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galina1969 [7]
3 years ago
7

You're trying to save to buy a new $199,000 Ferrari. You have $49,000 today that can be invested at your bank. The bank pays 5.7

percent annual interest on its accounts.
How long will it be before you have enough to buy the car?
Business
1 answer:
Gelneren [198K]3 years ago
6 0

Answer:

It will take 25.28 year to have enough to buy the car ( ignoring Inflation effect)

Explanation:

Current Deposit = PV = $49,000

Future Value = FV = $199,000

Interest Rate = r = 5.7%

Use following Formula

FV = PV ( 1 + r )^n

$199,000 = $49,000 ( 1 + 0.057 )^n

$199,000 / $49,000 = ( 1 + 0.057 )^n

4.06 = 1.057^n

Log 4.06 = n log 1.057

n = log 4.06 / log 1.057

n = 25.28

it requires 25.28 year to have an amount to buy the Ferrari.

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Answer:

$612

Explanation:

To compute the depreciation, first we have to compute the depreciation per hour which is given below:

= (Cost of diesel-powered tractor  - estimated residual value) ÷ (useful operating life)

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Now the depreciation would be

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= $612

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3 years ago
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Answer:

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Scilla [17]

Answer:

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