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Finger [1]
3 years ago
7

Today, your dream car costs $62,200. You feel that the price of the car will increase at an annual rate 2.2 percent. If you plan

to wait 6 years to buy the car, how much will it cost at that time?
Business
1 answer:
Savatey [412]3 years ago
5 0

Answer:

The dream car will cost $70,875 in 6 years time

Explanation:

Here, we are interested in calculating the amount a car will cost if we know the annual appreciation rate of the cost and we decide to wait for some years to purchase the car in question.

To calculate the cost at that time, let’s we shall be using a modification of the compound interest formula.

The cost at that time will be;

C = I(1 + r)^t

Where C is the cost after six years which is unknown

I is the present cost which is $62,200

r is the appreciation percentage = 2.2% = 2.2/100 = 0.022

t is the time which is 6 years

Substituting these values in the modified equation, we have;

C = 62,200(1 + 0.022)^6

C = 62,200(1.022)^6

C = $70,875.44

To the nearest whole amount, it should be $70,875

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Companies like Green Cleaners Inc., a U.S. company which has expanded to Spain and Poland are multinationals. Multinational organizations or enterprises have huge capital base through which they are able to acquire properties abroad.

3 0
3 years ago
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7 0
3 years ago
Bernie wants to go into the business of construction contracting. Among the reasons that would probably convince Bernie to set u
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a. its greater flexibility

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I hope my answer helps you.

6 0
3 years ago
Unfortunately, Angie doesn't have enough money in her account right now. She needs to make additional contributions at the end o
SIZIF [17.4K]

Answer: $770.22

Explanation:

If she makes equal contributions then those would be annuities. The $9,000 she wants to have will be the future value of the amount currently in her account and the annuity.

9,000 = 5,000 ( 1 + r) ^ n + ( annuity * future value interest factor of an annuity, 9%,  3 years)

9,000 = 5,000 ( 1 + 9%) ^ 3 + ( Annuity * 3.2781)

9,000 = 6,475.145‬ + 3.2781 * Annuity

Annuity  = (9,000 - 6,475.145‬) / 3.2781

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4 0
3 years ago
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