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July 5th, 2009, 10:51 AM
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| |  Financial Math help
I am taking some online classes and I need help with understanding these questions. Please give me the formula for solving these problems and if possible the answer so that I can study for my exam. I can't find any help in the book I was given.
You have averaged $57,500.00 for the last five years of work. Your company has agreed to pay you 80 % of the average as your pension. Social security has notified you that you will receive $2100.00a month. What is yourtotal monthly pension?
Interest rate is 9 % and doubling time is 8 years. If you invest $5,000.00, what will it grow to in 24 years?
Interest rate is 7% and doubling time is 10.2 years. You have invested $5,000.00. In how many years will your money equal $40,000.00? |
July 5th, 2009, 11:26 AM
|  | Grand Panjandrum | | Join Date: Nov 2005 Location: South of England
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Originally Posted by mehrunesdagon  I am taking some online classes and I need help with understanding these questions. Please give me the formula for solving these problems and if possible the answer so that I can study for my exam. I can't find any help in the book I was given.
You have averaged $57,500.00 for the last five years of work. Your company has agreed to pay you 80 % of the average as your pension. Social security has notified you that you will receive $2100.00a month. What is yourtotal monthly pension? | What is 80% of $57500, that is what your company will pay you per year, divide by 12 to get the monthly payment and then add the $2100 from social security.
CB |
July 5th, 2009, 11:29 AM
| | Grand Panjandrum | | Join Date: Nov 2005 Location: South of England
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Originally Posted by mehrunesdagon Interest rate is 9 % and doubling time is 8 years. If you invest $5,000.00, what will it grow to in 24 years? | The number of times 8 years goes into 24 years is the number of doublings you will see, now double $5000 that number of times (after one doubling you will have $10000 after two you will have $20000, ... Quote: |
Interest rate is 7% and doubling time is 10.2 years. You have invested $5,000.00. In how many years will your money equal $40,000.00?
| How many doublings are required to get from $5000 to $40000, ..
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