Finance Essay

566 WordsAug 14, 20153 Pages
Student Name | Nicky locklear | Course and Section Number | Program of Study | FIN 1103 | finance | Finance FIN 1103 Week 4 Individual Work Money Management Assignment Instructions | To complete this assignment: 1. Answer all of the questions below in the space provided. 2. Reflect on the information presented in this week’s lesson and provide an insightful response to each question writing no more than two paragraphs. | Save and Submit to Dropbox | 1. Save your work as a Microsoft Word 2010 (.docx) file that includes your name, course code, and title in the file name. For example: JaneSmith_FIN1103_Week4.docx. 2. To submit your assignment, go to the Dropbox and click "Submit Assignment." 3. Click on the drop-down menu to select the Week 4: Individual Work basket in the Dropbox. | Objective: Outline the types of savings plans and calculate some of the related interest rates and account costs Locate the Financial Planning Exercises on page 164-166 of your textbook. Financial Planning Exercise Case 2: Victor and Maria Hernandez Need to Save Money Fast | The Hernandez family is experiencing some financial pressures, even though the couple has a combined income of $66,000. Also, their eldest son, Joseph, will start college in only three years. Maria is contemplating going to work full time to add about $25,000 to the family’s annual income. | a. How will this change in income affect the family’s emergency fund needs? | It will add to there income every year to a 91,000 at the end of each year. | b. How much should they save annually for the next three years if they want to build up Joseph’s college fund to $20,000, assuming a 3 percent rate of re-turn and ignoring taxes on the interest? (Hint: Use Appendix A.1 or visit the Garman/Forgue companion website.) | At least 12,000 dollars if you think that collage cost

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