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Questions and Answers of Personal Finance

Your parents gave you $1,000 for your sweet 16th birthday. You want to deposit it in a CD account that is earning 6% annually. Calculate how much your gift will be worth when you graduate from
What is the APY of a 6% interest rate, compounded quarterly?
What is the APY of a 4% interest rate, compounded annually?
In the chapters of the text, the lessons will be visited through the eyes of housemates of 906 East College Street. All residents are either current students or recent graduates. Leigh, Blake and
Eric’s uncle left him a trust fund that will provide him $50,000/year for the next 20 years. He is a 28-year-old bachelor making a salary of $4,200/month, with condo payment, fees and utilities
Abby is a recent graduate who landed a great engineering job. In the economic downturn, and the pressure to run a lean shop, a number of more experienced veteran staff members have been downsized. As
You are closing in on retirement. You are concerned you will not have built up enough in savings over the next five years. You currently give $6,000/year to charity. If you change the allocation of
A new business client comes to your office. There are three owners of the business. The three individuals, Alan, Bob, and Carol, are thinking about forming a partnership. Alan is only investing $1
George ended up having to pay $5,000 in taxes last April. He doesn’t want to go through that pain again.a. What changes can he make to his payroll deduction now to help out?b. What options he can
Johanna is a 63 years old, retired and is considering what to do with her $200,000 traditional IRA. She must start taking distributions from her traditional IRA at age 701/2. At that point, a
It’s December and Elizabeth is doing an assessment of the past year’s tax liabilities. It has been a tough year for her company. There will be no raise next year as well as one furlough day each
How much would you have to spend on qualified improvement materials to maximize your $3,000 tax credit?
You buy a $10,000 Treasury note that matures in seven years at 5% interest. What will the interest payments be, and how often will you receive interest?
You have a $1,000, 8% bond that matures in five years and pays interest annually. You want to sell it, but the current interest rate on a similar investment that matures in five years is now paying
You have a $1,000 bond at 4% that matures in five years and pays interest annually. You want to sell it, but the current interest rate on a similar investment that matures in five years is now paying
You own a home and are thinking of doing some home repairs. This year there is a tax credit of one-third the cost of materials for adding insulation and for replacing windows and external doors, up
Assuming an income of $12,000/year, apply the marginal tax rate in figure 9.7:a. What is your marginal tax rate? b. What is your average tax rate?
A $100 U.S. savings bond that originally cost $75 to purchase pays 2.9% interest if held to maturity in 10 years. How much will it pay at maturity?
If you are able to save $1,000/month, following the 90-10 rule, what is your annual take- home income?
You currently follow the 90-10 rule. You decide you want to gradually shift to the 80-10-10 rule over the next 20 years, at a steady rate. What percentage of your income will you be budgeting
You are starting a brand new job with a salary of $70,000. One-third (33%) will go toward taxes (state, local, federal and Social Security). Following the 90-10 rule, what is the most you should
You are a fresh graduate with a new salary of $4,700 a month. You estimate you will be paying about 20% towards taxes. How much should you put in your savings each month?
For the past year, you made $58,000. To see if you were following the 80-10-10 rule, what amount and where would you see your income dispersed over the past year?
If you bought a $99.558 Apple bond, how many years would pass between the first payment and maturity? BORROWER: APPLE CO AMT $500 MLN MATURITY 3/15/2015 FIRST PAY 9/15/2010 SETTLEMENT 3/13/2010
If your goal budget was to follow the 90-10 rule, and you were bringing home about $2,000/month, how would your check be allocated over the course of the year?
Apple issued three debt issues of corporate bonds to borrow money to finance the building and operating of its new research lab. How much money did Apple raise collectively from its issue of
Assuming an income of $34,000/year, apply the marginal tax rate in figure 9.7:a. What is your marginal tax rate? b. What is your average tax rate?
