Answer:
Annual deposit= $2,186.69
Explanation:
Giving the following information:
Future value= $10,000
Number of peridos= 4 years
Interest rate= 9% compounded annually
<u>To calculate the annual deposit required, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (10,000*0.09) / [(1.09^4) - 1]
A= $2,186.69
Answer:
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Put more money down.
Answer:
The answer is stated below:
Explanation:
Functional currency is the one which states the primary and foremost economic environment in which the entity generate cash as well as expends cash.
It is used by the business units or the business as a monetary unit of account.
For determining or evaluating the functional currency, a hyper inflationary economy is one which experience a combined inflation of 100% or more over the past three years.
Inflation is 35% every year over the last 3 years which is a combined 105% and constitutes to a economy which is highly inflationary.
