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S_A_V [24]
2 years ago
7

You believe you will need to have saved $590,000 by the time you retire in 30 years in order to live comfortably. If the interes

t rate is 6% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Business
2 answers:
FromTheMoon [43]2 years ago
6 0

Answer:

$7462.86

Explanation:

Given

FV= $590000

r =6%

n = 30

C =? period payments

So the future value of annuity is appropriate to use

FV = C × {(1+r)^t-1/r}

Then substitute in formula and solve for Annual savings (C)

590000 = C × {(1+0.06)^30-1/0.06}

590000 = C × 79.0582

C = 590000/79.0582

C = $7462.86

evablogger [386]2 years ago
3 0

Answer:

The amount of money you must save each year to meet your retirement goal is $7,462.86

Explanation:

Acording to the data, we have the following:

Future value =$590,000 , N = 30 years and I = 6%

Therefore, to calculate the amount of money you must save each year to meet your retirement goal you have to use the formula of the future value.

Future value = yearly deposit * FVIFA (N,i)

$590,000 = deposit * FVIFA (30 , 6%)

Deposit = $590,000 / 79.0582 = $7,462.86 . Money to save each year.

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Answer:

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Explanation:

Revised Depreciation can be calculated in 3 steps:

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<u> </u>

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<u> </u>

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Revised Depreciation charge = ($26,000 - $4,000) / 10 Years = $2,200 per year

6 0
2 years ago
Input costs that require an outlay of money by the firm are called _______ costs while input costs that do not require an outlay
kolbaska11 [484]

Answer: Explicit costs , Implicit cost.

Explicit Costs is an Input costs that require an outlay of money by the firm. e.g (Paying for supplies, paying workers).

Implicit Costs is an Input costs that do not require outlay of money by the firm. e.g (Could be working somewhere else and making money but giving up the money you could be making because of where you work now).

3 0
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dimaraw [331]

Answer:

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Explanation:

The correct word for the given statement is acquisition cost

So option (c) is correct option

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4 0
3 years ago
Rick and Joe get together and start a mortgage brokerage business. They each contribute $25,000 of capital to the business. Afte
bezimeni [28]

Answer:

a.common stock.

Explanation:

The additional $10,000 of owners equity after listing on the stock market will be named as common stock. After listing company issues shares for capital investment in it. Common stock is the appropriate term used for every addition in the owners equity. So the correct option is a.common stock.

7 0
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andrew11 [14]
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8 0
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