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
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.

You might be interested in
Corner Supply has a current accounts receivable balance of $246,000. Credit sales for the year just ended were $2,430,000. How m
Wewaii [24]

Answer:

See below

Explanation:

Given the above information, the average debtor days is computed as seen below.

= Total receivables / Credit sales × 365

Total receivables = $246,000

Credit sales $2,430,000

Then,

Average debtor days

= $246,000 / $2,430,000 × 365

= 36.95 days

Hence, it would take 36.95 days on the average for credit customers to pay off their debts during this past year

4 0
3 years ago
What percentage does a bank expect you to put down on a house
myrzilka [38]
Hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
5 0
3 years ago
Read 2 more answers
Which of the following constitutes constructive receipt in the current year ended December​ 31?a. A salary check received at​ 6:
zubka84 [21]

Answer:

a. A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.

b. A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.

Explanation:

The principle of constructive receipt is determined by when the person who receives the income had control over it. An individual or company is considered to have control over income when it is credited to that person or company. Basically, it's when you could spend that income if you wanted, even if you don't spend it.

From the principle of constructive receipt in the above paragraph, only option a (A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.) and b ( A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.) fall within the category. The other three options, the person is unable to spend the check even if they wanted to, until after December 31.

6 0
3 years ago
Jmes Graham Manufacturing is a small manufacturer that uses machine-hours as its
IgorLugansk [536]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Company - Job 62 - Job 63

Direct materials: $60,000 - $4,500 - $7,100

Direct labor: $25,000 - $2,500 - $4,200

overhead costs $72,000

Machine hours: 90,000 - 1,350 - 3,100

During 2019, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000. Job 62 consisting of 1,000 units and Job 63 consisting of 2000 units were completed during the month.

A) To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 72,000/90,000

Estimated manufacturing overhead rate=  0.8 per machine-hour

B) Total manufacturing cost= direct material + direct labor + allocated overhead

Job 62:

Total manufacturing cost= 4,500 + 2,500 + 0.8*1,350

Total manufacturing cost= $8,080

Job 63:

Total manufacturing cost= 7,100 + 4,200 + 0.8*3,100

Total manufacturing cost= $13,780

C) Unitary cost= total cost/ number of units

Job 62:

Unitary cost= 8,080/1,000= $8.08

Job 63:

Unitary cost= 13,780/2,000= $6.89

D) First, we need to apply overhead for the company as a whole:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.8*95,000

Allocated MOH= $76,000

Now, we can calculate the over/under applied overhead:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 71,000 - 76,000

Overapplied overhead= $5,000

E) Job 62= 14,000

Job 63= 18,000

Gross profit= sales - cost of goods sold

Job 62:

Gross profit= 14,000 - 8,080= $5,920

Job 63:

Gross profit= 18,000 - 13,780= $4,220

7 0
3 years ago
Reliable Industries is a maker of component parts in heating and cooling ventilation systems. The company is looking for a site
sladkih [1.3K]

Answer: facility location

Explanation:

Based on the information given, it can be infered that Reliable Industries is in the process of facility location.

Facility Location simply refers to the selection of the rightt location for the manufacturing facility. The location selected should be easily accessible for the customers and transportation.

Selecting a suitable facility location is essential for an effective operation.

4 0
2 years ago
Other questions:
  • Zoey is just learning to read. it takes a lot of work for her to read even one sentence because she needs to sound out every wor
    5·1 answer
  • If congress increases the minimum wage to $7.25 per hour, what happens to the demand for consumer goods as a result?
    15·2 answers
  • A(n) _______________________________is the right to possess a piece of land for your life and to devise the land to your heirs u
    9·1 answer
  • For traditional retailers selling physical goods, _____ is the biggest constraint limiting a firm's ability to offer customers w
    14·1 answer
  • Baine lived in Bristol Harbor, a resort area on the Atlantic coast. She entered into a written agreement to sell her daily catch
    14·1 answer
  • The selling price of houses would be most likely to decrease if there were first a decrease in which of the following? A. New-ho
    12·2 answers
  • Which of the following activities is not correctly associated with its cash flow classification? A) Operating – Sale of merchand
    14·1 answer
  • Payroll records show employee earnings and any deductions from those earnings.<br> True<br> False
    13·1 answer
  • According to the video, what do Security Guards commonly protect? Select all that apply.
    8·2 answers
  • Asap pls!!!
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!