Data Assignment 1 - Group L.docx - DATA ASSIGNMENT#1...

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Raymond Lam, Antonette Ibasco, Xu Zu Winter 2019, CMIS 2250 E02 Instructor: Allan Cheung DATA ASSIGNMENT #1 Modelling and Spreadsheet Engineering: Chapter 2 - 3
Question 1: a. What do we know? b. What can we assume? General: Bob: 46 years old, works at a business school as a professor Goal : to work until he is 60 or 65 years old Wife will not earn income. Bob will be the only individual to earn an income. 14-19 years before retirement Salary : Nine Month Salary, currently at $95,000 Salary has increased 4-15%, over the 12 years working at the college (severe compression on faculty salary increases) Additional Income: Receive two-ninths of his regular salary for his research support (is not intended to cover the costs of his research) Earns $10,000 to $20,000 per year from consulting, executive education and other activities Salary will not increase 2/9 th of current salary is $21,111 Earn on average $15,000 in additional income from consulting, executive education and other activities Retirement fund: School pays an additional 10% only on main income Bob contributes $7,500 per year (before taxes) Maximum amount he can contribute is currently $10,000 Retirement Savings are invested with TIAA-CREF, current amount at $137,000 10% contribution of yearly main salary from his work Social Security Trust Fund : Bob contributed to Social Security as required by law, but is uncertain with the current problems with the trust funds if he will receive any upon retirement.

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