3 3 ATRAN222222222 16 7 88,804.14 78,880.41 < 3,552.17 * 239,553.58 13,693.08 * 253,246.66 *91,468.27*9,146.83 *...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3 3 ATRAN222222222 16 7 88,804.14 78,880.41 < 3,552.17 * 239,553.58 13,693.08 * 253,246.66 *91,468.27*9,146.83 * 3,658.73 266,052.21 15,239.98 * 281,292.19 18 94,212.32 9,421.23 * 3,768.49 19 *97,038.68 9,703.87 20 *99,949.85 9,994.98 21 23 24 25 26 27 28 29 30 102,948.34 10,294.83 106,036.79 10,603.68 109,217.89 * 10,921.79 112,494.43 * 11,249.44 115,869.26 11,586.93 119,345.34* 11,934.53 122,925.70 12,292.57 126,613.47 12,661.35 130,411.88 13,041.19 134,324.23 13,432.42 * 3,881.55 * 3,997.99 * 4,117.93 * 4,241.47 * 4,368.72 * 4,499.78 294,481.91 16,900.12 324,967.45 18,680.84 311,382.04 343,648.29 * 4,634.77 * 4,773.81 * 4,917.03 * 5,064.54 * 5,216.48 * 5,372.97 357,641.27 20,589.91 392,643.94 22,635.59 415,279.53 430,124.68 24,826.64 454,951.32 *470,241.83 27,172.38 497,414.21 513,163.43 29,682.68 542,846.11 *559,067.81 32,368.00 591,435.80 *608,144.15 35,239.47 643,383.62 660,593.22 38,308.89 698,902.11 *716,627.99 41,588.76 758,216.76 *776,474.42 45,092.38 821,566.80 840,372.20 48,833.82 889,206.01 378,231.17 3 - 2 : Retirement Calculator Starting Salary: 57,000.00 Salary Increase Rate: 3% Saving Rate: 10% Company Match: 4% Return Rate: 5.7% Year Salary Contributior Company Match Principal Returns Ending Balance 0 1 57,000.00 : 2 3 5,700.00 58,710.00 * 5,871.00 60,471.30 6,047.13 * 2,280.00 * 2,348.40 * 2,418.85 4 62,285.446,228.54 * 2,491.42 5 64,154.00*6,415.40 * 2,566.16 - 6 66,078.62 6,607.86 7 68,060.98*6,806.10 * 2,643.14 *2,722.44 8 9 10 2 1235678 11 78,901.33 81,268.37 14 83,706.42 70,102.81 7,010.28 72,205.89 7,220.59 74,372.07 7,437.21 76,603.23 7,660.32 7,890.13 8,126.84 8,370.64 * 2,804.11 * 2,888.24 * 7,980.00 212.95 * 16,412.35 *701.32 25,579.65 1,232.70 35,532.30 1,810.04 46,323.90 2,436.49 58,011.403,115.39 70,655.32 3,850.30 84,320.02 4,644.99 *99,073.84 5,503.48 * 26,812.34 * 37,342.34 * 48,760.39 *61,126.79 *74,505.63 * 88,965.01 104,577.32 *8,192.95 0 * 17,113.66 * 2,974.88 114,989.41 6,430.03 121,419.44 * 3,064.13 * 3,156.05 132,143.89 150,619.25 8,505.72 7,429.17 139,573.07 159,124.97 * 3,250.73 * 3,348.26 86,217.61 8,621.76 * 3,448.70 88,804.14 *8,880.41 * 3,552.17 *91,468.27 9,146.83 94,212.32 9,421.23 * 3,658.73 * 3,768.49 *170,502.549,664.78 191,886.22 10,911.79 *214,868.48 12,252.52 227,121.00 239,553.58 13,693.08 253,246.66 266,052.21 15,239.98 281,292.19 294,481.91 16,900.12 311,382.04 180,167.33 202,798.02 c. Which scenario generates the second highest retirement savings at the end of 30 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates 2nd highest retirement savings Amount Scenario 4 $ 136,166.00 x d. For Scenario 4, if Claire would like to have $1 million at the end of 30 years, what would her saving rate need to be? How about at the end of 20 years? Note: Round your answers to 2 decimal places. Answer is complete but not entirely correct. Savings rate at end of 30 years Savings rate at end of 20 years 75.96 % 83.36 % b. Which scenario generates the lowest retirement savings at the end of 20 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates the lowest retirement savings Amount Scenario 2 $ 86,363.00 c. Which scenario generates the second highest retirement savings at the end of 30 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates 2nd highest retirement savings Amount Scenario 4 $ 136,166.00 x Jannaria CLIL BL $1 million at the and ad to ba? | la.. ahmad m Using the accompanying Retirement_Calculator spreadsheet model, Claire wants to use Scenario Manager to compare the following retirement saving scenarios: Click here for the Excel Data File Scenario 1 Starting salary $ 57,000 Increase rate Saving rate Return rate 2% 15% 7% 2 $ 72,000 2% 10% 7% 3 $ 70,000 3% 4 $ 74,000 3% 15% 10% 7% 7% a. Which scenario generates the highest retirement savings at the end of 10 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates the highest retirement savings Amount Scenario 3 $ 101,825.00 X b. Which scenario generates the lowest retirement savings at the end of 20 years? What is the amount? Note: Round "Amount" to 2 decimal places. 