Answer:
Answer A is correct
Explanation:
Step 1 find how much Steve will have when he retires:
financial calculator steps
press g 7 (to set the calculator to assume payments are made at the beginning of the period)
8 i (interest earned)
46 n (periods remaining)
-2500 pmt (payment made into the account each period)
0 PV (starting balance of account)
solve for FV
FV = $1,129,750.38
We can now use this value to solve backwards
8 i
41 n (only 41 more payments here)
0 PV (starting balance)
1,129,750.38 FV (ending value)
solve for pmt
pmt = 3,725.55 ~ 3,726 so answer A
Answer:
Explanation:
a. Parties who legally own the company
The kind of corporation that is owned by the shareholders is a stock insurer. While when policy holders elect board of directors then that is call a mutual insurer. This board of director enjoys control over the management control of the corporation.
b. Right to assess policyholders additional premiums
An asses sable policy can not be issued by the stock insurers, however policy of such kind can be issued by the mutual insurer. For mutual insurer, this policy depends on what kind of insurer is in place.
c. Right of policyholders to elect the board of directors
For stock insurer, its is the stockholders who elect the board of directors. While for mutual insurer, its the owners who elect the board of directors who have an effective control over the management.
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
A. Wages is the general term for the payments for the use of resources
Answer:
You need to deposit $58,481.53 today.
Explanation:
a) Data and Calculations:
Future value expected = $125,000
Period of investment = 7 years
Interest rate = 11% compounded quarterly
The amount of deposit needed today to earn $125,000 in 7 years at annual interest rate of 11% is calculated as follows:
N (# of periods) 28
I/Y (Interest per year) 11
PMT (Periodic Payment) 0
FV (Future Value) 125000
Results
PV = $58,481.53
Total Interest $66,518.47