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brilliants [131]
3 years ago
6

You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. You curre

ntly have no retirement savings but plan to save an equal amount each year for the next 38 years until your retirement. How much do you need to save each year if you can earn 7.5 percent on your savings?Select one:a. $3,333.33b. $2,640.85c. $3,146.32d. $2,889.04e. $3,406.16
Business
1 answer:
Fynjy0 [20]3 years ago
5 0

Answer:

The correct answer is $7,056.46

Explanation:

Giving the following information:

You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. How much do you need to save each year if you can earn 7.5 percent on your savings?

Final value= 55,000*25= 1,375,000

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,375,000*0.075)/[(1.075^38)-1]= $7,056.46

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According to Carole Vickers, family/home management history can be divided into four principal eras. Era one (1900-1930s) focuse
djverab [1.8K]

Answer:

The correct answer is b. household production, hygiene, and sanitation.

Explanation:

The eras that Carole Vickers explain are

Era one (1900-1930) focused on household production, hygiene, and sanitation.

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2 years ago
Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which
DanielleElmas [232]

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

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3 0
3 years ago
In 2019, Felicity's business use of her vehicle fell to less than 50%. Regular MACRS depreciation had been used in prior years.
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Answer:

(d) Straight-line method (SL), the same convention as used in the first year of depreciation, ADS recovery period

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