Ask question

Ask question

All categories

3 years ago

12

When you retire you expect to live for another 30 years. During those 30 years you want to be able to withdraw $4,000 at the beg

inning of every month for living expenses. How much money do you have to have in your retirement account to make this happen

1 answer:

lions [1.4K]3 years ago

3 0

You would need $1,440,000

You might be interested in

Globalization is the process of the world becoming more connected. Like any process that involves economic choices, it has posit

Gnom [1K]

Answer:

Increased consumption leads to an increase in the production of goods, which in turn puts stress on the environment. Globalization causes rise in the amount of fuel that is consumed in transporting these products has led to an increase in the pollution levels in the environment.

Seventy percent of Chinese households burn coal or biomass for cooking and heating, which contaminates indoor air. Adverse effects of combustion-related air pollution include reduced fetal and child growth, pulmonary disease including asthma, developmental impairment, and increased risk of cancer.

Coal is the leading culprit of air pollution in China. 75% of the premature deaths are caused by the 152 coal-fired power plants in Hebei Province. Air pollution will remain a serious problem in China as long as coal continues to be the country's major energy source.

Explanation:

6 0

3 years ago

Mountaineer excavation operates in a low-lying area that is subject to heavy rains and flooding. because of this, mountaineer pu

nordsb [41]

Answer:

1. Recore the purchase of insurance in advance on March,1.

Debit Prepaid Insurance $36,000

Credit Cash $36,000

2. Record the adjusting entry on December, 31.

Debit Insurance Expense $30,000

Credits Prepaid Insurance $30,000

Explanation:

Mountaineer excavation purchases one year of flood insurance in advance on March 1, paying $36,000 ($3,000/month). The company records the insurance as the prepaid Insurance:

Debit Prepaid Insurance $36,000

Credit Cash $36,000

On December, 31, the last day of the following 10 months, the company records an adjusting entry that Credits Prepaid Insurance for $30,000 ($3,000/month times the 10 months) and Debits Insurance Expense for $30,000

Debit Insurance Expense $30,000

Credits Prepaid Insurance $30,000

5 0

3 years ago

Assume Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the percentage of

kati45 [8]

Answer:

$2,250

Explanation:

The computation of the bad debt expense is shown below:

= Credit sales × estimated percentage - credit balance in allowance for doubtful accounts

= $250,000 × 1% - $250

= $2,500 - $250

= $2,250

For computing the bad debt expense, we simply calculated the estimated value and then deduct the credit balance in allowance for doubtful accounts from that.

6 0

3 years ago

Hawk Corporation purchased 10,000 shares of Diamond Corporation common stock in 2016for $50 per share. HawkCorporation does not

Vinil7 [7]

Answer:

$200,000

Explanation:

Hawk Corporation purchased 10,000 shares at $50 per share of Diamond Corporation. The share were sold in 2019 at price of $70 per share to Diamond Corporation by Hawks Corporation. The net gain per share was $20 ($70 - $50)

The total gain from this investment : $20 per share * 10,000 shares

= $200,000 gain to Hawk Corporation from investment in Diamond Corporation.

4 0

3 years ago

you purchase a house and take out a $650,000 loan with a 30-year term at 4.5% nominal annual interest rate (monthly compounding)

Paladinen [302]

Answer:

$811,238.97

Explanation:

First we have to obtain the effective monthly rate.

A 4.5% nominal annual interest rate is equivalent to a 0.37% monthly rate.

Now we can find the future value of the $650,000, which is the value that you will have paid after 5 years.

The formula is:

$FV = PV (1 + i)^{n}$

Where:

FV = Future value
PV = Present value
i = interest rate
n = number of compounding periods of the interest rate.

Finally, we plug the amounts into the formula:

$FV = 650,000 (1 + 0.0037)^{60} \\FV = 811,238.97$

5 0

3 years ago