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lukranit [14]
3 years ago
9

Stan wants to start an IRA that will have $250,000 in it when he retires in 25 years. How much should he invest semiannually in

his IRA to do this if the interest is 6% compounded semiannually? Assume an Annuity Due. Round to the nearest cent.
Business
1 answer:
Wittaler [7]3 years ago
8 0
<span>25 years: No Payment, but total is 250000
6 months earlier. Payment of "P". It's value 1/2 year later is P(1+0.03)
6 months earlier. Payment of "P". It's value 1 year later is P(1+0.03)^2
6 months earlier. Payment of "P". It's value 1½ years later is P(1+0.03)^3
6 months earlier. Payment of "P". It's value 2 years later is P(1+0.03)^4

</span><span>We need to recognize these patterns. Similarly, we can identify the accumulated value of all 50 payments of "P". Starting from the last payment normally is most clear.
</span>
<span>P(1.03) + P(1.03)^2 + P(1.03)^3 + ... + P(1.03)^50
 That needs to make sense. After that, it's an algebra problem.
 P[(1.03) + (1.03)^2 + (1.03)^3 + ... + (1.03)^50]
</span>
P(<span><span>1.03−<span>1.03^51)/(</span></span><span>1−1.03) </span></span>= <span>250000</span>
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1) Not having one or more of 4 C: Commitment, Collaboration, Communication and Contribution.

2) To supply all of 4 Cs

Explanation:

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2 years ago
CII, Incorporated, invests $710,000 in a project expected to earn a 9% annual rate of return. The earnings will be reinvested in
allochka39001 [22]

The total amount accrued, principal plus interest at a rate of 9% per year compounded 1 times per year over 12 years is $1,996,992.00.

<h3>Compound Interest</h3>

Given Data

  • Principal = $710,000
  • Rate = 9%
  • Time = 12 years

A = P + I where

P (principal) = $710,000.00

I (interest) = $1,286,992.00

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 9/100

r = 0.09 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 710,000.00(1 + 0.09/1)(1)(12)

A = 710,000.00(1 + 0.09)(12)

A = $1,996,992.00

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(Being withdrawals entry is recorded)

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