投资学第7版Test Bank答案
53. How much can Alan expect to have in his risky account at retirement?
A) $158,982
B) $309,529
C) $543,781
D) $224,651
E) $345,886
Answer: B Difficulty: Moderate
Rationale: The value in the risky account in 17 years will be $46,800*(1.10)17 +
$1,800*FVIFA10%,17 = $309,529.
54. An income beneficiary is __________.
A) a stockbroker who remained working on Wall Street after the 1987 crash
B) an employee of a trustee
C) one who receives interest and dividend income from a trust during their lifetime
D) one who receives the principal of a trust when it is dissolved
E) none of the above
Answer: C Difficulty: Easy
55. Assume that at retirement you have accumulated $750,000 in a variable annuity
contract. The assumed investment return is 9% and your life expectancy is 25 years. What is the hypothetical constant benefit payment?
A) $30,000.00
B) $33,333.33
C) $51,481.38
D) $76,354.69.
E) cannot tell without additional information.
Answer: D Difficulty: Moderate
Rationale: PV = -750,000, i = 9, n = 25, PMT = 76,354.69.
56. Assume that at retirement you have accumulated $750,000 in a variable annuity
contract. The assumed investment return is 9% and your life expectancy is 25 years. If the first year's actual investment return is 9%, what is the starting benefit payment?
A) $30,000.00
B) $33,333.33
C) $76,354.69
D) $52,452.73
E) cannot tell without additional information
Answer: C Difficulty: Difficult
Rationale: See 26.44, B = 76,354.69 (1.09/1.09) = 76,354.69
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