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
kicyunya [14]
3 years ago
13

You plan to invest $600 in your savings account this year and then you intend to increase the amount that you invest by 3% each

year. If you invest in a savings account each that earns an effective annual interest rate of 7% how much money will you have in your account in 16 years?
Business
1 answer:
koban [17]3 years ago
7 0

Answer:

The correct answer is $20,211.84.

Explanation:

According to the scenario, the given data are as follows:

Payments (PMT) = $600

Interest rate = 7%

Growth rate = 3%

Time = 16 yeras

So, future value of growing annuity can be calculated by using following formula :

FV of growing annuity = Payment × ((1+ interest rate)^n - (1 + Growth rate)^n) / (Interest rate - Growth rate)

= 600 × ((1.07)^16 - 1.03^16) / (.07 - .03)

= 600 × ( 2.95216374857 - 1.6047064391 ) / (0.04)

= 600 × 33.6864

= $20,211.84

Hence, the correct answer is $20,211.84.

You might be interested in
Vbjmgoihmoimgmohmglomk
Allisa [31]

Answer:

jhbakdjsbcuejshcnsbdgshsk

Explanation:

1.bfhejeksk

2.bdhdjddkss

3.bfeiwofn

lol

8 0
3 years ago
A good way to develop additional business-related career skills is to
Leto [7]

Answer:

D is very good but A and c are good to And b if so I would choose all four

3 0
3 years ago
In comparison to salespersons at low performing organizations, salespersons at high performing organizations: Group of answer ch
JulsSmile [24]

Answer:

<em>The correct answer is: </em>spend more time with their best potential customers always work in teams

Explanation:

Salespeople from high-performance organizations differ from salespeople in low-performance organizations in that they focus on their best customers and develop teamwork.

This strategy of focusing on the potential customer consists of establishing relationship marketing.

That is, direct your efforts to build a relationship with the consumer, which is the key to creating value for a brand.

The creation of a relationship with the consumer consists of offering products and services totally aligned to their needs and desires, to offer a more personalized and effective service to increase the perception of the brand and position it in the market.

Teamwork is also essential in a high-performance organization, as it creates a positive organizational culture focused on the development of ideas, creativity and innovation, essential to offer an efficient and effective sales service.

7 0
3 years ago
You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. You can
Gre4nikov [31]

Answer:

<h2>The answer in this case would be True.</h2>

Explanation:

  • In this case,the auctioneer has not made any special announcement regarding the sale or especially,has not announced the official conclusion of the sale.
  • Since,the auctioneer hasn't officially signaled the end or conclusion of the sale,it technically implies that the auction or sale of the concerned product or item is still operational and anyone can offer a value to bid for the product or item.
  • Therefore,based on the general rule or regulation of any official public auction,the bidder can officially withdraw his bid and let it pass to other bidders before the final and official conclusion of the sale as per the indication of the auctioneer.
8 0
2 years ago
Shelley wants to cash in her winning lottery ticket. She can either receive eight $100,000 semiannual payments starting today, o
Aleksandr-060686 [28]

Answer:

single-amount payment $925,160

Explanation:

Given data:

Amount $100,000

Rate 6%

interest semi annually 3%

Number of period 5

Lumpsum Payment = A\times {PVAF@ I,n}

                                = A\times {PVAF@ 3\%,5}

calculation for PVAF

PVAF @ I,N =\frac{(1-(1+I)^-N)}{I}

[email protected] 3%,5 = \frac{(1-(1+0.03)^{-5})}{0.03}

                          =4.58

                   

Lumpsum Payment =202000*4.58

                               =925160

6 0
2 years ago
Other questions:
  • Cane Company manufactures two products called Alpha and Beta that sell for $120 and $80, respectively. Each product uses only on
    14·1 answer
  • Alyssa's monthly mortgage costs are lower than those of her neighbor, Steven. Steven doesn't understand how this is possible bec
    9·2 answers
  • Controlling the supply of money to influence the economy is called
    9·1 answer
  • Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2016, and charged the $4,320 premium t
    7·1 answer
  • Your manager has asked you to recommend which one of two new types of digital camera to buy for your company's publications depa
    9·1 answer
  • To develop a portfolio that provides the best return possible with a minimum risk, the linear programming model will have an obj
    12·1 answer
  • The federal budget starts on October 1 of a calendar year and ends on September 30 of the following calendar year. TRUE FALSE
    12·1 answer
  • Tradable pollution permits are a:________.
    7·1 answer
  • Which of the following is not a concept related to explaining abnormal excess stock returns?A. January effect B. neglected-firm
    8·1 answer
  • a firm is evaluating a proposal which has an initial investment of $50,000 and has cash flows of $15,000 per year for five years
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!