The Law, Technology, Risk, and Personal Finance Goals

Assignment:

1. Go to the website of the U.S. Patent and Trademark Office (www.uspto.gov) and then summarize, in detail, your findings. Also, view the information about obtaining a patent then see whether you can estimate how long the process will take and what your cost will be. Lastly, do some online research on the case against patents or the patent system and summarize your findings. Providing personal observations and/or opinions on the issue is encouraged. Note: there is a strong push in the United States for abolishing patents and plenty of professional reference sources on point online.
2. Does your state have an income tax? What percentage of your income do you have to pay in state income tax? What about property taxes and sales taxes? How do these taxes in your area compare to those in four other states and communities of your choice?  Lastly, NYC residents pay some of the nation’s highest local income tax rates. The Independent Democratic Conference in the state Senate is calling for elimination of New York City’s income tax on residents who make less than $50,000. Do some research and provide a summary on NYC’s income tax rates in general and the call for the elimination specifically. Your personal opinion and/or observations on this issue are also required.
3. Imagine you have $2,000 to buy or upgrade a computer system. Research hardware and software in computer magazines and on websites such as ZDNet. Visit a computer store or shop online to find the best value. List what you would buy, and write a summary explaining your choices.
4. Use the calculators at Dinkytown.net to answer the following questions:

a. You need $5,000 for a trip to Europe in two years. How much would you have to deposit monthly in a savings account paying 1 percent in order to meet your goal?

b. Investing $1,000 at 6 percent for five years, what is the difference in purchasing power of your savings if inflation increases by 2 percent annually during that time? By 4 percent?

c. Starting today, how much would you need to save each month in order to become a millionaire before you retire?

d. You need a new car. What car can you afford if you have $1,500 for a down payment, can make monthly payments of $300, and get $1,000 for trading in your old clunker?

e. How much house can you afford if you earn $36,000 a year and have $10,000 savings for a down payment, a $6,000 car loan balance, and no credit card debts?