1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Arlecino [84]
3 years ago
15

Denise has her heart set on being a millionaire. What payment does Denise need to make at the end of each month over the coming

44 years at 6​% APR to reach her retirement goal of ​$1 ​million?
Business
1 answer:
ArbitrLikvidat [17]3 years ago
7 0

Answer:

$ 941 796

Explanation:

The present amount with compound interest is given by the following formula:

A = P (1+\frac{r}{n})^{nt}

where A = $ 1 000 000

t (years)  = 44

rate         = 6%

               = 0.06

The formula becomes:

1 000 000 = P (1 + (0.06/44) (44*1)

1 000 000 = P (1.0618)

              P = $ 941 796

so the amount needed to be deposited is $ 941 796

You might be interested in
Darlene Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Darlene Company issued checks t
Pie

Answer:

b. $18,000

Explanation:

The computation of outstanding checks is shown below:-

Outstanding checks as of the end of July = Start with outstanding checks as of June + Amount of checks issued in July - Amount of checks that cleared in July

= $5,400 + $38,900 - $26,300

= $44,300 - $26,300

= $18,000

Note, The $300 check was issued by a customer, not Darlene.

So, for computing the outstanding checks as of the end of July we simply applied the above formula.

4 0
3 years ago
If interest rates in general were to fall, 1. the prices of existing bonds would rise 2. the prices of existing bonds would fall
IRINA_888 [86]

Answer:

1. the prices of existing bonds would rise

Explanation:

General Interest rates and price of a bond are inversely related. The market interest rate also reflects an investors expected rate of return also referred to as yield to maturity i.e YTM.

Mathematically, price of a bond is the present value of it's future stream of coupon payments as well as principal repayments discounted at investors expected rate of return i.e YTM.

So, when market interest rates fall in general, this would lead to a rise in the price of bonds as general interest rates represent yield to maturity.  

7 0
3 years ago
Zupiter Corp. follows a culture that requires strict adherence to rules and regulations with fixed time schedules for daily acti
kotykmax [81]

Answer:

consistency corporate culture.

Explanation:

Since in the situation it is given that the corporation follows the culture that means they are strict to the rule and regulations along with the time scheduling that are fixed for day to day activities so that the business could be conducted in the methodical manner so here we can say that the culture of the corporate is consistent that means it is same as before and the same should be applied in near future

3 0
2 years ago
Under the original issue discount (OID) rules as applied to a three-year certificate of deposit:a. All of the income must be rec
storchak [24]

Answer:

D. The interest income will be greater in the third year than in the first year.

7 0
3 years ago
Sophie was informed by the management of her company that she would receive her salary for the current month a day later than us
Llana [10]

Answer:

The answer is closure.

Explanation:

Sophie was informed by the management of her company that she would receive her salary for the current month a day later than usual. She assumed that all her colleagues would also receive their salaries a day later. However, that was not the case. This scenario illustrates the concept of __closure___.

8 0
3 years ago
Other questions:
  • Brian just started using a budget. He proudly tells friends that his budget helps him know where his money is being spent. It al
    8·1 answer
  • Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2017. This diff
    14·1 answer
  • MakeYourClick is an online ad agency, which is known for its ability to create ads that lure customers to purchase. Brenda, an e
    7·1 answer
  • Why are jellyfish so jellyish
    13·1 answer
  • Cartech Inc. is a manufacturer of automobile parts, which it sells to retail auto supply stores. Its core competencies include s
    14·2 answers
  • Snow Co. began operations on January 2, 2017. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation da
    15·1 answer
  • Wer More Is Less Quiz (This will be graded)
    14·1 answer
  • Analyzing and Reporting Financial Statement Effects of Bond Transactions Winston Inc. reports financial statements each December
    14·1 answer
  • During 2018, TRC Corporation has the following inventory transactions.
    8·1 answer
  • If you find a strategic partner or contact friends to test out your new idea, you are using the ______ method.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!