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
ANTONII [103]
3 years ago
5

You put aside $300 a month in an account that returns 9% a year, compounded monthly. How long do you need to contribute to save

$1,000,000
Business
2 answers:
mrs_skeptik [129]3 years ago
6 0

Answer:

436 months or 36.33 years

Explanation:

monthly principal P = $300

Amount to be obtained A = $1,000,000

ROI per annum R% = 9%

or ROI per month r% = 9/12 = 0.75%

and n = no. of months

We know that

A= P(1+\frac{r}{100})^n

plugging values we get

1,000,000= 300(1+\frac{0.75}{100})^n

solving the above equation we get

n = 436 months

which is equal to 36.33 years.

Anettt [7]3 years ago
5 0

Answer:

36 years 4 months and 2 days

Explanation:

Data provided in the question:

Monthly payment = $300

Rate of return, i = 9% = 0.09

Future value = $1,000,000

Now,

we know

Future value = Monthly payments × \left[ \frac{(1+i)^{n}-1}{i} \right]

or

1000000  = $300 × \left[ \frac{(1+0.0075)^{ }-1}{ 0.0075 }

or

\frac{ 1000000}{ 300} &= \frac{ 1.0075^{n} - 1}{ 0.0075}

3333.33333 &= \frac{ 1.0075^{n} - 1}{ 0.0075}

1.0075^{n} - 1 &= 3333.33333 \times0.0075

or

1.0075ⁿ - 1 = 25

or

1.0075ⁿ = 26

ln( 1.0075ⁿ) = ln(26)

or

n × ln( 1.0075 ) = ln(26)

or

n = [tex]\frac{ \ln (26) }{ \ln( 1.0075 ) }[tex]

or

n = 436.04  months

or

n = 36 years 4 months and 2 days

You might be interested in
Why might a person decide to take advantage of a non-installment credit offer?
Korolek [52]
A person would take advantage of a non installment credit offer if there was no interest charged on on the loan. Many of these offers will not charge interest on the loans if the loan is paid off in a short amount of time. Usually within 3 to six months of the time the loan is started. These offers are usually for appliances and furniture. You can always ask the store you are visiting if they have these offers available. If you don't pay the loan off within the amount of time, you are then charged the interest and have a longer amount of time to pay the loan off. 
8 0
3 years ago
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:
lesantik [10]

Answer:

Preferred shareholder (7,500*$100)*7%   $52,500

Common shareholder (70,000×$2)          <u>$140,000</u>

Total dividend                                            <u>$192,500</u>

<u />

Date         General Journal                  Debit         Credit

10 June     Dividend                            $192,500

                        To dividend payable                      $192,500

                 (To record dividends payable)

20 June    No entry required

01 July       Dividend payable              $192,500

                         To cash                                           $192,500

                  (To record dividend payment)  

31 Dec      Retained earning               $192,500

                         To dividends                                   $192,500

                (To close dividend account)

7 0
3 years ago
Select the correct answers. Which product is the cheapest and requires the least planning from a buyer? A. specialty products B.
Aleks04 [339]

Answer:

the answer is D. convenience products

Explanation:

convenient products are much cheaper and consumers usually look for them by the brand, or sometimes, these products are homogenous in nature, so people would just go and buy it rather than comparing different products and prices.

4 0
3 years ago
Which of the following would be an advantage of engaging in international
lbvjy [14]

Answer:

B. Larger growth opportunities based on market size

Explanation:

Took the test and guessed it correctly

4 0
3 years ago
A firm's value added equals 10) A) its revenue minus its wages. B) its revenue minus all of its costs. C) its revenue minus its
Rufina [12.5K]

Answer:

D) its revenue minus its cost of intermediate goods.

Explanation:

The firm value added shows a difference between the revenue and the cost of intermediate goods

In mathematically,

Firm value added = Revenue - cost of intermediate goods

After deducting the cost of intermediate goods from the revenue we can get the firm value added

Hence, the option D is correct as it denotes the firm value added

8 0
3 years ago
Other questions:
  • In which situation would you opt for a car lease?
    15·2 answers
  • With the indirect method for determining net cash flows from operations, depreciation is: a. subtracted from net income. b. subt
    5·1 answer
  • Which of the following best describes the main difference between B2B and B2C transactions? B2B transactions involve transaction
    12·1 answer
  • CAN SOMEBODY PLEASE ANSWER ASAP WITH 100% CORRECT ANSWER
    13·1 answer
  • What questions might you ask yourself when developing your personal brand? Check all that apply. What am I not good at? What mak
    10·1 answer
  • Units to Earn Target Income Head-First Company plans to sell 5,000 bicycle helmets at $75 each in the coming year. Unit variable
    15·1 answer
  • The GDP price index is multiple choice 3 computed for each industry sector. a measure of the price of a specified collection of
    14·1 answer
  • Type the correct answer in the box. Spell all words correctly.
    8·1 answer
  • Which economic system has no formal government ​
    5·1 answer
  • Using your economic knowledge and the information you learned about Oprah Winfrey compose a well-written three-paragraph biograp
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!