Question

please help me :
Alexa’s gross monthly pay is $3810.

To maintain her current way of life, how much should she have saved by the time she retires?

Answer 1

@satellite73

Answer 2

choses

Answer 3

there are
$457,200
$464,400
$487,200
$493,600

Answer 4

so what do u think it is

Answer 5

i dont know lol thats why i posted it. i feel like the question doesnt give me enough info to answer it

Answer 6

ok let me see what i can do

Answer 7

figer tis out 3810*12= and that will be ur answer

Answer 8

Your teaching materials must have discussed how you can compute this — there are assumptions you have to make about inflation, rate of return, length of life, etc.

Answer 9

thank you

Answer 10

yeah its hard to asume some times though cause i dont wanna say the wrong thing

Answer 11

medal pleas and fan me if u have questions

Answer 12

Are you sure the answer choices you gave are correct? One of them is equal to 12 months * $3810 per month * 10...but I could believe the question was intended to ask how much you need for a year, and you've added an extra zero...

Answer 13

yes i coppied and pasted them

Answer 14

coppied and past what

Answer 15

the answer choices

Answer 16

yes the choses ar right

Answer 17

medal please

Answer 18

The numbers provided are way too low...one rule of thumb I have seen is to divide the annual income you need by 0.06.

In any case, as I said, your text or lectures or whatever must have discussed the author's thinking of how to come up with such an answer, and without knowing what that thinking is, we'll just be guessing at the "right" answer (though I maintain all of the answers are too low).

Answer 19

thanks for the medal

Answer 20

ohhhhh

Answer 21

@limecake08 not sure why you thought you should get an a medal for your contribution there...you didn't provide any information that would lead one to an answer :-)

Answer 22

no, it just asked this question have gotten no background knowledge

Answer 23

i can always open up a new question post and medal you , she was just pestering

Answer 24

No, I don't need a medal, I didn't help you find the answer, either.

Answer 25

u helped me know more about the question lol

Answer 26

Is this a video class, or do you have a live teacher?

Answer 27

online

Answer 28

can you help me with a different question then?

Answer 29

Sure, let's hear it...

Answer 30

okay one sec gotta atach it cause it has a picture

Answer 31

there you go :)

Answer 32

Okay, do you understand how insurance prices are computed? And what the description of the coverage he buys means?

Answer 33

i only know what liability insurance is

Answer 34

Okay, well, there 3 types that one typically buys for auto insurance:

liability (coverage for if you get sued for being at fault in an accident, broken down into bodily injury and property damage)
collision (coverage for damage to your car in a collision)
comprehensive (basically, coverage for damage to your car not caused by a collision)

Answer 35

oh ok

Answer 36

You add up the individual costs of each different portion of the policy, then multiply by the rating factor, which is based on age and gender. Teenage boys are much worse risks than older women, as you can see from the table at the bottom :-)

Answer 37

So your mission is to find each of the components of the coverage he is buying in the tables, add them up, and multiply by his rating factor.

Answer 38

i got 1702.5 :/

Answer 39

do i include the deductibles >
?

Answer 40

That isn't one of the choices...

Tell me what you got for each individual piece of the coverage, maybe that's where you went astray.

Answer 41

okay

Answer 42

liability: 1775

Answer 43

collision and comprehensive premiums: 864

Answer 44

mmm...no.

he gets 50/100/25 coverage, right? that's the liability portion

Answer 45

fine sorrrrrrrrrrrrrrrrrrrrry did not nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

Answer 46

so im not suppose to add up all the $ ?

Answer 47

thanks for medal

Answer 48

the first two numbers are the personal liability coverage values: 50/100 means 50,000 per person, 100,000 total per accident

so look in the table for a personal liability coverage of 50/100 and tell me the premium

Answer 49

yeah what ever your welcome go away now please @limecake08

Answer 50

@limecake08 "did not KNOW" :-)

Answer 51

im confused lol i should never work for an insurance company lol

Answer 52

oh oh oh oh wait hold on i think i got it

Answer 53

okay, look at the top table. go down the first column, looking for a row that has "50/100". that's the row for this coverage. go across the row to the column that gives the premium

Answer 54

yeah its 310

Answer 55

fine and pleas dont be mean

Answer 56

and then he has collision and comprehensive premium that has the 250$ detectable

Answer 57

correct. now we need the property damage portion of his liability coverage, which is the "25" in "50/100/25" — what is the premium for that?

Answer 58

175

Answer 59

so then we got 310+175 which is 485 for liability

Answer 60

good so far! now can you find the costs for collision and comprehensive?

Answer 61

it is : 185 and 102 because they are the ones with the deducible of 250

Answer 62

yes, so what is the total premium before applying the rating factor?

Answer 63

im supose to add 185+102 right

Answer 64

its 287

Answer 65

right? you there?

Answer 66

sorry, all of the premiums added together

Answer 67

310+175+185+102 =

Answer 68

oh 772

Answer 69

and what is the rating factor for this guy?

Answer 70

then you multiply the 1.55

Answer 71

you're way ahead of me :-)

Answer 72

and that gives you 1196.60

Answer 73

and is that one of the answer choices?

Answer 74

yahhh thank you so much and yes it is

Answer 75

the answer is C 1196.60

Answer 76

now, you may not be driving yet, but I encourage you to figure out what it would cost your parents for the same coverage for you, and compare with the cost if you were a guy instead of a girl. Offer to split the savings and see what they say :-)

Answer 77

lol I am driving and i have liability and i pay for it myself. but thank you for the thumbs up. i just never knew that much about insurance lol i just went with the cheapest one

Answer 78

ah, good for you. may all the money you spend on insurance seem to be wasted (no accidents) :-)