Jane and bill collins have total home pay of 5100 a month. Their monthly expenses total 4050. Calculate the minimum amount this couple needs to establish an emergency fund
Q: When will the girl receive the money if the fund is invested at 8% compounded quarterly?
A: Present Value: It represents the current worth of a future sum of money or future cash flows. To…
Q: Linda and Barry, a married couple has the following information for this year: • Linda's Earned and…
A: As per IRS rules, the maximum deduction per child for a qualified expense is limited to 3,000 and…
Q: Tom and Sandy have set up a sinking fund in order to have $18,000.00 in 4 years for their child's…
A: Money to accumulate in Sinking Fund= $18,000.00 Time period= 4 years Interest rate= 6.84% compounded…
Q: A couple wants to set up a college fund for their child. The fund will give the child $1,000 per…
A: We need to determine the value of the annuity at the present. Given: PMT = 1000 Period of annuity =…
Q: how long will it take him to save up the needed funds for his store's upgrades?
A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…
Q: Annabelle, a busy professional, is seeking a way to invest a fixed amount of her monthly salary into…
A: Investment decision refers to the decisions taken by either potential investors or existing…
Q: Carolyn is helping to save for her granddaughter’s college fund. It will probably take 18 years…
A: Future value required (FV) = $150,000 Interest rate (r) = 6% Number of annual payments (n) = 18…
Q: Parents have set up a sinking fund to have $180000 in 15 years for their child's education. How much…
A: Given information: Sinking fund (FV) = $180,000 Period (NPER) = 15 years Interest rate (rate) =5.2%…
Q: Mr. Larsen's will directed that $209,000 be invested to establish a perpetuity making payments at…
A: Investment amount = $209000 Let the monthly payment = M r = 6% per annum = 0.5% per month Investment…
Q: Harry and Lisa Perry have agreed to pay for their granddaughter's college education and need to know…
A: Given information: Annual interest rate is 4% Annuity payment is $25,000 Number of years is 5
Q: On the day his son was born, a father decided to establish a fund for his son's college education.…
A: Annual withdrawal = 200,000 Period of withdrawal = 4 Years Interest rate (r) = 9% Number of annual…
Q: Lucas is starting a college fund for his newborn daughter. He decides to invest $200 a month in an…
A: The future value is the amount that will be received at the end of a certain period. In simple…
Q: Palma wants to establish a fund for her granddaughter's college education. What lump sum must she…
A: Computation:
Q: I am setting up a fund for my son to go to college. I figure that he will need $50,000 by the time…
A: An annuity is the sum of equal payments made for a certain period, at a particular rate of return.…
Q: a parent on the day of the child is born wishes to detrmine what lump sum would have to be paid into…
A: An annuity is a contract between you and an insurance company in which you make a lump-sum payment…
Q: On the birth of his first son Zachary, Brian deposited P100,000 in a trust fund that pays 3.75%…
A: The future value is the amount that will be received at the end of a certain period. In simple…
Q: y the condition of a will, the sum of $ 2,000 is left to a girl to be held in trust fund by her…
A: Investment (PV) = $ 2000 Future value (FV) = $ 5,000 Annual interest rate = 8% Quarterly interest…
Q: For 18 years, Janet saved $250 at the beginning of every month in a fund that earned 3.5% compounded…
A: Monthly saving (S) = $250 Interest rate = 3.5% Monthly interest rate (r) = [1+0.035]1/12-1…
Q: For 14 years, Janet saved $1,050 at the beginning of every month in a fund that earned 4.25%…
A: When the periodic payments are made at the beginning of each period, such payments are known as the…
Q: Lily Bobtail wishes to leave a provision in her will that $2 000 will be paid annually in perpetuity…
A: Total value required towards charity is calculated by present value of perpetuity formula. Present…
Q: to set up a fund for his son's edu the beginning of every 3 months ounded semi-annually, what amo
A: Annual percentage rate (APR) refers to the annual interest rate which is implied on the principal…
Q: Kayla contributed equal deposits at the end of every month for 4 years into an investment fund. She…
A: As per the given information: Interest rate - 3.92% compounded monthly Total time period - 8 years…
Q: Jane and Bill Collins have total take-home pay of $5100 a month. Their monthly expenses total $4050.…
A: Emergency funds is to be maintained to meet any unexpected events occurring in near future.…
Q: A couple wants to begin saving money for their daughter's education. $16,000 will be needed on the…
A: The present value of the annuity is the current worth of a series of cash flows at a certain rate of…
Q: If the Potinsky household spends $27,600 annually on all living expenses and long-term debt,…
A: Funds are necessary to meet the daily expenses. It is also important to maintain minimum amount for…
Q: to adopt a charity foundation once she receives her money. She promised to donate annually to her…
A: The present value is the amount without the interest rate and which is equivalent to the all future…
Q: Dee is in the process of estimating her client's retirement funding need. Based on the following…
A: Retirement fund or pension fund is referred as the superannuation fund in the different nations,…
Q: Jada has a financial goal of the minimum for a fully funded emergency fund by March 31st 2022 and it…
A: Financial goal of the minimum means Jada would need atleast 3 months expenses at the end of March…
Q: A couple with a newborn son wants to save for their child's college expenses in advance. The couple…
A: Given Information: Amount required for college fund = $50,000 Annual Interest rate = 8% Duration of…
Q: How much money should a grandparent deposit in a college savings fund today for their newborn…
A: Future value refers to the value that an amount would assume at a future time period after…
Q: er wish to set up a trust fund for their n $2,700 at the end of every 6 months 6 months from now and…
A: The given problem can be solved using PV function in excel. PV function computes current balance in…
Q: For 13 years, Janet saved $250 at the beginning of every month in a fund that earned 4.5% compounded…
A: Compounding is a method of charging interest in which Interest is charged on the amount including…
Q: Tom and Sandy have set up a sinking fund in order to have $18,000.00 in 4 years for their child's…
A: Using excel PMT function
Q: Two sisters, Joan and Jocelyn decided to save money in funds that earns 14% compounded annually but…
A: Time value It tells that value received today has more value than that of receiving the same value…
Q: .What was size of the investment in the fund if it was earning 5.50% compounded semi-annually?
