When Jack started his job working for an industrial manufacturing company, he contributed $680 at the end of each quarter into a savings account that earned 3.2 % interest compounded quarterly for 8 years. At the end of the 8th year, Jack was laid off. To help meet family expenses, Jack withdrew $500 from the savings account at the end of each quarter for 4 years. At the end of the fourth year of being unemployed, Jack found another job and started contributing $312 back into the savings account at the end of each quarter for the next seven years. How much money would he have in the account at the end of the seven years (after returning to work)? You may use the TVM Solver. Show all the necessary work that you need perform to arrive at the answer.

When Jack started his job working for an industrial manufacturing company, he contributed $680 at the end of each quarter into a savings account that earned 3.2 % interest compounded quarterly for 8 years. At the end of the 8th year, Jack was laid off. To help meet family expenses, Jack withdrew $500 from the savings account at the end of each quarter for 4 years. At the end of the fourth year of being unemployed, Jack found another job and started contributing $312 back into the savings account at the end of each quarter for the next seven years. How much money would he have in the account at the end of the seven years (after returning to work)? You may use the TVM Solver. Show all the necessary work that you need perform to arrive at the answer.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

See similar textbooks

Similar questions

When Jack started his job working for an industrial manufacturing company, he contributed $252 at the end of each month into a savings account that earned 3.6 % interest compounded monthly for 8 years. At the end of the 8th year, Jack was laid off. To help meet family expenses, Jack withdrew $305 from the savings account at the end of each month for 3 years. At the end of the third year of being unemployed, Jack found another job and started contributing $125 back into the savings account at the end of each month for the next five years. How much money would he have in the account at the end of the five years (after returning to work)? You may use the TVM Solver. Show all the necessantwork that you need perform to arrive at the answer.
When Jack started his job working for an industrial manufacturing company, he contributed $200 at the end of each quarter year into a savings account that earned 2.4% interest compounded quarterly for 6 years. At the end of the 6th year, Jack was laid off. To help meet family expenses, Jack withdrew $250 from the saving account at the end of each quarter year for 3 years. At the end of the 3rd year of being unemployed, Jack found another job and started contributing $200 back into the savings account at the end of each quarter year for the next 6 years. How much money would he have in the account at the end of the 6 years (after retuning to work)? You may use the TVM solver.
When Jack started his job working for an industrial manufacturing company, he contributed $252 at the end of each month into a savings account that earned 3.6%, interest compounded monthly for 8 years. At the end of the 8th year, Jack was laid off. To help meet family expenses, Jack withdrew $305 from the savings account at the end of each month for 3 years. At the end of the third year of being unemployed, Jack found another job and started contributing $125 back into the savings account at the end of each month for the next five years. How much money would he have in the account at the end of the five years (after returning to work)? You may use the TVM Solver. Show all the necessary work that you need perform to arrive at the answer
Sam Smith is currently employed as a mechanical engineer and is paid$65,000 per year plus benefits that are equal to 30 percent of his salary. Sam wants to begin a consulting firm and decides to leave his current job.After his first year in business, Sam’s accountant informs him that he hasmade $45,000 with his consulting business. Sam also notices that he paid$6,000 for a health insurance policy, which was his total benefit during hisfirst year. What was Sam’s opportunity cost?
At age 33 Jacob starts making a contribution of $425 at the end of each half-year into a retirement account that pays 6% annually. He continues to do so for 15 years, until he is 48, and then quits making contributions. Suppose that he leaves the money in the account until he is 65. How much money will there be in the account? How much of that money is interest he has earned?
Henri quit his job as a teacher earning AUD 70,000 per year to start his own food kiosk business. To save on rent, Henri utilized his own property. He normally earned AUD 50,000 annual rent from this property. Also, to start the business, Henri used AUD 60,000 from his own savings which he earned 4% interest per year. Further in order to start the business, Henri borrowed $40,000.00 from the bank and was paying 6% interest per year. Henri’s first year of business can be summarized as follows: Item Amount $ Revenue- Food section 250,000 Revenue- Liquor 180,000 Revenue-Soft drinks 40,000 2 Cashiers expense (wages per worker) (30,000) Food van (100,000) Manager wages (60,000) Food preservatives (30,000) Equipment expense (60,000) Motorcycle expense to ease movement in city (30,000) 2 food freezers (cost per freezer) (5000) Based on your calculations of accounting profit and economic profit, would you advise Henri to return to his teaching job or continue…
DeAndre starts saving for retirement when he starts his first job at age 24. He deposits $2400 into a retirement account earning 3.2% interest every quarter until he turns 61. If he retires at age 61, what is his retirement account balance at the time he retires?
When Herb turned 24 years old, he started working for a company that produced outboard engines for boats. While for the company, he contributed $1260 at the end of each six months into a savings account that earned 2.95% interest compounded semiannually for 29 years. At the end of the 29th year of working for the company, company went bankrupt. Fortunately, Herb found another job, but didnt pay well enough money as the previous jobsdid, so he stopped contributing money to the account altogether. If Herbs retires at the age of 63 and starts pulling money out of the account at the end of 6 months , then how much money can he withdraw at the end of each 6 months so the account will last him until he turns 75 years old?
At age 18, Susan did nothing. She waited until she was 28 to start depositing $2000 per year at the end of each year into an account earning 12% annually. She did this each year until she turned 65. How much money did she have at age 65?
Maria started a new job at age 25. At that time, she began investing $14400 each year earning a return of 8%. At age 35, after 10 years of those investments, her financial situation changed and she was not able to continue the annual contributions. If she leaves the money already invested in her account, what will be the balance of her account after 30 more years assuming the same 8% interest rate? O $1049567.94 O $208606.46 O $1631278.22 O $2099135.88
Jerrad, age 51, works 15 hours a week at a local fast-food restaurant while he attends a university. He recently learned about the power of compounding, and he opened a traditional IRA this year. If he earned $8,250 in wages this year, what is the most Jerrad could contribute to his traditional IRA? A : $6,500. B : $0. C : $5,500. D : $8,250.
Julie started her first job a year ago and called to ask about her 401k which already has a balance of $9,437.00 as of today. She is now 25 years old and is making 75k a year living in So California. She was auto enrolled into her 401k contributing 6% with a 4% match. Her employer also contributes a profit-sharing contribution of an additional 3% of salary into the retirement account. If she works till age 65, how much will she have in her 401k if her investments earn a 6% average rate of return? She has a surplus of income right now, so she is thinking of adding another 6% in addition to her current 6% contribution for a total contribution of 12% from her. The employer would still contribute the 4% match and the 3% profit sharing into her 401k. How much would she have at age 65 if she contributed at this higher amount? What would the difference be if she earned 7% instead of 6% in both previous scenarios? For this problem you should have 4 answers when you are done. Two with…