Sophia purchased a variable annuity contract with a purchase payment of $115,000. Surrender charges begin with 8 percent in the first year and decline by 1 percent each year. In addition, Sophia can withdraw 11 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $19,750. Assume that the contract value has not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sophia purchased a variable annuity contract with a purchase payment of $115,000. Surrender charges begin with 8 percent in the first year ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Stronx Consulting tests its salespeople on listening skills and then implements a training program to teach all of them to be better listeners. At the conclusion of the last training session, it conducts a posttest to measure listening skills again.
Answers (1)
On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000.
Answers (1)
It is rare that client-side marketing researchers who are planning to conduct research on behalf of their own companies are required to submit proposals prior to conducting research. A. TrueB. False
Answers (1)
Which of the following would be an advantage of leasing a vehicle? a. Automatic ownership interest in the car b. Unlimited mileage on the car c. No need to meet credit requirements d. Lease payments are likely to be lower than finance payments
Answers (1)
Which of the following is a reason that your company might not want to increase its market share? A. The market saturation for your product is low. B. Many of your company's competitors have bad reputations. C.
Answers (2)
New Questions in Business
Vincent Corporation has 92,000 share of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $118 a share on June 30.
Answers (1)
In the circular flow model of the market system, households' major role is to Multiple Choice buy both products and resources. sell both products and resources. buy products and sell resources. sell products and buy resources.
Answers (1)
Lucia Ltd. reported net income of $135,000 for the year ended December 31, 2016. January 1 balances in accounts receivable and accounts payable were $29,000 and $26,000, respectively.
Answers (1)
Ten years ago, Jacobson Recovery purchased a wrecker for $285,000 to move disabled 18-wheelers. He anticipated a salvage value of $50,000 10 years after the initial purchase. During this time his average annual revenue totaled $52,000.
Answers (1)
Using what you have learned in your focus group, you begin your analysis of the buyer decision process. In the first stage of the process, you need to show consumers that their existing state does not equal their desired state.
Answers (1)