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Suppose that you are the manager of a newly formed retirement fund. You are to set up a series of semiannual payments to accumulate a sum of $1,000,000 in ten years. You assume that the appropriate interest rate for the period is 6 percent annual, compounded semiannually. The first payment into the fund will be made six months from today and the last payment will be at the end of the tenth year. If you use a financial calculator to solve, show all the input keystrokes and values entered.
a. What is the required semiannual payment, to the nearest dollar?
b. Suppose that immediately after the 4th payment is made at the end of the second year, interest rates have risen and you believe that the appropriate rate for the remainder of the period is now 8 percent annual. Assume that you can earn that rate on funds already accumulated and the 16 future payments. Interest is to be compounded semiannually on all funds. Calculate the revised payment that will allow you to reach your investment goal of $1 MM.
People in a community are voting on how much of a public good should be provided. Assuming that each person casts a truthful vote, which tax structure is most likely to yield the socially efficient quantity?
France exports about 18 percent of its GDP, neighbouring Belgium exports 46 percent. What areas of economic policy are likely to be affected by such variations in exports?
Consider the following distribution of income in a 12 person economy, with the modern urban wage=3, the traditional rural income=1 and the informal urban wage = 2: (1,2,3,1,2,3,1,2,31,2,1). the poverty line is at 1.3. What is the level of absolute po..
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If an industry's long run per unit costs are constant as its output increases then?
Consider the invention and adoption of the mechanical tomato harvester on the farm labor market. Illustrate the expected impact of the invention of the mechanical tomato harvester on the farm labor equilibrium when farmers believed that the end of th..
Consider the Cobb-Douglas production function: Y = zK^a N^1-a where Y is output, z is total factor productivity, K is capital, N is labor employed, and is the share of capital in the production function. Write down the problem of the firm using the C..
The Belford family owens a farm near San Angelo, Texas. Three alternatives exist for how to use the farm: a.) Grow cotton. Cotton yield would be 500 pounds per acre. The price of cotton is $0.96 per pound and production expenses are $ 285 per acre.
Funding and revenue for public housing, restrictions on revenues for public housing, policy decisions and/or economic conditions that would affect the revenue for public housing. What types of revenue policies would benefit public housing and the com..
Assuming an upward-sloping AS curve, if an economy is at full employment and investment spending decreases while all other levels of spending remaining constant, then the price level
Suppose a competitive firm and a monopolist each charge $5 for their respective outputs. One can conclude that:
Sam is interested in buying two types of goods, x and y. He can either use all his income to buy 3 units of x and 9 units of y, or 9 units of x and 3 units of y. If he spends all his income on x, how many units can he buy?
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