Answer:
financial accounting and management accounting
Answer:
Monthly deposit= $485.93
Explanation:
Giving the following information:
You want to retire exactly 35 years from today with $2,020,000 in your retirement account.
interest rate= 10.35 percent compounded monthly
First, we need to calculate the monthly interest rate.
Monthly interest rate= 0.1035/12= 0.008625
Now, using the following formula we can calculate the monthly deposit:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
n= 35*12= 420
A= (2,020,000*0.008625) / [(1.008625^420)-1]
A= $485.93
Answer:
3.73 years or 4 years approx
Explanation:
The computation of the number of years taken for money invested for double is shown below:
As we know that
Amount = Principal × (1 + interest rate ÷ time period)^interest rate × time period
where,
We assume the principal be P
And, the amount is 2P
And, the other values would remain the same
So,
2P = P (1 + 0.2044 ÷ time period)^ 1 × time period
2 = (1.2044)^ time period
Now take the log both sides
ln2 = ln (1.2044)^time period
ln2 - time period ln (1.2044)
So,
time period = ln(2) ÷ ln (1.2044)
= 3.73 years or 4 years approx
As the aggregate price level in an economy rises, A. interest rate increase.
<h3>What is interest?</h3>
It should be noted that the interest rate simply means the rate that's put on the money that's collected by an entity.
In this case, when there's an increase in the aggregate price level in an economy rises, the interest rate increase as well.
Learn more about interest on:
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Answer:
$43,500
Explanation:
Calculation for What is the revised depreciation expense for 2022
2022 Revised depreciation expense=290,000/4 years
2022 Revised depreciation expense=72,500
2022 Revised depreciation expense=(290,000-72,500)/(6-1)
2022 Revised depreciation expense=217,500/5
2022 Revised depreciation expense=$43,500
Therefore the revised depreciation expense for 2022 is $43,500
