Questions from Personal Finance

Q: Chris Jones wishes to have $800,000 in a retirement

Chris Jones wishes to have $800,000 in a retirement fund 20 years from now. He can create the retirement fund by making a single lump-sum deposit today. a. If he can earn 6 percent on his investments,...

Q: Dan Weaver wants to set up a fund to pay for his

Dan Weaver wants to set up a fund to pay for his daughter’s education. In order to pay her expenses, he will need $23,000 in four years, $24,300 in five years, $26,000 in six years, and $28,000 in sev...

Q: Jessica Wright has always been interested in stocks. She has decided

Jessica Wright has always been interested in stocks. She has decided to invest $2,000 once every year into an equity mutual fund that is expected to produce a return of 6 percent a year for the forese...

Q: Saul Schwab’s, of Knoxville, Tennessee, was 65 when he

Saul Schwab’s, of Knoxville, Tennessee, was 65 when he retired in 2010. Camille, his wife of 40 years, passed away the next year. Her will left everything to Saul. Although Camille&a...

Q: Chad Livingston is preparing his balance sheet and income and expense statement

Chad Livingston is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having difficulty classifying six items and asks for your help. Which, if any,...

Q: Put yourself 10 years into the future. Construct a fairly detailed

Put yourself 10 years into the future. Construct a fairly detailed and realistic balance sheet and income and expense statement reflecting what you would like to achieve by that time.

Q: Use Worksheet 2.1. Denise Fisher’s banker has asked her

Use Worksheet 2.1. Denise Fisher’s banker has asked her to submit a personal balance sheet as of June 30, 2016, in support of an application for a $6,000 home improvement loan. She c...

Q: Use Worksheet 2.2. Bill and Nancy Ballinger are about

Use Worksheet 2.2. Bill and Nancy Ballinger are about to construct their income and expense statement for the year ending December 31, 2016. They have put together the following income and expense inf...

Q: Richard and Elizabeth Walker are preparing their 2017 cash budget. Help

Richard and Elizabeth Walker are preparing their 2017 cash budget. Help the Walkers reconcile the following differences, giving reasons to support your answers. a. Their only source of income is Rich...

Q: Here is a portion of Chuck Schwartz’s budget record for April 2016

Here is a portion of Chuck Schwartz’s budget record for April 2016. Fill in the blanks in columns 5 and 6. Note the answers are included. They may be deleted if you wish to use in cl...