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S_A_V [24]
3 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]3 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]3 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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"Factor of Production" is the force that combine to make the production of products and services possible.

Explanation:

Factor of production involves land, labor, capital, and entrepreneurship.

Land:

The important factor is that it creates major revenue through oil, gases and other possible resources which can be obtained from the land.

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3 years ago
The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. If Burkett Corporation is a
stealth61 [152]

Answer:

Margin of safety= $275,862

Explanation:

Giving the following information:

Sales (50,000 units) $1,000,000

Costs:

Direct materials $270,000

Direct labor 240,000

Fixed factory overhead 100,000

Variable factory overhead 150,000

Fixed marketing costs 110,000

Variable marketing costs 50,000

First, we need to calculate the total variable costs and total fixed costs:

Total variable costs= 270,000 + 240,000 + 150,000 + 50,000

Total variable costs= 710,000

Total fixed costs= 100,000 + 110,000= 210,000

Now, we need to determine the break-even point in dollars:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 210,000 / [(1,000,000 - 710,000)/1,000,000]

Break-even point (dollars)= 210,000/0.29

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Finally, the margin of safety in dollars:

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Margin of safety= 1,000,000 - 724,138

Margin of safety= $275,862

6 0
3 years ago
​Boeing's decision to build​ 80% of its wing flap motors​ in-house is an example of which​ strategy? A. Unrelated diversificatio
ad-work [718]

Answer:

D) Backward integration

Explanation:

A backward integration strategy is a type of vertical integration where a company starts producing materials or components previously purchased from vendors. E.g. Boeing purchases its wing flap motors from a vendor, but if it decides to produce them themselves it will carry out a backward integration (upstream).

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3 years ago
A service provided by -e-government that requires access to the Internet is _____.
Serjik [45]

Answer:

B. E-tax returns

Explanation:

E-tax returns is the electronic filing of tax returns via the internet.  It entails online submission of pre-approved tax return forms available on the tax authority's website.

In recent years, governments have put measures to facilitate e-returns. It has simplified the process making it popular among taxpayers. Electronic tax filing has have contributed to having a high number of citizens registering as taxpayers.

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3 years ago
What is the value to a start up business of using primary marketing research
KengaRu [80]

Answer:

By conducting primary research using unbiased panellists, entrepreneurs can gain the latest information about the consumer's wants and needs, allowing them to adapt their product or service accordingly and gain a competitive advantage.

Explanation:

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