2. The following problem continues to build on your ability to make "Back of the Envelope"...
2. The following problem continues to build on your ability to make "Back of the Envelope" calculations but this time using common daily life things.
(a) If you had to determine how many litres of gasoline is consumed by car drivers in Mississauga on a monthly basis, list the variables you need to determine for your calculation.
(b) Some of the above values you will need to make an approximation for. Others are simply statistics you can Google (look up). List all values of your identified variables along with brief justifications for your choice.
(c) Now actually estimate how many litres of gasoline is used in 1 month.
(d) If the markup of gasoline is about 6 cents/liter, estimate the total profit oil companies make monthly from Mississauga residents.
(e) How much does someone spend on their cell phone bill in their lifetime? (f) If you put $200/month into a savings account, how much will you have when you retire?
(g) Estimate how many plastic bags used in Mississauga in 1 year.
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2. The following problem continues to build on your ability to
make "Back of the Envelope"...
1. You and your spouse have found your dream home. The selling price is $220,000; you...
1. You and your spouse have found your dream home. The selling price is $220,000; you will put $50,000 down and obtain a 30-year fixed-rate mortgage at 12% compounded monthly for the balance a) Assume that monthly payments begin in one month. What will each payment be? b) How much interest will you pay (in dollars) over the lifetime of the loan? (Assume you make each of the required 360 payments on time.) c) Although you will get a 30-year...
You fell that you can retire, if you have the equivalent of $2 million of today’s...
You fell that you can retire, if you have the equivalent of $2 million of today’s purchasing power in your retirement account when you retire. Currently, you have $50,000 in this account and you anticipate that your investments will earn an average return of 6% per year (APR with monthly compounding). You expect to inflation to average 2% per year (also APR with monthly compounding). You want to retire exactly 30 years from today. You plan to start putting the...
You are planning for your retirement and have decided the following: you will retire in 35...
You are planning for your retirement and have decided the following: you will retire in 35 years and would like to have $8,000 per month as retirement income for 30 years of retirement. You have access to an account that earns a 7% rate of return. a. How much will you need to have when you retire to be able to withdraw the desired $8,000 per month during your years of retirement? (Round your answer to the nearest cent) b....
You estimate you will need monthly withdrawals of $2,900 from your private retirement account ti supplement...
You estimate you will need monthly withdrawals of $2,900 from your private retirement account ti supplement Social Security during your retirement. Assuming you can earn annual returns of 4.7% during your retirement how much money do you need in your retirement account the month that you retire in order to ensure there are enough funds for monthly withdraws over 25 years? $511,243 $1,651,682 $971,595 $471,302
You estimate you need to supplement your social security payments with monthly withdrawals of $1,210.00 per...
You estimate you need to supplement your social security payments with monthly withdrawals of $1,210.00 per month from a private investment account during the first 21 years of your retirement. Assuming you can earn annual returns of 5.5% in your investment account during your retirement years, how much money do you need to have accumulated in your investment account by the day you retire in order to fund the aforementioned monthly withdrawals?
4. You have just paid your subscription to Investing Wisely Weekly through the end of this...
4. You have just paid your subscription to Investing Wisely Weekly through the end of this year. You plan to subscribe to the magazine for the rest of your life. You have two options. You can either renew the subscription annually by paying $85 at the end of each year or you can get a lifetime subscription for $620 payable immediately. Assuming that you can earn 6.0% on your funds and that the annual renewal rate will remain constant, how...
This problem has three questions. Make sure to answer all three questions. For the following problem,...
This problem has three questions. Make sure to answer all three questions. For the following problem, assume that all debts and payments are incurred at the end of the month and that interest is compounded monthly. Assume that retirement savings are invested in the stock market and earn an annual interest rate of 11%, which is compounded monthly. . Big Spender James gets a credit card at the beginning of his freshman year. • He adds $693 of credit card...
Problem 3 What is the monthly contribution ($/month) needed to your retirement account if you make...
Problem 3 What is the monthly contribution ($/month) needed to your retirement account if you make contributions for 500 months and have $1,500,000 at the end assuming an interest rate of 5% per year, compounded monthly? How much ($) of the $1,500,000 will be from interest earned on your deposits?
Assuming you have had $55,000 balance in your 401k account and your annual salary is $50,000,...
Assuming you have had $55,000 balance in your 401k account and your annual salary is $50,000, suppose from now on your employer will match your deposit in your 401k plan but the amount of match money will be capped by 6% of your salary. If you decide to input 8% of your salary in your 401k plan each month and expect to make 10% return, compounded monthly, at time when you retire, how much money will you have in your...
Percent Increase, Percent Decrease Solve the following problem Last season, a pair of jeans cost...
Percent Increase, Percent Decrease
Solve the following problem
Last season, a pair of jeans cost $42.95. This season, the
price of the jeans increased by 25 percent. Later in the season,
the jeans were put on sale for 25 percent off.
First, guess. What do you think the sale price will be?
Why?
Then, calculate:
How much did the jeans cost at the beginning of this
season?
What was their sale price?
Did you get the sale price you were...
1. You and your spouse have found your dream home. The selling price is $220,000; you will put $50,000 down and obtain a 30-year fixed-rate mortgage at 12% compounded monthly for the balance a) Assume that monthly payments begin in one month. What will each payment be? b) How much interest will you pay (in dollars) over the lifetime of the loan? (Assume you make each of the required 360 payments on time.) c) Although you will get a 30-year...
This problem has three questions. Make sure to answer all three questions. For the following problem, assume that all debts and payments are incurred at the end of the month and that interest is compounded monthly. Assume that retirement savings are invested in the stock market and earn an annual interest rate of 11%, which is compounded monthly. . Big Spender James gets a credit card at the beginning of his freshman year. • He adds $693 of credit card...
Problem 3 What is the monthly contribution ($/month) needed to your retirement account if you make contributions for 500 months and have $1,500,000 at the end assuming an interest rate of 5% per year, compounded monthly? How much ($) of the $1,500,000 will be from interest earned on your deposits?
Percent Increase, Percent Decrease
Solve the following problem
Last season, a pair of jeans cost $42.95. This season, the
price of the jeans increased by 25 percent. Later in the season,
the jeans were put on sale for 25 percent off.
First, guess. What do you think the sale price will be?
Why?
Then, calculate:
How much did the jeans cost at the beginning of this
season?
What was their sale price?
Did you get the sale price you were...
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