Jim Luster wants to have saved enough money by the time he is 65 to invest it and earn a $60,000 annual income for the rest of his life. He wants to be able to leave that same amount to his heirs, no matter how long he lives. If he can earn 8% on invested money, how much does he need to have accumulated by the time he is 65?
A) $480,000
B) $600,000
C) $750,000
D) $900,000
E) Cannot be determined based on the information given.
C
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A journal is used in manual accounting environments. What file is comparable to a journal in a computerized environment?
a. archive file b. reference file c. transaction file d. master file
Define fault tolerance
An _______________________ issues a formal decision regarding an unfair labor practice that can later be appealed to the NLRB if either party is unhappy with the outcome.
Fill in the blank(s) with the appropriate word(s).
What is the type of loan where the entire interest charge is subtracted from the loan principal before you receive the money, and at maturity you repay the entire principal?
A) Simple interest method B) Partial amortization method C) Discount method D) Add-on method E) None of the above