All categories

2 years ago

Rob Herndon, an accountant with Southwest Airlines, wants to retire 50% of

1 answer:

8 0

For Rob Herndon to achieve his goal of paying off $430,000 in 10 years, he needs to make $34,186.97 at 5% compounded annually.

<h3>What is a future value?</h3>

A future value refers to a value on a future date based on an assumed growth rate of interest over some period.

The future value can be determined using the FV formula or table.

We can also compute the future value using an online finance calculator as follows:

<h3>Data and Calculations:</h3>

N (# of periods) = 10 years

I/Y (Interest per year) = 5%

PV (Present Value) = $0

FV (Future Value) = $430,000

<u>Results:</u>

PMT = $34,186.97

Sum of all periodic payments = $341,869.70

Total Interest= $88,130.30

Thus, for Rob Herndon to achieve his goal of paying off $430,000 in 10 years, he needs to make $34,186.97 at 5% compounded annually.

Learn more about determining Future Values at brainly.com/question/24703884

#SPJ1

You might be interested in

If a tornado travels 100 miles in 2 hours and 30 minutes how many miles per hour did it travel?

Rufina [12.5K]

Answer:

40 mi/h

Step-by-step explanation:

I hope this helps a lot

4 0

2 years ago

13.8 x 7.9<br> What is the answer

dimulka [17.4K]

Answer:

Answer 109.02i hope it is helpful have a nice day

8 0

3 years ago

Read 2 more answers

The value V of a Porsche 718 Cayman that is t years old can be modeled by V(t) = 420,000(0.965)t (a) What would be worth the car

nordsb [41]

Answer:

<u>B. t = 7.2 years (rounding to the next tenth) or approximately 7 years, 2 months and 12 days </u>

Step-by-step explanation:

Given formula:

V(t) = 420,000 * (0.965)^t

A. What would be worth the car′s worth in 2 years?

V(t) = 420,000 * (0.965)^t

We replace t by 2, as follows:

V(2) = 420,000 * (0.965)²

V(2) = 420,000 * 0.931225

B. In how many years will the car be worth $325,000?

V(t) = 420,000 * (0.965)^t

We replace V(t) by 325,000, as follows:

325,000 = 420,000 * (0.965)^t

325,000/420,000 = (0.965)^t

0.77381 = (0.965)^t

t = log 0.965(0.7738)

t = log 0.7738/log 0.965

<u>t = 7.2 years (rounding to the next tenth) or approximately 7 years, 2 months and 12 days </u>

0.2 years = 0.2 * 12 = 2.4 months

0.4 months = 0.4 * 30 = 12 days

7 0

3 years ago

Kallie's mom takes her out for lunch. The bill comes to $18.75. Her mom comments that the waiter did a good job and deserves a 1

slava [35]

Answer:

The tip was actually a little over 15% so we could surely say it is pretty sound and reasonable.

Step-by-step explanation:

To Determine:

Explain how Kallie can mentally estimate whether her mom's tip is reasonable for a 15% tip?

<em>Information Fetching and Solution Steps:</em>

Kallie's mom takes her out for lunch
The bill comes to $18.75
Her mom comments that the waiter did a good job and deserves a 15% tip
Kallie notices that her mom leaves a $4 tip

So,

You can find $\:10\%$ by moving the decimal point one place to the left
$\:10\%$ of $18.75$ will be $1.875$ , then half of that will be $5\%$

So, $15\%$ should be be about $1.88\:+\:0.94\:=\:2.82$

Therefore, the tip was actually a little over 15% so we could surely say it is pretty sound and reasonable.

Keywords: tip, word problem, decimal

Learn more about word problem from brainly.com/question/13111591

#learnwithBrainly

4 0

3 years ago

Estimate the length of the radius, if the area of a circle is 275 mm^2.

marissa [1.9K]

The answer is 9.36 mm

8 0

3 years ago