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Virty [35]
3 years ago
15

You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your cu

rrent job. If you can invest the money in a bond that pays 5.46 percent interest annually, how long will it be before your inheritance is worth $1 million? (If you solve this problem with algebra round intermediate calculations to 5 decimal places, in all cases round your final answer to 2 decimal places, e.g. 8.72.)
Business
1 answer:
suter [353]3 years ago
6 0

Answer:

10.64 years

Explanation:

To find the number of years , use this formula :

FV / PV = (1 + r) ^n

FV = Future value  = $1 million

P = Present value  = $560,000.

R = interest rate  = 5.6%

N = number of years  

$1,000,000 / $560,000 = (1.056)^n

1.785714  = (1.056)^n

Find the In of both sides

n = 10.64 years

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c. There are more unemployed resources.

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At equilibrium income level, aggregate expenditure is equal to aggregate output. The equilibrium equation can be written as Y = C+I+G+X-M where

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At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of
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Explanation:

The journal entry to record the expenditure account is shown below:

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So, the debit petty cash account would not be considered as it is credited while passing the journal entry.

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2 years ago
M. Fields, Inc. wishes to accumulate $1,000,000 to be used to pay off a loan at the end of 10 years. How much will M. Fields dep
sveticcg [70]

Answer:

c) $56,984

Explanation:

First, kindly find attached the completion of the question including the multiple choices below

Round your answer to the nearest dollar.

Select the appropriate factor for your calculation:

Future Value of $1: 3.10585

Future Value of an Annuity of an Ordinary Annuity: 17.54874

a) 45,586  b) $33,334  c) $56,984  d)$26,432

Solution

First, we pull out important information as follows

The future value of the accumulation is $1,000,000, therefore, the future value of the ordinary annuity (17.54874) will be used.

Secondly,we now need to calculate the amount to be invested now, to bring an accumulation of $1,000,000, which we call x

The future value= x ( Future Value of an Annuity of an Ordinary Annuity)

= 1,000,000 = x (17.54874)

= $1,000,000 = 17.54874x

x= $1,000,000 / 17.54874

The amount to invest = $56,984

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3 years ago
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