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
Dmitry_Shevchenko [17]
3 years ago
8

Compound interest is a very powerful way to save for your retirement. Saving a little and giving it time to grow is often more e

ffective than saving a lot over a short period of time. To illustrate​ this, suppose your goal is to save​ $1 million by the age of 6060. What amount of money will be saved by socking away ​$11 comma 79311,793 per year starting at age 2929 with aa 66​% annual interest rate. Will you achieve your goal using the​ long-term savings​ plan? What amount of money will be saved by socking away ​$27 comma 18627,186 per year starting at age 4040 at the same interest​ rate? Will you achieve your goal using the​ short-term savings​ plan?
Business
1 answer:
Ierofanga [76]3 years ago
7 0

Answer:

In both cases you will reach $1 million in savings

Explanation:

Giving the following information:

Suppose your goal is to save​ $1 million by the age of 60.

1) What amount of money will be saved by socking away ​$11,793 per year starting at age 29 with a 6​% annual interest rate?

We need to use the final value formula with an annual deposit:

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

A= annual deposit

FV= {11793*[(1.06^31)-1]}/0.06= $1,000,066.18

2)What amount of money will be saved by socking away ​$27,186 per year starting at age 40 at the same interest​ rate?

FV= {27186*[(1.06^20)-1]}/0.06

FV= $1,000,053.1

You might be interested in
The underlying conditions that create demand by users for reliable information include?
FinnZ [79.3K]

Transactions that are numerous and complicated, users who are separated from accounting records by distance and time, financial judgments that are significant to users and investors, and time-sensitive decisions are some of the underlying factors that drive demand by users for trustworthy information.

An agreement that has been fulfilled between a buyer and a seller to trade goods, services, or financial assets in exchange for cash is referred to as a transaction. In corporate accounting, the phrase is also frequently used. This simple definition can be difficult to apply in business bookkeeping. Depending on whether a corporation employs accrual accounting or cash accounting, a transaction may be recorded by it sooner or later.

To know more about transaction.

brainly.com/question/1016861

#SPJ4

4 0
2 years ago
Realizing that it was time to invest in an updated information system, a young ceo made the following announcement in his weekly
77julia77 [94]

Answer:

Option C is correct because nowadays every company desires to recruit people who are change oriented thinkers. The reason is that the future is of the companies that think out of box. So company is not an individual person, they always require people like us to explore, find and reform the company on a regular bases. I think you know about Kodak, a traditional camera and camera film producer which went near to bankrupt because the company didn't opted to digital cameras which resulted in loss of its market share. So adopting change in companies is as vital as vitamins in human life.

7 0
3 years ago
Read 2 more answers
A ______________ merger unites firms at different stages of related businesses.
Salsk061 [2.6K]
Vertical merger is the joining of two companies involved in different stages of related businesses.
5 0
3 years ago
For some time now, GlaxoSmithKline (GSK), a pharmaceutical company, has been making anti-AIDS drugs available in underprivileged
Charra [1.4K]

Answer:

Discretionary responsibility

Explanation:

Discretionary responsibility refers to a voluntary decision of a company to make a contribution to the society that it is not required to do and it is beyond the expectations to help the community. According to this, the answer is that by providing the drugs at a lower cost, GSK is fulfilling its discretionary responsability because the company is going beyond its obligations and it is contributing to society by making anti-AIDS drugs available at up to 75% less than the global price.

7 0
3 years ago
Analyzing Unearned Revenue Disclosures
Elan Coil [88]
Oh god its too long!!
4 0
4 years ago
Other questions:
  • true or false: a supply curve describes how much a producer of services are willing to sell at different prices
    5·1 answer
  • ABC Corporation has just completed an IPO raising $100 million. The investment bankers handling the offering made total commissi
    6·1 answer
  • Manistee Corporation reported taxable income of $1,200,000 this year and paid federal income taxes of $408,000. Not included in
    15·1 answer
  • A company had inventory on November 1 of 5 units at a cost of $13 each. On November 2, they purchased 16 units at $15 each. On N
    13·1 answer
  • A. identify the phase of the audit in which each activity occurs.
    11·1 answer
  • Tab exchanges real estate used in his business along with stock for real estate to be held for investment. The stock transferred
    10·1 answer
  • Barry is the branch manager of a large toy store. He has been given the responsibility to communicate with, coach, and motivate
    8·1 answer
  • ou invent of a new type of dog leash. You choose a market segmentation approach and decide to target the large national populati
    11·1 answer
  • Over the last several decades, the United States has usually had a trade surplus. a trade deficit. decreasing trade levels. bala
    5·1 answer
  • big data gets its name from the reality that about 90% of the world’s data was created in the past two years—a fact that is chan
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!