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juin [17]
3 years ago
10

You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a lo

cal bank that pays 9% annual interest. The client wants to deposit an amount that will provide her with $1,000,000 when she retires. Currently, she has $300,000 in the account. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)How much additional money should she deposit now to provide her with $1,000,000 when she retires?
Business
1 answer:
kramer3 years ago
6 0

Answer:

$201,866.28

Explanation:

Using a financial calculator, input the following to calculate the the amount that would be required today to meet the goal; calculate present value (PV).

Future value ; FV = 1,000,000

Recurring payment PMT = 0

Total duration of the investment ; N = 8

Annual interest rate; I/Y = 9%

then  compute the present value ; CPT PV = $501,866.28

Since she already has $300,000, find the balance;

Additional money needed = $501,866.28 -$300,000 = $201,866.28

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Answer: Therefore, we should make her an offer at that salary

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Whick of the following terms applies to the way that society as a wholr earns and spends money?
VikaD [51]
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3 years ago
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Vesna [10]

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5 0
3 years ago
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bearhunter [10]

Answer:

a. $33,000.

b. $36,000.

Explanation:

Net income is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is also called net earnings.

Now, Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).

a. 2014 Cash-basis net income:

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Lunna [17]

Answer:

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4 0
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