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Alexeev081 [22]
3 years ago
5

Theo wants to have $40,000 for a down payment on a house five years from now. He can either deposit one lump sum today or he can

wait one year and deposit a lump sum. Assume an annual interest rate of 3.5 percent. How much additional money must he deposit if he waits for one year rather than making the deposit today?
Business
1 answer:
juin [17]3 years ago
4 0

Answer:

$1932.37

Explanation:

To find out how much additional money he must deposit if he waits for 1 year rather than making a deposit today we need to find the difference:

Difference = Value after 1 year - Present value

We first convert the interest rate percentage by dividing interest rate value by 100

Present Value = $40 000 / (1 + 0.035)5 = $7729.47

Value after 1 year = $40 000 / (1 + 0.035)4 = $9661.81

Difference = $9661.81 - $7729.47 = $1932.37

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4 0
4 years ago
You were recently promoted to the head of the machine shop. As you start to look around, you notice that there are many machines
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Answer:

Here we can use a approach which is know as 5 S PLUS 1 S.

Explanation:

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7 0
3 years ago
Neil, a digital painter at an animation company, is given a monthly target of 15 projects. He completes 10 or 20 projects a mont
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Answer:

The correct answer is C) A variable ratio reinforcement schedule .

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4 years ago
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What are two things you need to maintain if you assist a person with banking and bill paying?
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transaction record and a reconciliation of the transactions

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8 0
4 years ago
The Constitution sets forth specific powers that can be exercised by the national government and provides that t national govern
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3 years ago
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