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Wewaii [24]
3 years ago
15

You currently have $4,400 (Present Value) in an account that has an interest rate of 8% per year compounded annually (1 times pe

r year). You want to withdraw all your money when it reaches $6,600 (Future Value). In how many years will you be able to withdraw all your money?
Business
1 answer:
I am Lyosha [343]3 years ago
3 0

Answer:

It will take 6 whole years to be able to withdraw all the money

Explanation:

To calculate the number of years it will take for the present value in your account to reach the future value we can adopt the expression below;

FV = PV (1 + r/n)^(nt)

where;

FV = the future value of the initial investment

PV = Present value of the initial investment

r = the annual interest rate

n = the number of times that interest is compounded per unit t

t = the time the money is invested for

In our case;

FV=$6,600

PV=$4,400

r=8/100=0.08

n=interest is compounded annually which is once a year=1

t=unknown

Replacing values in the formula;

6,600=4,400(1+0.08/1)^(1×t)

6,600=4,400(1+0.08)^t

6,600=4,400(1.08)^t

1.08^t=6,600/4,400

1.08^t=1.5

ln 1.08^t=ln 1.5

t×ln 1.08=ln 1.5

t=(ln 1.5)/ln 1.08

t=5.3 years

It will take 6 whole years to be able to withdraw all the money

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Answer:

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4 years ago
Based on predicted production of 24,200 units, a company anticipates $220,000 of fixed costs and $435,600 of variable costs. If
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Answer:

Variable cost = $340,200

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Explanation:

Given that,

At Predicted production = 24,200 units,

Fixed costs = $220,000

Variable costs = $435,600

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Total cost at 18,900 units,

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= ($18 × 18,900) + $220,000

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= $560,200

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3 years ago
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Answer:

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Explanation:

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<em>The answer you are looking for is: </em>
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<em>hope that helps!!</em>
<em> have a wonderful day!!</em>
8 0
3 years ago
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