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
Klio2033 [76]
2 years ago
5

Spence wants to have $176,000 in 7 years. He plans to make regular savings contributions of $13,100 per year for 7 years, with t

he first of these regular savings contributions made in 1 year. He also expects to make a special savings contribution of X in 3 years. He expects to earn 17.18 percent per year. What is X, the amount of the special savings contribution that Spence will make in 3 years?
Business
1 answer:
Contact [7]2 years ago
5 0

Answer:

$11,098.94

Explanation:

first we must calculate the future value of the 7 year annuity:

FV of an annuity = p x {[(1 + r)ⁿ - 1] / r}

  • p = $13,100
  • r = 17.18%
  • n = 7

FV of an annuity = $13,100 x {(1.1718⁷ - 1) / 0.1718} = $13,100 x 11.8377 = $155,073.56

since he wants to have $176,000, he needs $20,926.44 more in 7 years (= $176,000 - $155,073.56)

X = FV / (1 + r)ⁿ

  • future value =
  • n = 4 years
  • r = 17.18%

X = $20,926.44 / 1.1718⁴ = $11,098.94

You might be interested in
Question 8 of 10
s344n2d4d5 [400]

It is important to name an executor B. To provide that beneficiaries acquire whatever they want from the estate.

<h3>Who is an executor?</h3>

An executor exists as someone who stands responsible for executing or following an assigned task or duty. The feminine form, executrix, may sometimes be utilized.

An executor typically presents the will for probate, brings the action to rescue the assets of the estate, creates distributions of effects to beneficiaries, and produces the debts and taxes of the estate.

An executor handles your estate when it's in probate (aka the procedure of being distributed and carried out). Particularly, they begin and observe through the probate approach. They also manage your assets, pay your obligations, and allocate property to your heirs as summarized in your will

Hence, It is important to name an executor B. To provide that beneficiaries acquire whatever they want from the estate.

To learn more about executor refer to:

brainly.com/question/10308372

#SPJ9

7 0
1 year ago
Read 2 more answers
What is revision?<br><br> a. the step in the writing process where you look
Strike441 [17]

Answer:

Revision is a process in writing of rearranging, adding, or removing paragraphs, sentences, or words. Writers may revise their writing after a draft is complete or during the composing process

Explanation:

7 0
2 years ago
“A business organization requires both long term and short term capital which can
Anna007 [38]
The example of ownership capital is : Shares

Shares determine that you have a part of percentage of the company (you will also get part of its income)

Example of Borrowed capital is : Leasing.
Leasing is a rental agreement in which you can borrow goods that you can use for your production process

hope this helps
5 0
3 years ago
From 1965 to 2013, women went from 9 percent to _____ percent of u.s. medical students. 52 30 47 12
LUCKY_DIMON [66]
The answer to this question would be: 47%

In 1965, there are just 9% of women that taking medical program but in 2013 the amount is nearly same as the man. The increase is more intense before 1990 which was 40%. It would be 31% increase from 1965. The percentage of the total applicant and the accepted applicant is nearly same, so the increase is mostly done because there are more women applicant in later years.
8 0
2 years ago
A partial payment given in order to show intent of purchase is called what?
mel-nik [20]
A down payment is a <span>partial payment given in order to show intent of purchase.  When you intend to make a purchase of an item but do not have the means to pay in full or if a full upfront payment is not required, a down payment may be. A down payment can be a set amount or percentage that is agreed upon by the purchaser and the seller for the intent to purchase the item in full. In most cases, there is a contract outlining the partial down payment and then when everything is due in full. </span>
6 0
2 years ago
Other questions:
  • Insurance Agency started the year with a beginning capital balance of $ 25 comma 000. During the​ year, Rogers Insurance Agency
    14·1 answer
  • Representatives from Kraft spent several months with consumers in their kitchens, attempting to understand what they wanted in r
    7·1 answer
  • Which historical style period lasted less than 100 years?
    12·1 answer
  • You could spend four years studying at the world's best university, but you would have to keep your attendance there a secret. O
    9·1 answer
  • A fast-food restaurant has determined that the chance a customer will order a soft drink is 0.90. The proba- bility that a custo
    6·1 answer
  • Explain how banks can create money.
    5·1 answer
  • Which of the following statements about entrepreneurs is FALSE? A. Entrepreneurs are people who start a new business. B. Entrepr
    5·1 answer
  • Ralph Lauren sells suits and ties. Suits sell for $1000 each, and cost $300 in variable expenses to make each. Ties sell for $10
    15·1 answer
  • Find three celebrities of your choice. Type a paragraph for each celebrity explaining their net worth. Include their background
    14·2 answers
  • The law of demand states that, other things equal, when the price of a good.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!