Your Father's Employer Was Just Acquired,and He Was Given a Severance

question 156

Multiple Choice

Your father's employer was just acquired,and he was given a severance payment of $365,000,which he invested at a 7.5% annual rate.He now plans to retire,and he wants to withdraw $35,000 at the end of each year,starting at the end of this year.How many years will it take to exhaust his funds,i.e. ,run the account down to zero?

• A) 25.29
• B) 21.91
• C) 18.54
• D) 17.28
• E) 21.07

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Definitions:

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, or other verbal or physical harassment of a sexual nature.

Tort Claims

Legal actions based on civil wrongs that cause someone to suffer loss or harm resulting in legal liability for the person who commits the tortious act.

Retaliation

Act of taking revenge or responding with similar negative actions towards someone who has caused harm.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two different levels of government, such as both state and federal taxes on the same income.