Assignment Task:

General Information
1. Explain what job you have chosen and why. Compare your salary to that of a high school graduate. How does your salary compare to the high school graduate? Use BOTH an absolute change and relative change statement for your comparison.

Mortgage Loan
2. Assume you are planning on spending a certain amount of income towards a mortgage. If you spend 22% of your monthly salary towards a house, what is the highest price house you can afford? What is the highest priced house a high school graduate can afford? Use an absolute or relative change statement to compare the house prices of the high school graduate and your house. Assume that the standard APR is 3.85% for 30 years. Make sure to show at least 1 sample formula that you used in Excel to get the house price.

Retirement Account
3. Assume that your selected job has a retirement plan that allows you to save for 38 years. If 8.5% of your monthly income is put into a retirement account, how much should you expect if the annual return is 3.99%? How much should a high school graduate expect to get if they also save 8.5% of their salary for 38 years? Use an absolute or relative change statement to compare the retirement accounts of the high school graduate and your retirement. Make sure to show at least 1 sample formula used to get the retirement price.

4. If you wanted to save $100,000 for your retirement, how many years would that take? If you wanted to save $200,000, how many years would that take? Is the amount of time to save $200,000 twice as much as to save $100,000? Round to the nearest tenth of a year that just puts you over (if you were to go down a tenth, you would be under). Explain why or why not. 

Salary Increase
5. If your job gives a salary raise of 1.5% each year, what will be your salary after 10 years? (In other words, after 10 raises have occurred.) Write an absolute or relative change statement comparing the current salary to the salary after 10 raises. What will be your salary after 20 years? Write an absolute change statement from your current salary to the salary after 20 years. 

6. How long will it take (round to the nearest tenth of a year) for your salary to be twice as much as when you started assuming you get a 1.5% raise every year? If the high school graduate also had a 1.5% raise each year, how long would it take for them to get twice as much money (round to the nearest tenth of a year)? Compare the years for both the college graduate and the high school graduate. Explain the reasoning for your answer.   


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  • Uploaded By : Alex Cerry
  • Posted on : June 05th, 2019

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