Question

Sean has just turned 32 years old. Unfortunately, he has lost his job because of the...

Sean has just turned 32 years old. Unfortunately, he has lost his job because of the COVID19 pandemic and so decides to withdraw $10,000 now from his superannuation fund to help him meet his personal expenses. What impact will this have on his accumulated superannuation balance at his retirement at age 67 if it turns out that these savings would have earned returns of 6% p.a. compounding monthly up until his 42nd birthday and 9% p.a. compounding monthly after that?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Formulae

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When Jim retires at age 67, he wishes to withdraw all his superannuation as a lump...
When Jim retires at age 67, he wishes to withdraw all his superannuation as a lump sum and use that to invest in an annuity that pays him $80,000 each year for 15 years. This $80,000 income comprises of part principal draw down on the lump sum he invested and part interest he earns from the return on his lump sum. Jim can earn a 4% p.a. return on his lump sum investment. By the final year, he will have...
Old Alfred Road has reached his seventieth birthday and is ready to retire. He has accumulated...
Old Alfred Road has reached his seventieth birthday and is ready to retire. He has accumulated savings of $180,000, conservatively invested. The investments are yielding 9% interest. Mr. Road also has $12,000 in a savings account at 5% interest. Mr. Road will also receive $750 per month in Social Security payments for the rest of his life. He wants to keep the savings account intact for unexpected expenses or emergencies, although he is happy to use the interest earned on...
  The following balance sheet and income statement should be used for questions #1 through #6: Kuipers,...
  The following balance sheet and income statement should be used for questions #1 through #6: Kuipers, Inc. 2001 Income Statement (OMR in millions) Net sales 9,625 Less: Cost of goods sold 5,225 Less: Depreciation 1,890 Earnings before interest and taxes 2,510 Less: Interest paid 850 Taxable income 1,660 Less: Taxes 581 Net income 1,079 Addition to retained earnings 679 Dividends paid 400 Kuipers, Inc. 12/31/00 and 12/31/01 Balance Sheet (in OMR, in millions) 2000 2001 2000 2001 Cash 1,455 260...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Consider insertsort. Suppose that the input array A has 1% probability to be monotonically decreasing. Show...
    asked 10 minutes ago
  • Your company is thinking of introducing a Bring Your Own Device (BYOD) policy. You have been...
    asked 16 minutes ago
  • Attached is the file GeometricObject.java. Include this in your project, but do not change. Create a...
    asked 18 minutes ago
  • Suppose the number of cars in a household has a binomial distribution with parameters n =...
    asked 21 minutes ago
  • HR needs some information on the new interns put into a database. Given an id, email,...
    asked 42 minutes ago
  • Problem solving strategies Questions years = input("Enter a number of years and I'll tell you how...
    asked 47 minutes ago
  • Calculate ?Hrxn for the following reaction: CH4(g)+4Cl2(g)?CCl4(g)+4HCl(g) Use the following reactions and given ?H?s. C(s)+2H2(g)?CH4(g)?H=?74.6kJC(s)+2Cl2(g)?CCl4(g)?H=?95.7kJH2(g)+Cl2(g)?2HCl(g)?H=?184.6kJ Express...
    asked 53 minutes ago
  • ASCII (American Standard Code for Information Interchange) has an encoding for every character of the alphabet,...
    asked 1 hour ago
  • Is home confinement with electronic monitoring a deterrent? Are there negatives to being confined to one’s...
    asked 1 hour ago
  • Social hostility can have severe lasting effects of interperpersonal relationship during our adolescence years, which if...
    asked 1 hour ago
  • - A series RLC circuit has R=15 ?, L=1.5 H, and C=15 ?F. (a) For what...
    asked 1 hour ago
  • TV Circuit has 30 large-screen televisions in a warehouse in Erie and 60 large-screen televisions in...
    asked 1 hour ago