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Labor Employment Relationship

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Activity #5 is an individual activity.  You should complete it on your own and submit your own assignments individually by Tuesday, March 19th before 10:35AM.  Please respond to the following prompts:

Part I: Sally needs to choose between 2 health insurance plans. Assume Sally will use $4,500 worth of medical services this year. Is she better off choosing plan A or plan B? Briefly show your work and explain.

Plan A:
i. Monthly premium: $250
ii. Co-pay: $0
iii. Co-insurance (after deductible): 10%
iv. Deductible: $1,500
v. Max out-of-pocket: $4,000

Plan B:
vi. Monthly premium: $100
vii. Co-pay: $0
viii. Co-insurance (after deductible): 20%
ix. Deductible: $2,500
x. Max out-of-pocket: $8,000

Answer: Sally is better off with Plan _______ because it will cost a total of $______________, which is lower than the total cost of Plan ____ which would be $__________________.

Show your work here:

Part II:

(a) You are 20 years old and decide to open a retirement account.  You contribute $1,000 every month for the next 35 years and invest it in the stock market (you buy indexes, not individual stocks!).  Assuming you earned an annual growth rate of 10% on your investments, how much money do you think you’ll have saved when you are 55 years old?

Answer II(a):  I think I’ll have around $_____________________ saved for retirement at 55 under the circumstances described above.

(b) Now use the following online calculator to get the answer.  Assume you are saving in a tax-deferred account and $0 starting assets: https://money.cnn.com/tools/savingscalc/savingscalc.html.   (Links to an external site.)Links to an external site.

Answer II(b): Under the circumstances described above, I will have $__________________________ saved for retirement when I am 55 (you can report either the inflation-adjusted figure or the non-adjusted figure).

(c) Watch the following video: It's a Money Thing // Compound Interest Mind Bend (Links to an external site.)Links to an external site.

Answer III(c): What is one insight from the above video? _______________________________________________

 

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Labor Employment Relationship was first posted on September 5, 2019 at 7:49 pm.
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Labor Employment Relationship was first posted on September 5, 2019 at 9:28 pm.
©2019 "Academicheroes.com". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at admin@Academicheroes.com.com

 
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