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torisob [31]
3 years ago
11

John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather

to be able to withdraw $120 per month for the next 3 years. How much must John invest today at 5% per year compounded monthly so that his grandfather can withdraw $120 per month for the next 3 years?
Business
1 answer:
jeka943 years ago
6 0

Answer:

John must invest $3719.4

Explanation:

It is given that John grandfather withdraws $120 per month for 3 year

So total month = 12 ×3 =36 months

Total amount withdrawn S = 36×120 = 4320

m = 12 times per year

Rate of interest i = 5 % = 0.05

We know that S=P(1+\frac{i}{m})^{mt}

4320=P(1+\frac{0.05}{12})^{36}

4320=P\times 1.1614

P = $3719.41

So john must invest $3719.4

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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
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Answer:

LIFO ending inventory $   544.00

Weighted average:      $    565.44‬

FIFO ending invetory:  $   590.00

Explanation:

weighted-average:

1,449 / 41 = 35,34

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LIFo we pick the first 16 units as the latest were sold:

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FIFo we pick the last as the first one are the first being sold

15 units at 37 = 555

1 unit at 35 =       35

total ending      590

7 0
3 years ago
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