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
scoundrel [369]
3 years ago
11

How long would it take for Nico to save an adequate amount for retirement if he deposits​ $40,000 per year into an account begin

ning one year from today that pays 12 percent per year if he wishes to have a total of​ $1,000,000 at​ retirement?
Business
2 answers:
Maslowich3 years ago
7 0

Answer:

12.29 years

Explanation:

to determine the number of years (n) we can use the future value formula for an annuity:

future value of an annuity = payment x [(1 + r)ⁿ - 1] / r

  • r = 12%
  • payment = 40,000
  • future value = 1,000,000

1,000,000 = 40,000 x [(1 + 12%)ⁿ - 1] / 12% = 40,000 x (1.12ⁿ - 1) / 12%

(1.12ⁿ - 1) = 1,000,000 x 12% / 40,000

(1.12ⁿ - 1) = 3

1.12ⁿ = 3 + 1 = 4

nlog1.12 = log4

n = log4 / log1.12 = 0.602 / 0.049 = 12.29 years

dalvyx [7]3 years ago
6 0

Answer: It will take Nico approximately 12 years

Explanation:

Payments = $40000

r = 12%

Future Value = 1000 000

Future Value annuity = Payments((1 + r)^n - 1)/r

1000000 = 40000((1 + 0.12)^n - 1)/0.12

40000((1.12)^n - 1) = 1000000 x 0.12

(1.12)^n -1 = 120000/40000

(1.12)^n = 3 + 1

nlog(1.12) = log(4)

n = log(1.12)/log(4) = 12.232510748

n ≈ 12 years

It will take Nico approximately 12 years

You might be interested in
question 3 fill in the blank: data involves creating new ways of modeling and understanding the unknown by using raw data.
faltersainse [42]

Data analysis involves creating new ways of modeling and understanding the unknown by using raw data.  

Working with data to extract relevant information that may be used to guide decisions is known as data analysis.

   What is data analysis?

  • Data analysis tools are software and programmers that gather and analyze data about a company, its clients, and its competitors in order to streamline operations and help decipher patterns so that decisions may be made using the data.
  • The process of inspecting, purifying, manipulating, and modelling data in order to find relevant information, support inferences, and help decision-making.
  • Data analysis is utilized in several fields of business, science, and social science and has many dimensions and methodologies.
  • It includes various techniques and goes by many different names. Data analysis contributes to more scientific decision-making and more efficient business operations in the modern business world.

To learn more about data analysis visit:brainly.com/question/18169335

#SPJ4

8 0
2 years ago
A marketing manager instructs his team to make 80 telephone calls to attempt to sell an insurance policy. The random variable in
Serggg [28]

Answer:

A) discrete random variable.

Explanation:

Discrete random variables can assume only a finite number of values, and their combined total probabilities must equal 1.

On the other hand, continuous random variables can take any value with an interval or collection of intervals, which means that the possible values are infinite.

A complex random variable is a combination of two real random variables that have rel and imaginary parts.

8 0
3 years ago
Jim is CEO for a company that produces filing cabinets and office furniture. He uses when determining that in order to increase
Anon25 [30]

Answer:

planning

Explanation:

Based on the information provided within the question it can be said that in this scenario Jim is using the function of planning in order to determine this. The planning management function focuses on thinking ahead in order to set things into motion so that everything functions accordingly and efficiently in the future. Which is what Jim is doing by stating that in order to increase the production by 20% like they need, they have to hire 10 new employees.

3 0
3 years ago
PLEASE HELP!!!!! Nicholas starts a taxi cab business. He buys a garage, hires three drivers, buys two taxi-cabs, he sends his ca
Nostrana [21]
A. The purchased taxi cabs.
The gov. Uses it as capital investment since it is a mode of public transportation. The answer could also be c so people can drive it (with proper training) so other people can use it.
3 0
3 years ago
Select the correct point on the graph. Which point on the graph indicates the lowest quantity supplied of goods? 9.00 8.00 Price
disa [49]

Answer:

It would be A

Explanation:

3 0
2 years ago
Other questions:
  • Joe's Taco Hut can purchase a delivery truck for $20,000 and he estimates it will generate a net income (after taxes, maintenanc
    5·1 answer
  • All parties in the chain of​ _____ of a defective product are​ _____ liable for the injuries caused by that product.
    8·1 answer
  • Stagnant Iron and Steel currently pays a $9.55 annual cash dividend (D0). They plan to maintain the dividend at this level for t
    12·1 answer
  • When a businesss purpose is to benefit the general public, the business is called a
    15·1 answer
  • If a company is considering optimizing the physical location for every activity in the value chain, which of the following is no
    12·1 answer
  • A debit may signify a(n) a. decrease in a liability account b. decrease in an asset account c. increase in the retained earnings
    14·1 answer
  • The most serious problem with aggression is that
    13·1 answer
  • What nose ring? Should I use
    5·1 answer
  • Which of the following locations can NOT be insulated to promote energy conservation?
    5·1 answer
  • Help help help help help help
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!