How much of the amount of the bodily injury and property damage will be paid for by Jen?
Calculate the Approximate Compound Yield (ACY) over the next Show more Personal Finance Exam Part 3 QUESTION 1 Calculate the Approximate Compound Yield (ACY) over the next four years for the following stock investment: Year 1: $4.25 Annual Dividend Year 2: $5.00 Annual Dividend Year 3: $6.50 Annual Dividend Year 4: $6.00 Annual Divident $58 Current purchase price and $67 anticipated Sale Price in Four Years QUESTION 2 Jims house was famaged when lightning struck his roof. The cost to fix the home will be $30000. He carries an HO-3 policy with a $500 deductible. If the home is insured for $200000 and the replacement value is $180000 how much will Jims reimbursement from the insurance company be? QUESTION 3 Victor has a $10000 cash-value policy purchased 15 years ago when he was 25 years old. The policy will be paid at age 65. Using a Table in the chapter find the cash value of the insurance policy. Explain the other two options available to Victor. INFORMATION FOR QUESTION 4 AND QUESTION 5 Jen caused a 3 car accident near her home in Akron Ohio. She has the Ohio minimum liability coverage with no collision or comprehensive coverage. Jason the driver of one of the other cars suffered injuries leading to $42000 in medical bills. No other injuries were suffered. The damage to Jens car was $2000 and she caused $22000 in damage to the other two cars. QUESTION 4 How much of the amount of the bodily injury and property damage will be covered by the insurance company? QUESTION 5 How much of the amount of the bodily injury and property damage will be paid for by Jen? QUESTION 6 Anna and Mike are considering their life insurance options. They both make about $50000/year. In the event that something happens to one of them they figure they will need to cover the other persons salary at %80 for 10 years. Anna and Mike DO NOT participate in Social Security. They are doing a needs-based approach and want to include $5000 in final costs to cover the funeral arrangements and $10000 for readjustment period needs. Based on the needs-based approach what face value of life insurance is needed? (Assume that Anna and Mike have no other resources to put toward this need and that they would invest the life insurance proceeds in an account returning 4% annually). Show less
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