SavvyQuizzes Assistance Page

Based on reader feedback, this page was created to illustrate solutions to applicable SavvyQuiz questions.

Quiz Solutions

 

SavvyQuiz #39

Question: If you buy a mutual fund at $45.03 and seek a 8% gain, at what price should you sell?

Solution: 45.03 x 1.08 = $48.63

Question: How long will it take a $550 investment to double if the rate of return is 6%?

Utilizing the Rule of 72. Solution: 72 / 6 = 12 Years

SavvyQuiz #40

Question: What would be the net return for an owner that paid 1.5% in fees on a $5,500 investment that achieved a 7% return?

Solution: 5,000 (1.07 – 1.015) = $5,275

SavvyQuiz #41

Question: If you buy one share of a stock priced at $95.15 and seek a 4.5% gain, at what price should you sell?

Solution: 95.15 x 1.045 = $99.43

SavvyQuiz #42

Question: Utilizing the 4% Rule, what nest-egg value would support a withdrawal of $50,000 in the first year of retirement?   

Solution: 50,000 / .04 = $1,250,000

SavvyQuiz #44

Utilizing the 4% Rule, what is the maximum amount a retiree should withdraw the first year of retirement if their nest-egg balance is $372,459.00? 

Solution: 372,459 x .04 = $$14,898.36

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

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