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Sarah started working as an investment banker with a starting annual salary of $84,000 on January 1, 2014. She receives her salary in equal monthly instalments at the end of each month. She expects to receive a 4% raise every year until she retires after 30 years of hard work (i.e. she will receive monthly paycheques of $7,000 at the end of each month in 2014, $7,000 × 1.04 at the end of every month in 2015, and so on). As part of her benefits package her employer offers to put in 5% of her monthly paycheque into a retirement savings account as long as she puts in an equal amount at the same time (so if she puts $350 = 0.05 × $7,000 into the retirement account form her own salary at the end of this month, her employer will match that amount by an additional $350 so in total, $700 will be deposited into her retirement account on January 31, 2014). Assuming she will continue to contribute exactly 5% every month for 30 years, how much money will Sarah have in her retirement account by the time she retires? (Her last work day and paycheque will fall on December 31st, so assume she and her employer make one last payment into the account and then she checks her balance.) Sarah earns 6.6% (APR, compounded monthly) interest on funds invested in her retirement account.
What is the required rate of return on a preferred stock with a $50 par value, a stated dividend of 9% of par, and a current market price of (a) $66, (b) $86, (c) $115, and (d) $137 (assume the market is in equilibrium with the required return equal ..
A transaction was recorded as a debit to phone expense and a credit to cash. After reviewing the trial balance and searching, we find that the debit should have gone to utilities expense.
Within a given distribution channel, the following information is available concerning trade margins and costs. A wholesaler has a unit selling price of $875 and a unit cost of $493. The retailer requires a 50% mark up on selling price. The manufactu..
Fama’s Llamas has a weighted average cost of capital of 10.3 percent. The company’s cost of equity is 12 percent, and its pre-tax cost of debt is 8.3 percent. The tax rate is 38 percent. What is the company’s target debt and equity ratio?
The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $15.30 for each of the 15 million shares sold. The initial offering price was $18.00 per share, and the stock rose to $20.10 per share in the first few minutes of t..
Describe Vernon's product life-cycle theory of FDI
straight supply is a major supplier of medical components to large pharmaceutical corporations. bonnie straight is a
FHC Inc., a U.S. corporation, has an account payable due in 90 days. Use the following information to evaluate the optimal strategy of hedging its transactional exposure - MMHC Inc., a U.S. corporation, has an Euro-denominated account receivable i..
Keller Cosmetics maintains an operating profit margin of 4.0% and asset turnover ratio of 2.0. The ROA is 8%. If its debt-equity ratio is 1, its interest payments and taxes are each $7,000, and EBIT is $22,000, what is its Return on Equity (ROE)?
What are the similarities and differences between minimization and maximization problems using the graphical solution approaches of LP?
What is the standard deviation of returns on the following two asset portfolio?
What is the accumulated sum of the following stream of payments? You have accumulated some money for your retirement. You are going to withdraw $87,617 every year at the beginning of the year for the next 16 years starting from today.
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