Chapter 9 Test

What is retirement?

• a specific point in a person's life when he or she stops working.

• Money that is deducted from your income after taxes have been deducted.

• a tax deferred retirement savings program for employees of educational institutions.

• When a person stops working partially.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Which of the following exponential equations is the formula for compound interest?

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Tags

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded semi annually. What will be his balance after 15 years?

Mathematical Equivalence

ON

When can you begin receiving Social Security benefits?

• Age 52

• Age 62

• Age 70

• Age 60

What happens if you want to collect social security payments at age 62?

• You can't unless you are disabled

• You will be paid less than if you wait until you are older

• You will get the same amount no matter what age you are.

Briana is planning to retire. She has worked the entire 30 years of her career for Santa Fe Corporation. For the last three years she has been making $127,000 per year. Her employer offers a defined benefit plan that calculated the annual pension as the product of the final three-year average salary, the number of years of service and a 1.6% multiplier. Calculate Briana's annual pension.

Mathematical Equivalence

ON

Tags

CCSS.HSF.BF.A.2

Bri’s whole life premium increased from $137 to $198 per month when she increased the policy’s face value. Find the percent increase to the nearest percent.

Mathematical Equivalence

ON

Tags

CCSS.6.RP.A.3C

Mario has a universal life insurance policy with a face value of $250,000. The current cash value of the policy is $8,790. If the premium is $99 per month, for how many months can the cash value be used to pay the premium?

Mathematical Equivalence

ON

Tags

CCSS.6.EE.B.7

Who receives the death benefits when the insured dies?

• The insurance company

• The beneficiary

• The policyholder

• The premium payer

This life insurance has a savings feature.

• Term life insurance
• Whole life insurance