This is a classic retirement problem. A friend is celebrating her birthday and wants to start saving for her anticipated retirement. She has the following years to retirement and retirement spending goals:
- Years until retirement: 30
- Amount to withdraw each year: $90,000
- Years to withdraw in retirement: 20
- Interest rate: 8%
Because your friend is planning ahead, the first withdrawal will not take place until one year after she retires. She wants to make equal annual deposits into her account for her retirement fund.
a. If she starts making these deposits in one year and makes her last deposit on the day she retires, what amount must she deposit annually to be able to make the desired withdrawals at retirement?
b. Suppose your friend just inherited a large sum of money. Rather than making equal annual payments, she decided to make one lump-sum deposit today to cover her retirement needs. What amount does she have to deposit today?
the rising interest and concern of women’s fear of crime in the 1980s, it has prompted academics to write literature on the topic. A topic seen throughout the literature is women’s fear of violent crime and the effects on women (Maxfield and Skogan 1981; Mesch 2000; Pain 1997; Stanko 1995). Many academics have tried to understand and explain why women are much more vulnerable and scared of violent crime than men. Warr (1984) wrote that “fear of crime is fear of rape” this suggests that women’s fear of crime stem from the fear of rape. This concept is also highlighted by a number of academics for example, Maxfield (1984) found that by analysing the British Crime Survey in 1982 that women feel less safe due to their fear of sexual assault. All women fear sexual violence but it has been argued that women of a high class are able to deal with the effects and danger more easily (Gordon and Riger 1989; Stanko 1990; Valentine 1989). It has been suggested that the lower classes have a lack of acceptance socially and are socially marginalized which increases their fear of crime. Women’s fear has also been said to have stemmed from images of crime, (Madriz 1997; Mesch 2000) these images portray who is most likely to commit crime and where crime is most likely to happen. This portrayal of images can have effects on where women go and move through the city (Valentine 1989). Valentine goes on to explain the routes that women take are “coping strategies” as they have to take a certain route to reduce the fear of being victimised. This may include taking a longer route purely because the area is more lit up or in a more populated area. Kinsey (1984) talks about the concept of a “virtual curfew” some women may have when going to some urban areas at night. This highlights the fact the fear of crime has taken over the lives of some women and they have to change their daily routine in order to avoid being a victim of crime. However, many academics believe that the outdoors isn’t the only place women fear vulnerable to crime. A lot of crime happens at home as women are at risk of being victimised by an intimate (Mesch 2000; Stanko 1988). Academics have shown women’s fear of crime by mapping areas where it happens (Stanko 1990, Madriz 1997). However Pain (1997) disagrees this is a good approach for violent crime as the British Crime Survey has revealed violence against women is massively underreported to both police and researchers. Domestic violence has become an increasingly worrying issue as in the United States it now constitutes the greatest common cause of nonfatal injury to females. The interest of women’s fear of crime has highlighted the magnitude of scale and how important it is do something about it and has therefore enabled crime prevention schemes directly aimed at women (Stanko 1995). For example there are now many rape crisis and sexual harassment shelters to help support women about confronting this type of violence. Women have united together in supporting women’s fear of crime and have held “take back the night” marches to show women they are not alone. These movements have highlighted the reality of most women’s fear and also enabled the public to understand it too. This literature is only taken from the UK and the USA therefore, could be seen to disregard women’s fear of crime in poore>GET ANSWER