3 3 ATRAN222222222 16 7 88,804.14 78,880.41 < 3,552.17 * 239,553.58 13,693.08 * 253,246.66 *91,468.27*9,146.83 * 3,658.73 266,052.21 15,239.98 * 281,292.19 18 94,212.32 9,421.23 * 3,768.49 19 *97,038.68 9,703.87 20 *99,949.85 9,994.98 21 23 24 25 26 27 28 29 30 102,948.34 10,294.83 106,036.79 10,603.68 109,217.89 * 10,921.79 112,494.43 * 11,249.44 115,869.26 11,586.93 119,345.34* 11,934.53 122,925.70 12,292.57 126,613.47 12,661.35 130,411.88 13,041.19 134,324.23 13,432.42 * 3,881.55 * 3,997.99 * 4,117.93 * 4,241.47 * 4,368.72 * 4,499.78 294,481.91 16,900.12 324,967.45 18,680.84 311,382.04 343,648.29 * 4,634.77 * 4,773.81 * 4,917.03 * 5,064.54 * 5,216.48 * 5,372.97 357,641.27 20,589.91 392,643.94 22,635.59 415,279.53 430,124.68 24,826.64 454,951.32 *470,241.83 27,172.38 497,414.21 513,163.43 29,682.68 542,846.11 *559,067.81 32,368.00 591,435.80 *608,144.15 35,239.47 643,383.62 660,593.22 38,308.89 698,902.11 *716,627.99 41,588.76 758,216.76 *776,474.42 45,092.38 821,566.80 840,372.20 48,833.82 889,206.01 378,231.17 3 - 2 : Retirement Calculator Starting Salary: 57,000.00 Salary Increase Rate: 3% Saving Rate: 10% Company Match: 4% Return Rate: 5.7% Year Salary Contributior Company Match Principal Returns Ending Balance 0 1 57,000.00 : 2 3 5,700.00 58,710.00 * 5,871.00 60,471.30 6,047.13 * 2,280.00 * 2,348.40 * 2,418.85 4 62,285.446,228.54 * 2,491.42 5 64,154.00*6,415.40 * 2,566.16 - 6 66,078.62 6,607.86 7 68,060.98*6,806.10 * 2,643.14 *2,722.44 8 9 10 2 1235678 11 78,901.33 81,268.37 14 83,706.42 70,102.81 7,010.28 72,205.89 7,220.59 74,372.07 7,437.21 76,603.23 7,660.32 7,890.13 8,126.84 8,370.64 * 2,804.11 * 2,888.24 * 7,980.00 212.95 * 16,412.35 *701.32 25,579.65 1,232.70 35,532.30 1,810.04 46,323.90 2,436.49 58,011.403,115.39 70,655.32 3,850.30 84,320.02 4,644.99 *99,073.84 5,503.48 * 26,812.34 * 37,342.34 * 48,760.39 *61,126.79 *74,505.63 * 88,965.01 104,577.32 *8,192.95 0 * 17,113.66 * 2,974.88 114,989.41 6,430.03 121,419.44 * 3,064.13 * 3,156.05 132,143.89 150,619.25 8,505.72 7,429.17 139,573.07 159,124.97 * 3,250.73 * 3,348.26 86,217.61 8,621.76 * 3,448.70 88,804.14 *8,880.41 * 3,552.17 *91,468.27 9,146.83 94,212.32 9,421.23 * 3,658.73 * 3,768.49 *170,502.549,664.78 191,886.22 10,911.79 *214,868.48 12,252.52 227,121.00 239,553.58 13,693.08 253,246.66 266,052.21 15,239.98 281,292.19 294,481.91 16,900.12 311,382.04 180,167.33 202,798.02 c. Which scenario generates the second highest retirement savings at the end of 30 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates 2nd highest retirement savings Amount Scenario 4 $ 136,166.00 x d. For Scenario 4, if Claire would like to have $1 million at the end of 30 years, what would her saving rate need to be? How about at the end of 20 years? Note: Round your answers to 2 decimal places. Answer is complete but not entirely correct. Savings rate at end of 30 years Savings rate at end of 20 years 75.96 % 83.36 % b. Which scenario generates the lowest retirement savings at the end of 20 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates the lowest retirement savings Amount Scenario 2 $ 86,363.00 c. Which scenario generates the second highest retirement savings at the end of 30 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates 2nd highest retirement savings Amount Scenario 4 $ 136,166.00 x Jannaria CLIL BL $1 million at the and ad to ba? | la.. ahmad