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djyliett [7]
3 years ago
11

Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make

this monthly investment for your account to be worth $2,000,000?
Business
1 answer:
myrzilka [38]3 years ago
6 0

Answer:

Explanation:

Rate per period =15% = 15/12 monthly

Payment(PMT)=$1,000

Future amaount(FV)=$2,000,000

N(years)=?

If input this data into fin calculator, n= 262.27months=262.27/12years=21.86years

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kondaur [170]

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5 0
3 years ago
Read 2 more answers
What objectives of internal controls are of primary interest to an auditor performing a financial statement audit?
Fittoniya [83]

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8 0
1 year ago
The shareholder-debtholder conflict refers to:________
Lera25 [3.4K]

Answer:

C

Explanation:

The shareholder-debtholder conflict usually arises because shareholders would prefer the firm to engage in more risky business activities. This is because this has the potential to increase the income of the firm and as a result, the wealth of shareholders.

On the other hand debtholders would not want the firm to engage in risky activities because it might negatively affect the firm's ability to make its schedules payments to debtholders.

In order to protect themselves, debtholders usually draft a deb covenant which contains allowable activities of the firm

4 0
3 years ago
What does it mean to have dependability skills mean?​
EastWind [94]

Answer:  Dependability is defined as the quality of being able to be counted on or relied upon. When you always do everything that you say you will and never make promises you cannot keep, this is an example of dependability. YourDictionary definition and usage example.

Explanation:

7 0
3 years ago
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In the past, Taylor Industries has used a fixed−time period inventory system that involved taking a complete inventory count of
N76 [4]

Answer:

a) Taylor Industries can successfully cut back its labor cost in inventory stockrooms by counting only high-value items.  These items are determined by reference to their Annual Usage values.  The items' annual usage values should be used as the activity cost pool for accumulating and allocating labor cost in inventory stockrooms.  Taylor Industries can establish a benchmark or cutoff point so that only the items meeting this benchmark are counted.  For example, the items with annual usage value above $5,000 should be included in the items to be counted.  This strategy will reduce the number of items to be counted and therefore the labor cost.

b) Since item 15 is critical to Taylor Industries' continued operations, it should be classified as a direct materials cost and not an overhead cost.

Explanation:

a) Data and Calculations:

a random sample of 20 of Taylor's items:

ITEM NUMBER   ANNUAL USAGE    ITEM NUMBER    ANNUAL USAGE

1                               $ 1,500                      11                       $ 13,000

2                               12,000                     12                              600

3                                2,200                      13                        42,000

4                              50,000                     14                           9,900

5                                9,600                     15                            1,200

6                                   750                      16                         10,200

7                                2,000                      17                          4,000

8                               11,000                      18                         61,000

9                                  800                       19                         3,500

10                            15,000                      20                        2,900

Average annual usage value = $12,657.50

4 0
3 years ago
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