By the end of this year you would be 35 years old and you want to plan for your retirement. You wish to retire at the age of 65 and you expect to live 20 years (I hope more) after retirement. Upon retirement you wish to have an annual sum of $50,000 to supplement your social security benefits. A conservative bond fund has been returning 7% annually and you decide to invest your retirement money in this fund. Assuming that the fund continues to return at least 7% during your planning horizon before and after retirement, how much should you invest in the fund starting from now, annually, in order to be able to withdraw $50,000 per year during your retirement?

Now let’s extend the problem so that you protect yourself against inflation.

(b) Suppose you think if you were to retire right now you would have needed $50,000 each year to supplement your social security and maintain your desired life style.

But because there is on average 3% annual inflation, when you retire in 30 years from now you need more than $50,000 per year to maintain the life style you like. (Hint: first calculate what future amount in 30 years is equivalent to $50,000 of now and then solve the rest of the problem).

Provide your explanations and definitions in detail and be precise. Comment on your findings. Provide references for content when necessary. Provide your work in detail

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

You have just made your first $5,500 contribution to your retirement account. assume you earn a return of 10 percent per year and make no additional contributions. a. what will your account be worth when you retire in 45 years? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. what if you wait 10 years before contributing?

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