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Varvara68 [4.7K]
3 years ago
14

Ian would like to save $2,000,000 by the time he retires in 30 years. if he believes that he can achieve a 6% rate of return, ho

w much does he need to deposit each year, starting one year from now, to achieve his goal? $12,065 $5,790 $37,500 $25,298
Business
1 answer:
klio [65]3 years ago
7 0
The future worth of the periodic payment, in this case, annual, can be calculated through the equation,

    FV = P x ((1 + r)^n - 1)/ r))

where FV is the future value, P is the periodic payment, r is the interest rate, and n is the number of years. Substituting the known values,

   2,000,000 = P x ((1 + 0.06)^30 - 1)/ 0.06))

The value of P from the equation is $25,297.82

Hence, the answer to this item is the fourth choice. 
You might be interested in
A justice who agrees with the outcome of a case but not the reason proffered by other justices can issue a dissenting opinion th
vodka [1.7K]

Answer: False

Explanation:

A dissenting opinion refers to an opinion in a legal case that's written by the judge(s) who disagree with the court's majority opinion that gives rise to its judgment.

It should be noted that a justice who agrees with the outcome of a case but doesn't agree with the reason that was proffered by other justices can issue a concurring opinion and not a dissenting opinion.

Therefore, the correct option is False.

8 0
3 years ago
Rinker Audio Products has a fully-staffed purchasing department that procures various inputs. It also has various domestic manuf
Mandarinka [93]

Answer: Logistics

Explanation: Logistics refers to the group of complex operation that are to be performed within an organisation by different individuals under the guidance of various different experts of such tasks. These operations are dependent on each other for their effective performance.

Thus, we can conclude that the combination of Rinker's manufacturing, distribution and purchasing activities will collectively be called as logistics.

7 0
3 years ago
You have ordered a black sweater from an Internet source but received a pink one instead. The website states that there are no r
kirza4 [7]
<h2>The contract is invalid.</h2>

Explanation:

  1. An online though it has some cons like "cannot touch and feel, color may slightly vary from the original to the picture given, quality cannot be measured, etc".
  2. But the scenario given here is the expected / ordered color is different from the received one and it is wrong that the website is not accepting.
  3. This website is not user-friendly and the fault from the website side is not accepted which once again re-insist the unfriendliness.
  4. Any website should allow the user to do easy exchange and returns because of various reason said in point no.1.
  5. If the website continues with same invalid contract, then it will lose its name and lose the customer too.
6 0
3 years ago
Prepare Garzon Company's journal entries to record the following transactions for the current year. January 1 Purchases 9.5% bon
Andre45 [30]

Answer:

Garzon Company

Journal Entries

January 1 Debit 9.5% Bonds Receivable PBS $45,600

Credit Cash $45,600

To record the purchase of bonds in PBS.

June 30 Debit Cash $2,166

Credit Bonds Interest Revenue $2,166

To record the receipt of first semiannual interest.

December 31 Debit Cash $47,766

Credit 9.5% Bonds Receivable $45,600

Credit Bonds Interest Revenue $2,166

To record the receipt of both principal and second semiannual interest.

January 1 Debit 9% Bonds Receivable PBS $52,000

Credit Cash $52,000

To record the purchase of bonds in PBS.

June 30 Debit Cash $2,340

Credit Bonds Interest Revenue $2,340

To record the receipt of first semiannual interest.

December 31 Debit Cash $54,340

Credit 9% Bonds Receivable $52,000

Credit Bonds Interest Revenue $2,340

To record the receipt of both principal and second semiannual interest.

Explanation:

a) Data and Analysis:

January 1 9.5% Bonds Receivable PBS $45,600 Cash $45,600

June 30 Cash $2,166 Bonds Interest Revenue $2,166

December 31 Cash $47,766 9.5% Bonds Receivable $45,600 Bonds Interest Revenue $2,166

January 1 9% Bonds Receivable PBS $52,000 Cash $52,000

June 30 Cash $2,340 Bonds Interest Revenue $2,340

December 31 Cash $54,340 9% Bonds Receivable $52,000 Bonds Interest Revenue $2,340

3 0
3 years ago
On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retai
amm1812

Answer:

Oriole Company

Journal Entries:

July 1:

Debit Cash Account $2,336,000

Credit Common Stock $1,460,000

Credit Paid-in In Excess of Common Stock $876,000

To record the issuance of 146,000 shares of common stock, par $10 at $16 per share.

December 15:

Debit Retained Earnings $445,000

Stock Dividends Payable $445,000

To record the declaration of a 10% stock dividend.

Explanation:

a) Stockholders of record on December 31, 2020:

Number of shares in issue at beginning 299,000

Number of shares issued on July 1          146,000

Total                                                          445,000

10% of 445,000 = 44,500 shares

b) Stock Dividends declared on December 15 will result to the issuance of 44,500 shares to stockholders.  To finance this stock dividend, the Retained Earnings account is debited while the Stock Dividends Payable is credited.  When the shares are issued on January 15, the Stock Dividends Payable (Distributable) will be debited and the Common Stock credited with the par value.  The market price of $17 does not affect the company's records.

8 0
3 years ago
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