Question

CAN YOU SHOW WORK ON EXCEL SHEET FOR THESE PROBLEMS

1- Mr. Heffernan’s net annual income is:

85000-12837.50

85,000-74,901)* 25% + (74,900-18,451)x15%+(18,450*10%=72,163

2- Mr. Heffernan’s net Monthly income is:

72,163/12 =6,013.58

3. The Heffernan’s total monthly income is:

Mr. Heffernan=6,013.58

Mrs. Heffernan = $2,000

6,013.58+$2,000= 8,013.58

7- Mr. Heffernan wants to save for his retirement. He is thinking of saving $1,250 a month in a 401K account that pays an annual rate of 3.5%. How much will he have in his retirement account when he turns 65?

# of years = 65-35=30

A=1250*[(1+0.035/12)^360-1]/[0.035/12]

=1250* 1.8533/0.0029167

=794262

What is the residual income that is available to Mr. Heffernan after satisfying the needs for his financial plan?

8,013.54-3,465.61= 4,547.93

Answer 1

1- Mr. Heffernan’s net annual income is:
Particulars	Amount
Total Income	$           85,000.00
Less: (85000-74901)*25%	$            -2,524.75
Less: (74900-18451)*15%	$            -8,467.35
Less: (18450*10%)	$            -1,845.00
Net Annual Income	$           72,162.90
Monthly income (72,163/12)	$             6,013.58
Add: Mrs. Heffernan Income	$             2,000.00
Total monthly income	$             8,013.58
Monthly Contribution	$             1,250.00
Annual Rate of 3.5% (Monthly Rate)	0.29%
# of years = 65-35=30
# of Months = 30 x 12 = 360	360
Future Value Formula: =FV(rate,nper,pmt,[pv],[type])
`=FV(B16,B18,-B15,0,0)	₹ 7,94,265.93