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Ulleksa [173]
3 years ago
15

Jill wants to save up for a down payment for her first home to be purchased 8 years from now. If she can earn 8% on her savings

per year how much does she need to save now to make a $35,000 down payment 8 years from now?
Business
1 answer:
mash [69]3 years ago
4 0

Answer:

Jill needs to save $18909.41 at 8% for 8 years so as to have $35000 as the down payment required.

Explanation:

The present  value formula can be used in the determining the amount money invested at 8% per year so as to give $35000  in 8 years.The formula is given thus:

PV=FV/(1+r)n

FV=future value =$35000

r=rate of return =8%

n=number of years =8 years

PV=$35000/(1+0.08)^8

PV=$18909.41

However it should be noted that at year end the balance of principal and interest earned is reinvested so as earn more interest on both.

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Answer:

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Explanation:

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Consumer surplus is the difference between the amount he or she is willing to pay and how much he or she actually pays for the product. This surplus is positive when the amount paid is less than the amount for which the consumer would be willing to pay.

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4 0
3 years ago
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ELEN [110]

Answer:

The new EPS is $ 3.16  

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