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Harrizon [31]
3 years ago
8

Mr. Wise is retiring In 25 years He would like to accumulate $1,000.000 for his retirement fund by then He plans make equal mont

hly payments to achieve his goal If the rate of return on the retirement fund is 12% (APR), what will his monthly payments be?
Business
1 answer:
Montano1993 [528]3 years ago
7 0

Answer:

$532.24

Explanation:

Since Mr. Wise will be making monthly payments for the period of 25 years in order to accumulated the $1,000,000 at the end of 25 years, therefore, the future value of annuity shall be used to determine the monthly payments to be deposited by Mr Wise. The formula of future value of annuity is given as follows:

Future value of annuity=R[((1+i)^n-1)/i]

In the given scenario:

Future value of annuity=amount after 25 years=$1,000.000

R=monthly payments to be deposited by Mr Wise=?

i=interest rate per month=12/12=1%

n=number of payments involved=25*12=300

$1,000,000=R[((1+1%)^300-1)/1%]

R=$532.24

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Explanation:

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In 1998, Congress passed the _________________________.This law helps protect copyrights in the multimedia world. It also contai
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hope this helps :)

8 0
4 years ago
A client who has been training at high intensities in preparation for a triathlon reports joint pain, excess fatigue, and the in
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The correct answer to the following question is option B) Exhaustion .

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7 0
3 years ago
Consider the market for plane tickets to Hawaii. A bad winter in the mainland United States increases demand for tropical vacati
gavmur [86]

Answer:

Increase

Explanation:

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Producer surplus means the difference between the market price and the lowest price a producer is willing to take for his product.

The addition of the two gives total surplus which is also known as economic surplus.

In economics, market price and quantity of a good are obtained when supply and demand curves intersect. The space before the intersection of the two curves is where the consumer is ready to pay higher than the price which suppliers is ready to a given quantity the good. There is therefore surplus for both of them at the market price.

If the demand curve shifts to the right while the supply curve remains constant, the market price will rise and this will lead to increase both consumer and producer surplus increase. By implication, total surplus will rise since it is the addition of both consumer and producer surplus.

Therefore, total surplus will increase if a bad winter in the mainland United States increases demand for tropical vacations, which shifts the demand curve to the right while the supply curve stays constant.

I wish you the best.

5 0
4 years ago
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Sladkaya [172]

Answer:

56,000 units

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Therefore for computing the Units to be Purchased in September we simply applied the above formula.

8 0
3 years ago
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