| 291 | $338,284.81 | $200.00 | 1.00% | $3,382.85 | $341,867.66 |
| 292 | $341,867.66 | $200.00 | 1.00% | $3,418.68 | $345,486.33 |
| 293 | $345,486.33 | $200.00 | 1.00% | $3,454.86 | $349,141.20 |
| 294 | $349,141.20 | $200.00 | 1.00% | $3,491.41 | $352,832.61 |
| 295 | $352,832.61 | $200.00 | 1.00% | $3,528.33 | $356,560.93 |
| 296 | $356,560.93 | $200.00 | 1.00% | $3,565.61 | $360,326.54 |
| 297 | $360,326.54 | $200.00 | 1.00% | $3,603.27 | $364,129.81 |
| 298 | $364,129.81 | $200.00 | 1.00% | $3,641.30 | $367,971.11 |
| 299 | $367,971.11 | $200.00 | 1.00% | $3,679.71 | $371,850.82 |
| 300 | $371,850.82 | $200.00 | 1.00% | $3,718.51 | $375,769.33 |
| 301 | $375,769.33 | $200.00 | 1.00% | $3,757.69 | $379,727.02 |
| 302 | $379,727.02 | $200.00 | 1.00% | $3,797.27 | $383,724.29 |
| 303 | $383,724.29 | $200.00 | 1.00% | $3,837.24 | $387,761.53 |
| 304 | $387,761.53 | $200.00 | 1.00% | $3,877.62 | $391,839.15 |
| 305 | $391,839.15 | $200.00 | 1.00% | $3,918.39 | $395,957.54 |
| 306 | $395,957.54 | $200.00 | 1.00% | $3,959.58 | $400,117.11 |
| 307 | $400,117.11 | $200.00 | 1.00% | $4,001.17 | $404,318.28 |
| 308 | $404,318.28 | $200.00 | 1.00% | $4,043.18 | $408,561.47 |
| 309 | $408,561.47 | $200.00 | 1.00% | $4,085.61 | $412,847.08 |
| 310 | $412,847.08 | $200.00 | 1.00% | $4,128.47 | $417,175.55 |
| 311 | $417,175.55 | $200.00 | 1.00% | $4,171.76 | $421,547.31 |
| 312 | $421,547.31 | $200.00 | 1.00% | $4,215.47 | $425,962.78 |
| 313 | $425,962.78 | $200.00 | 1.00% | $4,259.63 | $430,422.41 |
| 314 | $430,422.41 | $200.00 | 1.00% | $4,304.22 | $434,926.63 |
| 315 | $434,926.63 | $200.00 | 1.00% | $4,349.27 | $439,475.90 |
| 316 | $439,475.90 | $200.00 | 1.00% | $4,394.76 | $444,070.66 |
| 317 | $444,070.66 | $200.00 | 1.00% | $4,440.71 | $448,711.37 |
| 318 | $448,711.37 | $200.00 | 1.00% | $4,487.11 | $453,398.48 |
| 319 | $453,398.48 | $200.00 | 1.00% | $4,533.98 | $458,132.46 |
| 320 | $458,132.46 | $200.00 | 1.00% | $4,581.32 | $462,913.79 |
| 321 | $462,913.79 | $200.00 | 1.00% | $4,629.14 | $467,742.93 |
| 322 | $467,742.93 | $200.00 | 1.00% | $4,677.43 | $472,620.36 |
| 323 | $472,620.36 | $200.00 | 1.00% | $4,726.20 | $477,546.56 |
| 324 | $477,546.56 | $200.00 | 1.00% | $4,775.47 | $482,522.03 |
| 325 | $482,522.03 | $200.00 | 1.00% | $4,825.22 | $487,547.25 |
| 326 | $487,547.25 | $200.00 | 1.00% | $4,875.47 | $492,622.72 |
| 327 | $492,622.72 | $200.00 | 1.00% | $4,926.23 | $497,748.94 |
| 328 | $497,748.94 | $200.00 | 1.00% | $4,977.49 | $502,926.43 |
| 329 | $502,926.43 | $200.00 | 1.00% | $5,029.26 | $508,155.70 |
| 330 | $508,155.70 | $200.00 | 1.00% | $5,081.56 | $513,437.26 |
| 331 | $513,437.26 | $200.00 | 1.00% | $5,134.37 | $518,771.63 |
| 332 | $518,771.63 | $200.00 | 1.00% | $5,187.72 | $524,159.34 |
| 333 | $524,159.34 | $200.00 | 1.00% | $5,241.59 | $529,600.94 |
| 334 | $529,600.94 | $200.00 | 1.00% | $5,296.01 | $535,096.95 |
| 335 | $535,096.95 | $200.00 | 1.00% | $5,350.97 | $540,647.92 |
| 336 | $540,647.92 | $200.00 | 1.00% | $5,406.48 | $546,254.40 |
| 337 | $546,254.40 | $200.00 | 1.00% | $5,462.54 | $551,916.94 |
| 338 | $551,916.94 | $200.00 | 1.00% | $5,519.17 | $557,636.11 |
| 339 | $557,636.11 | $200.00 | 1.00% | $5,576.36 | $563,412.47 |
| 340 | $563,412.47 | $200.00 | 1.00% | $5,634.12 | $569,246.60 |
| 341 | $569,246.60 | $200.00 | 1.00% | $5,692.47 | $575,139.06 |
| 342 | $575,139.06 | $200.00 | 1.00% | $5,751.39 | $581,090.45 |
| 343 | $581,090.45 | $200.00 | 1.00% | $5,810.90 | $587,101.36 |
| 344 | $587,101.36 | $200.00 | 1.00% | $5,871.01 | $593,172.37 |
| 345 | $593,172.37 | $200.00 | 1.00% | $5,931.72 | $599,304.09 |
| 346 | $599,304.09 | $200.00 | 1.00% | $5,993.04 | $605,497.13 |
| 347 | $605,497.13 | $200.00 | 1.00% | $6,054.97 | $611,752.11 |
| 348 | $611,752.11 | $200.00 | 1.00% | $6,117.52 | $618,069.63 |
| 349 | $618,069.63 | $200.00 | 1.00% | $6,180.70 | $624,450.32 |
| 350 | $624,450.32 | $200.00 | 1.00% | $6,244.50 | $630,894.83 |
| 351 | $630,894.83 | $200.00 | 1.00% | $6,308.95 | $637,403.77 |
| 352 | $637,403.77 | $200.00 | 1.00% | $6,374.04 | $643,977.81 |
| 353 | $643,977.81 | $200.00 | 1.00% | $6,439.78 | $650,617.59 |
| 354 | $650,617.59 | $200.00 | 1.00% | $6,506.18 | $657,323.77 |
| 355 | $657,323.77 | $200.00 | 1.00% | $6,573.24 | $664,097.00 |
| 356 | $664,097.00 | $200.00 | 1.00% | $6,640.97 | $670,937.97 |
| 357 | $670,937.97 | $200.00 | 1.00% | $6,709.38 | $677,847.35 |
| 358 | $677,847.35 | $200.00 | 1.00% | $6,778.47 | $684,825.83 |
| 359 | $684,825.83 | $200.00 | 1.00% | $6,848.26 | $691,874.09 |
| 360 | $691,874.09 | $200.00 | 1.00% | $6,918.74 | $698,992.83 |
jeff jeffy answered 2 years agoRelated Solutions
