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Orlov [11]
3 years ago
6

You want to purchase a new car in 88 years and expect the car to cost ​$58 comma 00058,000. Your bank offers a plan with a guara

nteed APR of 5.5 %5.5% if you make regular monthly deposits. How much should you deposit each month to end up with ​$58 comma 00058,000 in 88 ​years?
Business
2 answers:
Fudgin [204]3 years ago
6 0

Answer:

The monthly deposit required is $2,411.

Explanation:

We can use a financial calculator to solve the following.

The period is for 88 years thus we will make N = 88.

The interest rate is 5,5% thus we will make I/Y = 5,5$

The future value needs to be $58000. Thus FV = 58000

The present value is currently 0.

We need to calculate the monthly payments. Thus we will solve for payments (PMT).

The annual investment will be 28,939 / 12 = $2,411 per month over 88 years.

Alternatively we can use the annuity formula which is PMT = FV x i / (1+i)^{88} - 1

Using this formula we also end up with an answer of 28,939. We then divide this by 12 to get the monthly amount of  $2,411.

Kruka [31]3 years ago
3 0

Answer:

The answer is $483.33

Explanation:

To solve this problem, we will use the following formula:

A = d((1+r/n)^nt-1)/(r/n)

Where:

r = rate (0.055)

n = number of compoundings per year (12)

nt = total number of compoundings (96)

A= d ((1+.055/12)^96-1)/(.055/12)

58,000=d(1.55)-1)/(.055/12)  

58,000 = 120d

d=$483.33

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Erin Brushwood sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue $
Anna [14]

Answer:

A) 32,090 cookies

B) $ 0.5665336

C)   32.938%

<em>Questions:</em>

A) If Erin sells her cookies for $1.72 each, how many cookies did she sell during the month?

B) Contribution margin per cookie

C) Contribution margin ratio

Explanation:

A) sales revenue / sale price per unit

55,194 / 1.72 = 32.089,53

B) and C)

variable cost:

manufacturing                        28,232

selling 8,908 x 20% =                1.781,6‬

administrative 11,516 x 60% =<u> 6.909,6‬  </u>

   Total variable cost:             37.014,2‬

Contribution Margin: 55,194 - 37,014.2 = 18.179,8‬

Contribution Margin Ratio 18,179.8 / 55,194 = 0,329380 = 32.938%

Contribution Margin per cookie:

$1.72 x 32.938% = 0,5665336

5 0
2 years ago
PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST)
Pani-rosa [81]

Answer:

stock-held savings institution

Explanation:

6 0
3 years ago
A(n) ________ report is a general report of the applicant's finances, character, morals, work, hobbies, and other habits.
VashaNatasha [74]

The correct answer is the inspection report. It is because the inspection report covers of the information regarding about the applicant in terms of their character, the people associated with them and as well as the hobbies or anything related that could be based on their work.

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After first obtaining a real estate sales license, said licensee must take how many DRE core three-hour approved continuing educ
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2 years ago
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired
nordsb [41]

Answer:

treasury stock   1,645,600 debit

             cash        1,645,600 credit

--to record he purchase of TS--

cash       925,000 debit

    treasury stock         850,000 debit

   additional paid-in TS  75,000 debit

-to record sale of TS above their cost--

cash                         760,500 debit

additional paid-in TS  35,100 debit

           Treasury Stock    795,600 credit

Explanation:

<em><u>treasury stock cost:</u></em>

24,200 shares x $68 each = 1,645,600

sale of TS

proceeds:  12,500 x $74 =925,000

cost:           12,500 x $68 = 850,000

additional paid-in TS 75,000

second sale of TS:

proceeds _ 11,700 x $65   760,500

Cost:           11,700 x $68    795,600

 additional paid-in TS          35,100

6 0
2 years ago
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