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nataly862011 [7]
3 years ago
8

Tyrone wants to spend $15,000 on a new car three years from now. He opens a savings account and deposits $3,250 today. One year

from now, he plans to deposit $3,000 in the account, and one year after that, he plans to deposit another $3,000. If the account earns 6% interest per year, how much additional money will Tyrone need to meet his $15,000 goal?
Business
1 answer:
WITCHER [35]3 years ago
7 0

Answer:

Tyrone will need $4578.4 to meet his $15,000 goal

Explanation:

Tyrone wants to spend amount on a new car three years from now=$15,000

Formula : A=P(1+\frac{r}{100})^n

Where A=future value

P=present value  

r=rate of interest

n=time period.

Future value of deposits=3250 \times(1.06)^3+3000 \times(1.06)^2+3000 \times (1.06)

Future value of deposits= 10421.60

So, additional money needed=15000-10421.60=4578.4

Hence  Tyrone will need $4578.4 to meet his $15,000 goal

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<u>Answer:</u>

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8 0
3 years ago
Borrowed 152300 for three years if the qouted rate (apr) is 11.75% and the compounding is daily what is the effective annual rat
Vikki [24]

Answer:

The appropriate response is "12.47%".

Explanation:

The given values are:

Borrowed amount,

= 152300

APR,

= 11.75%

i.e.,

= 0.1175

Now,

The effective annual rate will be:

= (\frac{1+APR}{n} )^n

On substituting the given values, we get

= (\frac{1+0.1175}{365} )^{365}

= (\frac{1.1175}{365} )^{365}

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7 0
3 years ago
EA4.
mart [117]

Answer:

$1,000

Explanation:

As we know that

Cost of material used = Beginning balance of inventory + purchase made during the month - ending balance of inventory

$900 = $200 + purchase made during the month - $300

$900 = -$100 + purchase made during the month

So, the purchase made during the month would be

= $900 + $100

= $1,000

We simply added the purchase to the beginning inventory and deduct the ending inventory

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3 years ago
When choosing a career, you should review the to find out whether or not there will be a demand for this profession in the years
Bond [772]
This is a true fact, what is the question though?
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777dan777 [17]

Answer:

Problem Recognition.

Information Search.

Evaluation of Alternatives.

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Post-Purchase Evaluation

Explanation:

1. Problem Recognition: This relates to the existence and realization of the  <u>need gap</u> between what they have and what they want.

2. Information Search: This is the next stage where the consumer begins to search for how to close the need gap.

3. Evaluation of Alternatives: After searching for  available information on potential way(s) to meet the existing need, the product of the search could reveal numerous alternatives from which a choice will be made after thorough evaluation

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2 years ago
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