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
allsm [11]
3 years ago
7

You want to have $60,000 in your savings account 12 years from now, and you’re prepared to make equal annual deposits into the a

ccount at the end of each year. If the account pays 6.4 percent interest, what amount must you deposit each year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
Rufina [12.5K]3 years ago
4 0

Answer:

Annual deposit= $3,474.39

Explanation:

Giving the following information:

You want to have $60,000 in your savings account 12 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. The account pays 6.4 percent interest.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (60,000*0.064)/[(1.064^12)-1]= $3,474.39

You might be interested in
Jeffrey Company wants to double production of Product X from 1,000 units to 2,000 units. The variable manufacturing cost per uni
Whitepunk [10]

Answer:

The incremental revenue of the proposed change = $ 50,000

8 0
3 years ago
Read 2 more answers
When a company sells property and then leases it back, any gain on the sale should usually bea. deferred and recognized as incom
Julli [10]

Answer: A. deferred and recognized as income over the term of the lease.

Explanation:

In a sale-leaseback transaction, that is when a property is sold by a company and leased back, the property seller is the lessee and the property purchase is the lessor. In this case, a sale-leaseback will allow a company to sell an asset so that the company can raise capital, after which the asset can then be leader back.

When a company sells property and then leases it back, any gain on the sale should usually be deferred and recognized as income over the term of the lease.

6 0
3 years ago
Payments from customers received before performing services for the customers are recorded as
Pachacha [2.7K]

Answer:

B) liabilities.

Explanation:

When the payment is received from the customer before performing the services is known as unearned service revenue

The journal entry is

Cash A/c Dr XXXXX

          To Unearned Service revenue A/c XXXXX

(Being advance payment is received)

We simply debited the cash account as cash is received and credited the respective account i.e unearned service revenue

7 0
4 years ago
For the population of firms in the chemical industry, let rd denote annual expenditures on research and development, and let sal
Dmitry_Shevchenko [17]

Answer:

See the attached pictures for detailed answer.

Explanation:

See the attached pictures for explanation.

6 0
3 years ago
3. The idea that service quality depends heavily on the quality of the buyer-seller interaction
Nostrana [21]

Answer:interactive Marketing

Explanation:

4 0
3 years ago
Other questions:
  • How do communist and socialist political theories differ from each other?
    14·1 answer
  • Too Young, Inc., has a bond outstanding with a coupon rate of 6.9 percent and semiannual payments. The bond currently sells for
    7·1 answer
  • On March 5, 2020, Northwest Co. purchased $400,000 in merchandise on account with credit terms of 1/15, n/45. Purchases were all
    14·2 answers
  • Exercise 20-6 Manufacturing: Direct materials budget LO P1 Rida, Inc., a manufacturer in a seasonal industry, is preparing its d
    5·1 answer
  • ___________ is a process used to test consumer reactions about a product among potential users.
    11·2 answers
  • Darius, Inc. has the following income statement (in millions): DARIUS, INC. Income Statement For the Year Ended December 31, 201
    13·1 answer
  • One of the departments at Yolo Industries has entered into a 9 year lease for a piece of equipment. The annual payment under the
    8·1 answer
  • 11. Which of the following statements about the role of managers
    7·1 answer
  • In a given market, the market equilibrium price and quantity are $120 and 5 million units, respectively. At a price of $100, 4.8
    8·2 answers
  • A marketing specialist works with an artist and a designer to develop new toys for children. sometimes conflict occurs when the
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!