Answer the following statements true (T) or false (F)
1. Model variables can be controllable or uncontrollable.
2. A series of steps or procedures that are repeated is known as an algorithm.
3. A model is a representation of a situation.
4. A parameter is a measurable quantity that may vary or is subject to change.
5. Trying various approaches and picking the one resulting in the best decision is called incomplete enumeration.
1. T
2. T
3. T
4. F
5. F
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The fiduciary's duty is greater in a ________ plan
Fill in the blanks with correct word
You have won the lottery and received a check for $1,275,156 today. You invest the lottery check today at an annual interest rate of 8% and allow it to build for a full ten years
At that point in time, you shift the money to an account paying only 6% per year. You plan to spend $175,000 per year in retirement (assume equal annual end-of-the-year cash flows) for 30 years, and your first retirement cash flow is exactly eleven years from today. Will you have enough money to fully fund your desired retirement? Use a calculator to determine your answer. A) Yes, because your investment will allow you to spend up to $225,000 per year in retirement. B) No, because your investment will allow you to spend up to only $158,000 per year in retirement. C) Yes, because your investment will allow you to spend up to $200,000 per year in retirement. D) No, because your investment will allow you to spend up to only $137,000 per year in retirement.