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
Ket [755]
3 years ago
9

Raina wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 2.4 % interest , compounded monthly

. Payments will be made at the end of each month. How much money will she need to pay into the annuity each month for the annuity to have a total value of $5000 after 3 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of finandial formulas.
Business
1 answer:
trapecia [35]3 years ago
7 0

Answer:

She need to pay $134 into the annuity each month for the annuity to have a total value of $5000 after 3 years.

Explanation:

Total value of annuity after = $5,000

Interest rate = 2.4% = 0.024 compounded annually

Number of year = 3 years

Future Value of Annuity = P [ ( ( ( 1 + r )^n)-1 ) / r ]

$5,000 = P [ ( ( ( 1 + 0.024/12 )^3x12 )-1 ) / 0.024/12  ]

$5,000 = P [ ( ( ( 1 + 0.002 )^36 )-1 ) / 0.002 ]

$5,000 = P X 37.29

P = $5,000 / 37.29

P = $134.1 = $134

You might be interested in
What were the main factors in both the North and South for the abandonment of Reconstruction?
OverLord2011 [107]
Social effects were bringing families back together, the Emancipation act, and churches and schools being available to former slaves. What were the main factors, in both the North and South, for the abandonment of Reconstruction?- Land, jobs, and establishing the Bureau were the main factors for both.
8 0
3 years ago
Consider the following financial statement information for the Sourstone Corporation:
DENIUS [597]

Answer:

A. 56.32 days

B. 40.38 days

Explanation:

The Operating cycle is the Inventory period + AR period

Inventory period= 365/(Cost of goods sold/Average inventory)

Average inventory= (Beginning Inventory + Ending Inventory)/2

Accounts Receivable period= 365/(Credit Sales/Average Accounts Receivable )

Average Accounts Receivable= (Beginning Accounts Receivable + Ending Inventory Accounts Receivable)/2

Calculated Inventory period= 42.58 days

Calculated Accounts Receivable period= 13.74 days

The Cash cycle is also called the Net Operating cycle which is the Inventory period + Accounts Receivable period- Accounts Payable period

Accounts Payable period= 365/(Cost of goods sold/Average Accounts Payable)

Average Accounts Payable = (Beginning Accounts Payables + Ending Inventory Accounts Payable)/2

Calculated Accounts Payable period= 15.94 days

5 0
3 years ago
Alison Skateland, a real estate broker in Yuba City, California, has recently become interested in the sale of business opportun
Dafna1 [17]

Answer: the correct answer is A) If real property is involved in the sale, the broker (Alison, in this case) usually treats the sale of the business and sale of the land/building as two separate and concurrent transactions with two concurrent and contingent escrows.

Explanation:

The sale of business opportunities may involve the sale of only personal property.

Alison, in dealing with the sale of business opportunities, must remember to inform the purchaser of the various governmental agencies that the purchaser should contact for required permits, licenses, and clearances. These agencies include the IRS, State Board of Equalization, State Department of Benefit Payments, State Department of Industrial Relations, and various other county and municipal agencies.

The sale of a business opportunity includes the business's stock, trade fixtures, and trade name, a competition agreement, and lease assignment. While such a sale also includes the goodwill of a business, a monetary value cannot be placed on the goodwill.

7 0
3 years ago
What is price and explain factors that influencing price. Give at least 5 factors and explain them.
Archy [21]
It would be 764 have a good day bye
7 0
3 years ago
Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an in
aivan3 [116]

Answer:

Answer not available.

Explanation:

I did this equation and i got 5,880, and i do believe that my work is correct but it may not be so.....

7 0
3 years ago
Other questions:
  • Given the following information, determine the activity rate for setups. Activity Total Activity-Base Usage Budgeted Activity Co
    13·2 answers
  • Line workers at a Virginia steel mill developed a new process that made the line safer. It went through only one level of manage
    13·1 answer
  • A company could improve its acid-test ratio by selling some equipment it no longer needs for cash. a. True b. Flase
    11·1 answer
  • Which of the following statements represent the appropriate directional relationships between the concepts of inherent risk, con
    11·1 answer
  • A company marketing team identifies a small group of consumers who fit the profile of the typical customer. The team observes, g
    7·1 answer
  • How much does it cost to declaw a cat at petsmart?
    10·1 answer
  • Raw materials inventory, beginning$1,200 Raw materials inventory, ending1,400 Work in process inventory, beginning7,100 Work in
    14·1 answer
  • Lyman's business has grown to 400 employees with annual revenues of $15 million. He would like to expand further but needs anoth
    10·1 answer
  • What does COBRA status allow you to do?
    5·1 answer
  • Undercapitalization refers to the problem of: Group of answer choices insufficient funds to operate a business normally. inadequ
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!