1

Mike purchased an annuity contract for $104,160 on February 28, 20X5. He is to receive $700...

Question

Mike purchased an annuity contract for $104,160 on February 28, 20X5. He is to receive $700...
mike purchased an annuity contract for $104,160 on February 28, 20X5. He is to receive $700 per month starting April 1, 20X5, and continuing for life. He has a life expectancy of 20 years. What is the amount of mike annuity income that must be included in his gross income for 20X5? a. $ 2,394 b. $ 3,192 c. $ 3,906 d. $ 5,208 e. None is correct

Answers

receives -7700 in his Answey page: 0 Given mike contract price = $104160 lanowity) life expectancy = 20 years mike per month


Similar Solved Questions

1 answers
Consider the following reaction: 2Na + Cl2  2NaCl ΔH = -821.8 kJ (a) Is the reaction exothermic or endothermic
Consider the following reaction: 2Na + Cl2  2NaCl ΔH = -821.8 kJ (a) Is the reaction exothermic or endothermic? (b) Calculate the amount of heat transferred when 5.6 g of Na reacts at constant pressure. (c) How many grams of NaCl are produced during an enthalpy change of 16.5 kJ? (d) H...
1 answers
That's all the info it provided for me Kurta Corporation reported net income of $68 million...
that's all the info it provided for me Kurta Corporation reported net income of $68 million for 2018. Depreciation expense for the year totaled $34 million. Kurta depreciates plant assets over eight years using the straight-line method with residual values of zero. Kurta paid $272 million for pl...
1 answers
1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of the...
1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of the income statements for Anything Tennis. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses O...
1 answers
Problem 10A-8 Applying Overhead; Overhead Variances [LO10-3, LO10-4] Lane Company manufactures a single product and applies...
Problem 10A-8 Applying Overhead; Overhead Variances [LO10-3, LO10-4] Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $3.20 per direct labor-hour and the budgeted fixed manufacturin...
1 answers
Using the scantron sheet, www in the mind representing the or answer the question the choice...
Using the scantron sheet, www in the mind representing the or answer the question the choice that best completes the statement 1. What are two ways that companies demonstrate respon a. whistle-blowing and occupational safety equality and occupational safety responsible employment practices? ional sa...
1 answers
1) Locate a health care-related balance sheet. - The source of the balance sheet can be...
1) Locate a health care-related balance sheet. - The source of the balance sheet can be internal (within a health care facility, heath care organization, health care institution of some type) or external health care related article that includes a balance sheet (from a published article or from a he...
1 answers
I need to use the excel functions to find the correct answers. The first picture has...
I need to use the excel functions to find the correct answers. The first picture has the correct numerical values. Please solve the rest, and show me how you got those answers. A F G 1 B с D E Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accoun...
3 answers
How do you simplify #(2sqrt27)times(3 sqrt32)#?
How do you simplify #(2sqrt27)times(3 sqrt32)#?...
1 answers
Based on the Flow chart for prevention and management of Pressure injuries by AWMA, what are...
Based on the Flow chart for prevention and management of Pressure injuries by AWMA, what are the nursing considerations in prevention and management of pressure injury? Use the table to write strategies. Write a minimum of 3 strategies for each care realm. Care realm Nursing considerations/ strategi...
1 answers
A.)Determine the magnitude of the current through resistor R3, shown in the figure below. The batteries...
A.)Determine the magnitude of the current through resistor R3, shown in the figure below. The batteries have emfs of E1 = 6.00 V and E2 = 9.00 V and the resistors have values of R1 = 15.8 ohm, R2 = 20.0 ohm, and R3 = 32.9 ohm B.) Determine the magnitude of the current through resistor R1. C) Determ...
1 answers
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the...
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $840. Selected data for the company's ...
1 answers
In stationary state operation, a transmission box receives 60 kW for the input arrow and powers...
In stationary state operation, a transmission box receives 60 kW for the input arrow and powers the output arrow. The box loses energy by heat transfer at a rate defined by Newton's Cooling Law of Q = hA (Tb-Tf), where h = 0.171 kW / m2 * K, A = 1m2 is the surface area of the box, Tb = 300K is t...
1 answers
When Patey Pontoons issued 4% bonds on January 1, 2021, with a face amount of $520,000,...
When Patey Pontoons issued 4% bonds on January 1, 2021, with a face amount of $520,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, F...
1 answers
Five processes p1,p2,p3,p4,p5 arrive at time 0 simultaneously. their cpu burst are 12,6,5,6, and 8 respectively....
Five processes p1,p2,p3,p4,p5 arrive at time 0 simultaneously. their cpu burst are 12,6,5,6, and 8 respectively. 1.) Uses Shortest job first to calculate the waiting time of each process b.) calculate the average waiting time...
1 answers
It is known that a certain hockey goalie will successfully make a save 87.61% of the...
It is known that a certain hockey goalie will successfully make a save 87.61% of the time. Suppose that the hockey goalie attempts to make 11 saves. What is the probability that the hockey goalie will make at least 9 saves?    Let X be the random variable which denotes the number of saves ...

-- 0.008290--