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
Greeley [361]
3 years ago
12

You are saving for retirement. To live​ comfortably, you decide you will need to save $ 2 million by the time you are 65. Today

is your 23 rd ​birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65 th ​birthday, that you will put the same amount into a savings account. If the interest rate is 5 %​, how much must you set aside each year to make sure that you will have $ 2 million in the account on your 65 th ​birthday?
Business
1 answer:
vichka [17]3 years ago
4 0

Answer:

Annual deposit= $14,789.43

Explanation:

Giving the following information:

You decide you will need to save $ 2 million by the time you are 65.

The interest rate is 5 %​. The number of years until 65 is 42.

We need to use the following Final Value formula:

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

A= annual deposit

Isolating A:

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

A= (2000000*0.05)/[(1.05^42)-1]= $14,789.43

You might be interested in
Shipping the Good Apples​ Out?
ale4655 [162]

Yes. The marginal utility per dollar of each good is equal.

No. The marginal utility per dollar of of​ high-quality apples is greater than the marginal utility per dollar of​ low-quality apples.

more; fewer

Brainliest Please :)

5 0
3 years ago
Terry Washington recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerab
Pie

Answer:

Industrial Analysis.

Explanation:

Terry Washington recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerable time doing research on the profit potential of the industry. The research that Terry was doing is called <u>Industrial </u>analysis.

Industrial Analysis: It is an analysis or function conducted by the owner of business to understand the dynamics and workflow of any specific industry. It help to know the industrial environment to gain the competitve advantage and potential of the business in the industry. Later on the basis of Industrial analysis, SWOT analysis is conducted to know Strength, weakness, opportunity and threats of a company.

4 0
3 years ago
What action is most likely to result in an increase in the money supply
gregori [183]

Answer:

Lowering interest rate.

Explanation:

When the FED lower the interest rate to banks, they obtain extra capital that can be invested in new businesses, offer more loans that will increase the money supply in the market.  

3 0
4 years ago
Which of the following loans will typically have the lowest interest rate?
blsea [12.9K]
Probably a late answer but it is C. Mortgage
(for anyone else searching this answer)
8 0
3 years ago
Read 2 more answers
An exchange-rate policy in which the government usually allows the exchange rate to be set by the market, but sometimes interven
uranmaximum [27]

Answer: Managed Float

Explanation:

Also called "Dirty Float", the Managed float is an exchange rate system that allows for the currency of a country to be set by the forces of demand and supply in the market.

However, unlike in a clean float,  the Central bank will occasionally intervene in the market to influence the how fast the currency is changing value or to control the direction it is going.

This is usually done to protect the domestic economy from sudden shocks in the global economy.

3 0
3 years ago
Other questions:
  • Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credi
    7·1 answer
  • Price will factor less in decision making if the product meets an immediate need. True False
    15·1 answer
  • Which parts of this passage illustrate a company’s vision? Michael, who started his computer business 20 years ago, has now attr
    6·1 answer
  • Unit Test
    11·1 answer
  • Suppose Rosa is a sports fan and buys only baseball caps. Rosa deposits $3,000 in a bank account that pays an annual nominal int
    9·1 answer
  • You have just received a windfall from an investment you made in a​ friend's business. He will be paying you at the end of this​
    9·1 answer
  • Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purcha
    9·1 answer
  • If advertising makes consumers more loyal to particular brands, it could ________ the elasticity of demand and ________ the mark
    11·1 answer
  • Whoever gives me charli damelios phone number WILL GET BRAINLIEST ALSO 50 POINTS!!!!! Oh and ill checki if its the correct numbe
    10·2 answers
  • The strongest barriers to entry effectively block all ______.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!