1) You earn $8,000 a month. After taxes, social security contributions, and living expenses you have...
1) You earn $8,000 a month. After taxes, social security
contributions, and living expenses you have $400 per month that you
can and will save. What is the future value of $400 saved every
month for 30 years if the annual rate is of return is 12%. Interest
is compounded monthly. Your first deposit is made at the end of
month 1. We are looking for the value of your savings 30 years from
the time you stated saving.
2)...
social Security tax is 12.4%. assume you earn 100,000$ a year if instead of paying taxes...
social Security tax is 12.4%. assume you earn 100,000$ a year if
instead of paying taxes you could invest in private Social
Security.how much would you be in your account after 40 years I
don't I don't 8% rate of return?
1. Social Security, Federal & State unemployment taxes, Income Taxes Social Security Medicare Use the terms...
1.
Social Security,
Federal & State unemployment taxes,
Income Taxes
Social Security
Medicare
Use
the terms in bold and pair them with the statements below
The two parts of FICA
Taxes paid by both the employer and employee
Applies at an even rate to all wage income
In 2015, applied only to the first $118,500 of wage
income
Paid by the employee only
The rate varies depending on the employee's income
Paid by the employer only
1. You have invested $48,000 in a security that will earn a continuously compounded rate of...
1.
You have invested $48,000 in a security that will earn a
continuously compounded rate of 12% for a period of 15 years. What
amount will the investment grow to by the end of the
investment?
2.
Your bank is offering you an investment that will return $50,000
in exactly 16 years. The discount rate is 5% per year with
continuous compounding/discounting. What is the most you should pay
for this investment?
3.
A bank offers you a credit card...
Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security Taxes...
Calculation of Social Security Tax and Marginal, Average and
Effective Tax Rates on Social Security Taxes (LO. 1)
Rory earns $70,000 per year as a college professor. Latesia is a
marketing executive with a salary of $140,000. With respect to the
Social Security tax (OASDI: 6.2%; MHI: 1.45%) calculate the
following:
(Hint: OASDI 6.2% tax is only on max of
$128,400 for the year.)
When required, round the total taxes to two decimal
places.
a.
Rory's total FICA taxes:
$...
Social security system is funded by contributions from both the employee and employer
Social security system is funded by contributions from
both the employee and employer
The personal income tax, corporate income tax, and contributions to social insurance (Medicare and Social Security)...
The personal income tax, corporate income tax, and contributions
to social insurance (Medicare and Social Security) together makes
up approximately ______ of all federal government tax revenues
annually (based on annual data from the period 2010-2015.)
A. 95%
B. 65%
C. 45%
D. 15%
E. 4.5%
The Social Security system is financed by taxes on the wage and salary incomes and the...
The Social Security system is financed by taxes on the wage and
salary incomes and the profit incomes of self-employed persons who
are currently working and paying into the system. These individuals
pay Social Security tax of 6.2 percent on incomes up to roughly
$132,900 with a matching payment by their employers. Income above
$132,900 is not subject to tax. Benefits are determined by how much
a worker paid into the system over his/her working life. Thus the
more one...
You have just entered an MBA program and have decided to pay for your living expenses...
You have just entered an MBA program and have decided to pay for
your living expenses using a credit card that has no minimum
monthly payment. You intend to charge $1, 000 per month on the card
for the next 21 months. The card carries a monthly interest rate of
1%. How much money will you owe on the card 22 months from now,
when you receive your first statement postgraduation?
You have just entered college and have decided to pay for your living expenses using a...
You have just entered college and have decided to pay for your
living expenses using a credit card that has no minimum monthly
payment. You intend to charge $900 per month on the card for the
next 45 months. The card carries a monthly interest rate of 0.9
%.
How much money will you owe on the card 46 months from now,
when you receive your first statement post-graduation?
After 45 months you will owe $____. (Round to the nearest...
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