![]() ![]() Which step in the financial planning process does this scenario demonstrate? Implementing her financial plan The financial planning process concludes with efforts to: Review and revise your financial plan Discretionary income is: money left over after paying for housing, food, ad other necessities To determine a person's solvency, which financial document should be consulted? personal balance sheet When preparing her monthly budget, Maria Kent has projected income of $3,700. ![]() ![]() She has decided to start her trip around the world in Europe by train and bus and will use her savings to pay for her trip. If you earn 15 percent on your investments, how long will it take for your money to double? 72/15 = 4.8 years RULE OF 72:Īt an annual interest rate of 4 percent, how long will it take for your savings to double? 72/4 = 18 years Sophia Martin has decided to retire and use the time she has earned to travel around the world. If the value of land in an area is increasing 6 percent a year, how long will it take for property values to double? 72/6 = 12 years RULE OF 72: The time value of money refers to: increases in an amount of money as a result of interest earned Changes in personal, social, and economic factors make it necessary to: review and revise your financial plan RULE OF 72: ![]()
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