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
bixtya [17]
3 years ago
8

You believe you will spend $47,000 a year for 13 years once you retire in 26 years. If the interest rate is 7% per year, how muc

h must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) g
Business
1 answer:
nika2105 [10]3 years ago
4 0

Answer:

Annual deposit= $8,896.79

Explanation:

Giving the following information:

You believe you will spend $47,000 a year for 13 years once you retire in 26 years.

The interest rate is 7% per year.

<u>First, we need to calculate the total amount required:</u>

FV= 47,000*13= $611,000

<u>Now, using the following formula, we can determine the annual deposit:</u>

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

A= annual deposit

Isolating A:

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

A= (611,000*0.07) / [(1.07^26) - 1]

A= $8,896.79

You might be interested in
Select all of the tools you could use to track your expenses.
scoundrel [369]
Automatic bill payment,,Budget software.....hope that helps!(:
3 0
3 years ago
Read 2 more answers
PLEASE HELP :(
DedPeter [7]

Answer:

A transaction that involves the investment of cash in a business is debited because

1) For a business to invest cash for their expansion, involves the reduction of finances in the available revenue or profit for the purchase of equipment, property and software for internal use, for which money has to be drawn, which is a form of b=debit

2) For an owner investing money into his business, is taken as an increase in the amount the business owes the owner, which is equivalent to amount owed the owner which has to be recorded as a debit for financial accounting

Explanation:

3 0
3 years ago
BRAINLIEST The process you use to make your business more successful is known as
lina2011 [118]

Answer:

Marketing assessment

Explanation:

Marketing assessment is the best process you can use to make a business successful in the long run because marketing assessment is the comprehensive assessment of all the potential and risks involved in a new or existing business idea or project that is to be undertaken by a business entity.

In marketing assessment the effects of external barriers like environmental forces, market trends, competition in the market, taxes involved in the running of the business and even the resources to make the business flourish is comprehensively covered in details.

Financial Management is part of the whole process and not the process of making a business successful on its own.

8 0
3 years ago
The difference between what a firm charges for a product and the variable costs of that product is known as:
kondor19780726 [428]
Contribution per Unit is difference between what a firm charges for a product and the variable costs of that product
7 0
3 years ago
Select two skills and two personal values that you feel you have to offer in the workplace. Discuss the importance of these skil
faust18 [17]
You write some things that you are good at and some things that youthink other people value about you
6 0
4 years ago
Other questions:
  • Procter and Gamble​ (PG) paid an annual dividend of $ 2.87 in 2018. You expect PG to increase its dividends by 8.0 % per year fo
    11·1 answer
  • Hi I need help for this please help me out... this is my final week Assignment it's a career course, I don't want to fail!!! I w
    8·1 answer
  • A bond will pay $80 in interest at the end of each of the next three years, plus $1,000 at the end of the third year. If it has
    12·1 answer
  • Jack owns a local trucking company. With fuel costs being expensive, Jack wants to evaluate how much fuel, on average, he should
    7·1 answer
  • Countess Corp. is expected to pay an annual dividend of $5.05 on its common stock in one year. The current stock price is $77.75
    7·1 answer
  • Global Pistons​ (GP) has common stock with a market value of $ 200$200 million and debt with a value of $ 100$100 million. Inves
    6·1 answer
  • A company paid $0.85 in cash dividends per share. Its earnings per share is $3.50, and its market price per share is $35.50. Its
    7·1 answer
  • Last month Carlos Company had a $60,000 profit on sales of $300,000. Fixed costs are $120,000 a month. What sales revenue is nee
    14·1 answer
  • Ken just purchased new furniture for his house at a cost of $16,700. The loan calls for weekly payments for the next 6 years at
    11·1 answer
  • Blossom Corp. will pay dividends of $5.00, $6.25, $4.75, and $3.00 in the next four years. Thereafter, management expects the di
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!