A: Present Value of Perpetuity Due: It refers to the present worth of the annuity payments made for…
Q: A couple is planning to finance their 5-year-old daughter's college education. They established a…
A: Cash flow diagram is the diagram which indicates the flow of cash. It indicates the outflows as well…
Q: To create a college fund, a parent makes a sequence of 20 yearly deposits of $4000 each year in a…
A: given information pmt = $4000 interest annually = 2.8% time period = 20 years
Q: Martin and Rachel are married and have a 3-year-old child. Martin is going to medical school…
A: Child & dependent care credit is a kind of benefit provided by the Internal revenue service to…
Q: Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $130,000. What is…
A:
Q: A man needs to set up a 529 colleges saving account for his granddaughter. How much will he need to…
A: using the PMT function in excel
Q: A couple wishes to establish a college fund at a bank for their five-year-old child. The college…
A: In an approach, here we need to convert any of the cash flow elements in dollars into an actual…
Q: You and your spouse are in good health and have reasonably secure careers. You make about $75,000…
A: The family need approach determines the amount of life insurance needed to cover the needs of the…
Q: Robert and Nicole Gonzales, both age 26, have been married for four years and have no children.…
A: The emergency fund is also known as the contingency fund that creates by saving part of the income.…
Q: Mr. Crabapple wants to donate money now for an account that will allow a favored charity to make…
A: Annnuity at the end of each year from year 19 to 44 = $17,000 Time = 26 years Rate = 4.3% annually…
Q: Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns…
A: Amount to be accumulated is $35000 Monthly deposit is $1500. Rate 4.5% compounded monthly
Q: If the Potinsky household spends $49,600 annually on all living expenses and long-term debt,…
A: Emergency fund refers to the fund that is used during financial difficulties, or when an individual…
Q: Sheldon is going to enroll in a flexible spending account (FSA). In order to decide how much to…
A: The savings amount which is specifically made by individually to meet their healthcare expenses is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Robert and Nicole Gonzales, both age 26, have been married for four years and have no children. Robert is a licensed electrician earning P552,000 per year, and Nicole earns P492,000 annually as a middle-school teacher. a. How much should be the three-month emergency funds of Nicole? b. How much should be the three-month emergency funds of Robert? c. If the couple decided to have a five-month emergency funds, how much should be their combined emergency funds?Jane and Bill Collins have total take-home pay of $5100 a month. Their monthly expenses total $4050. Calculate the minimum amount this couple needs to establish an emergency fund.Sharon and Brian are in good health and have reasonably secure careers. Each earns $45,000 annually. They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. If one should die, they think that funeral expenses would be $12,000. What is their total insurance need using the DINK method?
- If the Potinsky household spends $49,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? 1. The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest. 2. The (higher/lower) the number of wage earners in the household, the (more/less) credit available, and the (higher/lower) the stability of employment; the higher the emergency funds should be.If the Potinsky household spends $27,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest.Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?
- Jada has a financial goal of the minimum for a fully funded emergency fund by March 31st 2022 and it is currently October 1st 2021. She works remotely from home. She gives you the following information: Annual Salary: $48,000 Monthly Rent: $900 Monthly Utilities: $200 Monthly Internet Fiber $120 Monthly Groceries: $600 Annual Gas and Car expenses: $900 Current savings account balance: $ 2,300 @ 2% compounded monthly How much does she need to save at the end of each month in her savings account if she wants to have a full funded emergency fund by March 31st,2022? (answer with a positive number, round to the nearest penny)Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment related expenses for the care of their children after school. Kevin earned a salary of $15,200 and Shuang earned a salary of $68,000. What is the amount of the couple's credit for child and dependent care expenses for 2021? $4,000 $7,600 $8,000 $8,100Martha and Jean are married and have 4-year old twins. Jean is going to school full-time for 9 months of the year, and Martha earns $45,000. The twins are in day care so Jean can go to school while Martha is at work. The cost of daycare is $10,000. What is their child and dependent care credit? Please explian calculations.
- explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…Jack paid $5,000 in daycare expenses for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit? Show your working!!Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.