m Using the accompanying Retirement_Calculator spreadsheet model, Claire wants to use Scenario Manager to compare the following retirement saving scenarios: Click here for the Excel Data File Scenario 1 Starting salary $ 57,000 Increase rate Saving rate Return rate 2% 15% 7% 2 $ 72,000 2% 10% 7% 3 $ 70,000 3% 4 $ 74,000 3% 15% 10% 7% 7% a. Which scenario generates the highest retirement savings at the end of 10 years? What is the amount? Note: Round "Amount" to 2 decimal places. Answer is complete but not entirely correct. Scenario generates the highest retirement savings Amount Scenario 3 $ 101,825.00 X b. Which scenario generates the lowest retirement savings at the end of 20 years? What is the amount? Note: Round "Amount" to 2 decimal places.
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) O Changes in current...
-
If the expected rate of return for the market is not much greater than the risk-free rate of return, what is the general level of compensation for bearing systematic risk?
-
Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma,...
-
We are extracting acetic acid from water into 3 -heptanol at \(25^{\circ} \mathrm{C}\) in an extraction column with 30 equilibrium stages. Equilibrium is \(y=0.828\) \(\mathrm{x}\), where...
-
After watching the video on Yum! Brands in China, discuss the following: 1. What strategic goals did Yum! Brands/KFC have when entering China? 2. What approach to and mode of entry do you believe...
-
What special training did Toyota provide in order to implement at NUMMI
-
A recent poll by Reuters/Ipsos wanted to find out what U.S. adults think about electric pickup trucks. The pollsters attempted to contact 1981 U.S. adults from June 3rd to the 4th, 2021, of which 963...
-
Jane Corp. had a net profit margin of 6% last year and an equity multiplier of 4.0. If its total assets are $250 million, what is the firm's return on equity? b). Excerpts of The Tree Ltd.'s...
-
Social workers should take responsibility and credit, including authorship credit, only for work they have performed and to which they have contributed. (b) Social workers should honestly acknowledge...
-
The Application Appointment ( A simple calculator and notepad is helpful for this activity. ) You are a loan originator, and you have a new couple, Pat and Kris as customers who would like to apply...
-
A company seeks to effectively implement a preventive maintenance strategy for its equipment and machinery. To do this, take into account that, to achieve efficient productivity in the company, a...
-
The table above comparing Costco and Target financials is similar to one given in the course material. List at least three key differences between Costco and Target in the table and describe how they...
-
Bonds sell at a premium when the market rate of interest is: less than the bond's coupon rate. greater than the bond's coupon rate. equal to the bond's coupon rate. None of the above is true.
-
During the year land was revalued and the surplus reported as Revaluation surplus; and an asset costing 80,000, written down to 38,000, was sold for 40,000. Identify the cost of any non-current...
-
The Miller Companys accounts receivable reveal the following balances by age category: The allowance for uncollectible accounts has an existing positive balance of \($34,200\). The companys internal...
-
Kate Miller owns a dance studio in Los Angeles, California. Students can buy access to the dance classes by paying a monthly fee. Unfortunately, many of Kates students are struggling actors and...
-
Global Markets, Inc. was experiencing a shortage of cash. Consequently, the President was considering two options to provide an immediate inflow of cash. The first option was to sell \($2\) million...
Study smarter with the SolutionInn App