Finance 380
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Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Finance 380
Fall, 2019
Homework 4 – Due Friday, October 11th
GJWTPFR – Male graduates with BS degrees in Finance earn an average annual starting salary of $60,000. Assume they get paid once a year, starting at age 21, and ending at age 67. The individual saves 5% of his after-tax income per year, 40% in an investment vehicle paying 4% annual interest, and 60% in a vehicle paying 9% annual interest. Wages increase at 3% per year. He wishes to withdraw the money in equal annual installments starting at age 68 and ending at age 78 (the average life expectancy for males).
- a) How much can he withdraw per year?
- b) Many women choose to exit the workforce during a portion of their child-bearing years, and when they return, they make only about 70% of what their male counterparts make (it’s called the “Mommy Gap”). Assume the following: A woman enters the workforce at age 21, and makes 90% of what a similarly aged male makes. She works until age 30 (and receives her pay for that year) and exits the workforce for ten years (making $0 per year in years 31-40). She reenters the workforce at age 41, making 70% of what her similarly aged male counterparts make. During her working life she to saves 5% of her income (note wages increase by 3% per year as in part a) and invests the same proportions and in the same investments as her male counterpart. She retires at age 67, makes her first withdrawal at 68 and expects to live five years longer than her male counterpart. How much less per year does she have than her male counterpart?
RETIRE – Write a spreadsheet that allows the user to input his (or her) age today, salary today, growth rate in salary (assumed constant throughout his or her working life), initial investment in both the bond and stock fund (which may or may not be $0 and can vary across funds), proportion of salary invested, age at retirement and planned age at death. The spreadsheet allows the user to invest a portion of his or her salary in two retirement vehicles (or funds) – a bond fund whose return is 4% and a stock fund with a return of 10%. The proportion invested in bonds equals the individual’s age. For example, at age 21, 21% is invested in bonds and 79% is invested in stock. At age 22, 22% is invested in bonds, and 78% in stock, and so on. Immediately after retirement, ALL FUNDS will be transferred into an account with a guaranteed constant return of 3% per year. The funds are to be withdrawn starting one year after retirement and ending with the last payment at the age at death (there should be a zero balance after the last withdrawal). The spreadsheet should return the annual retirement benefit and show that the terminal value is zero. The spreadsheet should work for all ages from 16 to 100 and use only those cells necessary.
YAHTZEE – the game of Yahtzee involves (initially) the throwing of five dice. Each individual die can roll a 1, 2, 3, 4, 5, or 6 and each number is equally likely to occur. The total on any roll (the sum of the pips showing) can be between 5 and 30. Note a total roll of 5 or 30 is extremely unlikely (you’d need to get all ones or all sixes). Write a spreadsheet that simulates the rolling of five dice 1000 times. For each roll, calculate the total pips rolled. Graph (dynamically) the frequency distribution of the totals.
RETIREREDUX Individuals are allowed to invest a total of $2,500 PER YEAR in IRAs. Assume you do so starting at age 21, and ending at age 67. You invest the money in a common stock fund that earns an AVERAGE return of 11.7% per year, but each year’s return is a random draw from a normal distribution with a standard deviation of 20%. Simulate the amount you will have in the account at age 67, 100 times. Graph a frequency distribution of your results using bins of $1,000,000.
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