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Brian M.
Certified Financial Planner who enjoys teaching others
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Risk Management and Insurance
TutorMe
Question:

What is the most common component in all life insurance policies? a. Living benefits b. Accelerated Death Benefit Rider c. Death benefit d. Cost of living rider

Brian M.
Answer:

The correct answer is C. While there are many different options and riders on life insurance, all policies possess a death benefit.

Personal Finance
TutorMe
Question:

I want to be a millionaire in 30 years. I am 25 and have $0 saved. I think I can earn 8% annually on my money. How much do I need to save each month to hit my goal? Lets assume the money in going into a retirement account so no annual taxes.

Brian M.
Answer:

$670.98 per month. Pmt = i(FV)/(1 + i)n - 1 The future value(FV) is 1,000,000 The interest rate(i) is .67(8/12) The number of periods(n) is 360. 12 months for 30 years. Solve for pmt.

Finance
TutorMe
Question:

What are the 3 elements to determine future value? Sometimes a fourth is needed.

Brian M.
Answer:

1. Current value 2. Interest Rate 3. Time(number of periods) 4. Periodic Payments*

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