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Exam (elaborations)

FHCE 3200 Questions and Answers

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  • FHCE 3200

I want to retire with $1,000,000 in the bank" represents what element(s) of a SMART goal? a) specific b) attainable c) realistic d) all of the above ~ d assume you can earn 1% interest monthly on your savings. what is your APR and APY? ~ APR: 12% APY: 12.68% How many years it will ta...

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  • August 3, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FHCE 3200
  • FHCE 3200
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FHCE 3200 Questions and Answers

"I want to retire with $1,000,000 in the bank" represents what element(s) of a

SMART goal?




a) specific

b) attainable

c) realistic

d) all of the above


✓✓~ d




assume you can earn 1% interest monthly on your savings. what is your APR and

APY?


✓✓~ APR: 12%


APY: 12.68%




How many years it will take to grow $3,000 to $6,000 earning 3% interest?


✓✓~ 72/3 = 23.45 (~24 years)




What interest rate will turn $3,000 into $6,000 over 6 years?

,✓✓~ 72/6 = 12%




Let's say that you receive $1,000 at your college graduation. If you invest the gift and

earn 8% annually, how much will you have in 20 years?


✓✓~ $4,660.96




You are offered the choice of taking $1,000 today or $1,200 in 5 years. Let's say you

can earn 5%.


✓✓~ PV = $940.23




How much will you accumulate in 20 years if you start saving $1,000 every year and

earn 9% on your savings?


✓✓~ FVA = $51,160.11




Imagine that you have just received a large inheritance with the following choice: (1)

take a lump sum of $1,000,000 today or (2) receive $75,000 per year for the next 20

years. The interest rate is 5%.


✓✓~ PVA = $934,665




Amy has $3,000 saved to buy a new car. If she can earn a 7% rate of return for 3

years, how much will she have (approximately) at the end of the 3 years?

, a. $3,210

b. $3,630

c. $3,675

d. $3,884


✓✓~ c




Which of the following is an example of a SMART goal?




a) Retiring at age 65 with enough money to live comfortably

b) Purchasing a new 65-foot sailboat in 3 years

c) Starting a business in a few years that will generate $300,000 in net sales

d) Saving $75,000 for the down payment on a home that will be purchased in 4 years


✓✓~ d




Burt makes $3,300 per month.

He pays $800 in taxes, $700 in rent, $450 on food, $225 for a car payment, $150 in

gas and maintenance, and $700 in entertainment every month.

What is Burt's surplus or deficit?

a. $0

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