Calculation of Present values of Severance pay
Cash Paid Now 118000
Present value of the payment 122857.02(129000*0.95238)
made 1 year from now
Present value of Annuity Pay 139581.475 (27500*5.07569)
Present value 380438
Employees often receive a severance pay at the end of their employment. This is usually based on the length of service the employee is entitled to upon retirement. The Fair Labor Standards Act (FLSA) does not require severance pay.
Some employers choose to provide severance pay to employees who have been dismissed involuntarily or voluntarily. The main reason for offering severance pay is to soften the blow of involuntary layoffs and avoid future lawsuits by having employees sign releases in exchange for severance pay.
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Answer:
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Answer:
You will need to have $ 55,006.94
Explanation:
We need first to consider the following details according to the problem
We have a Annuity amount of $ 2900, a Rate(r)= 0.51%, and a Time(n)= 5 years (or 20 quarters )
.
To reach to the money that we would need to have in the bank today to meet the expense over the next four years we use the following formula:
PVA= annuity amount × [1 - (1 / (1 + r)n)] / r
PVA= $ 2900 x[ 1-{ 1/(1+0.0051)20)]/0.0051
PVA= $ 55,006.94
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