You are now 80 years old and, unfortunately, you have outlived your retirement fund. You do own a lovely home valued at $200,000. Your Social Security is about $3,000/month short to cover your
In the last chapter, after the grandparents visit, the housemates discussed putting at least $20/month toward savings. In order to achieve this goal, they decide that they need to come up with a
Blake’s college does not currently have an investment club on campus. Blake would like to establish an investment club to learn more about buying and sellling stocks.Healso wants to help his
Darla decides to start buying stock in Disney and Kellogg Corporations on a regular basis. She is trying to decide between using a Dividend Reinvestment Plan (DRIP) offered by the companies or
You are in the 28% marginal tax rate. Stock you purchased at the beginning of the year has increased in value by $20,000.a. If you sell the stock today, your capital gain will be classified as
If you earned a salary of $30,000, what would be your total FICA taxes?a. How much would you pay in taxes for Social Security for the year? For Medicare?b. How much did your employer pay in Social
Walter is considering an investment in the Bikes Ahoy Company. He searched online and looked up their 10K, 10G and annual report, where he found their last balance sheet and income
You make $100,500/year. You budget $5,000 for gasoline annually, half of which is tax. What percentage sales tax do you pay?
You make $17,500/year. You pay $100 in gasoline tax, which is the same amount your parents pay.a. What percentage of your income goes towards this “gasoline” tax? b. Is this a regressive or
Karri is about to graduate and she landed a job making $32,000 a year. However, her love of shoes and her latest trip to New York City left her with $10,000 in credit card debt. She is also
Jim’s emergency fund is in place and he just received a nice bonus of $10,000. He decides he is going to invest in stock and he wants your opinion on how to invest. Jim is single, no immediate
What is the times interest earned ratio if a company’s EBIT is $2,700,000 and the total interest payments are $750,000? Should the company be able to cover its debt?
Which company has a higher reliance on debt to support operations: Company A with a debt ratio of 0.2 or Company B with a debt ratio of 0.7?
What is the debt ratio if the total assets financed with debt total $1,700,000 and assets total $2,500,000?
Which company has a higher degree of liquidity: Company A with a current ratio of 2, or Company B with a current ratio of 1.7?
Unfortunately two years after Callie bought her new home, a recession occurred and she was laid off from her job due to lack of sales. She went back to teaching, which she loves, but her household
Rachael is in her senior year at college and is taking a summer and one semester to do a six month internship in recreational services. The resort where she is interning is providing room, breakfast,
You have two stocks from which to pick. The first stock has a current stock price of $40 and earnings per share of $3.33. The second stock has a current stock price of $33.50 and earnings per share
What is the dividend yield if the annual dividend per share is $5 and the market price of a share of stock is $75?
Jerry is preparing to go to the university in the fall and he is worried about expenses. He has $189 in checking, $2,500 in savings, and a CD account for $5000 that matures Sept 1st. He owes his
What is the dividend yield if the dividend amount is $0.75 and the stock price per share is $30?
Jimmy just graduated from college with $15,000 in student loans with a 10 year amortization, credit card debt of $2,500, and he just got his dream job in another city. His car is 10 years old, it
What is the current ratio if a company’s short-term asset balance is $135,000,000 and its short-term liabilities balance is $60,000?
Chang is a sophomore at college and currently has $1,500 in credit card debt. He has a work-study job and is making just the minimum payments on his credit card, using the rest of his money for
You have the following debts:a. Student loan balance of $17,000 at 5.25% interest, with payments of $225/monthb. Visa balance of $800 at 18% interest, with a minimum monthly payment of $32c. Car loan
What is the price/earnings (PE) ratio if the price per share is $75 and the earnings per share is $2.50?
Ben has $2,000 and $2,333 in his checking and savings accounts respectively. He lives in a dorm room and drives a 1999 Honda Accord 4-door Dx with 120,000 miles. He is into video games with the
What is the earnings per share if the company’s after-tax income is $1,500,000 and the number of shares outstanding is 750,000?
You bought 100 shares for $40/share plus a commission of $25 for the lot. You ended up selling the shares at $43.27/share plus a commission of $35 for the lot. What is the overall profit from the
You invested in stock for which you paid $4,000. What is the rate of return if the stock increases in value by $200 and pays an annual dividend of $50?

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