1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zhenek [66]
2 years ago
15

You are saving for retirement. To live​ comfortably, you decide you will need to save $ 2 million by the time you are 65. Today

is your 29 th ​birthday, and you​ decide, starting today and continuing on every birthday up to and including your 65 th ​birthday, that you will put the same amount into a savings account. If the interest rate is 7 %​, how much must you set aside each year to make sure that you will have $ 2 million in the account on your 65 th ​birthday?
Business
1 answer:
djyliett [7]2 years ago
5 0

Answer:

Annual deposit= $12,473.70

Explanation:

Giving the following information:

Final value= $2,000,000

Number of years= 37

Interest rate= 7%

To calculate the annual deposit required to reach the final value. We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= {2,000,000*0.07)/ [(1.07^37) - 1]

A= $12,473.70

You might be interested in
Plaintiffs purchased state lottery tickets and were winners along with 76 others. The state had advertised that $1,750,000 would
GenaCL600 [577]

Answer:

  • yes
  • Because the state lottery provides for administrative hearings

Explanation:

The plaintiffs must exhaust their administrative remedies before a court of law  would grant them the opportunity to pursue a legal action against the lottery board because it might a breach in communication or administration from the lottery board or the lottery director and the plaintiffs should  seek to resolve the issues without having to seek a legal action but through administrative remedies and procedures which more swift in resolving such issues

5 0
3 years ago
If the required reserve ratio
Radda [10]

Answer:

4

Explanation:

Formula:  1 / Reserve money ratio   ->    1 / 0.25 = 4

5 0
2 years ago
The following cost data pertain to the operations of Montgomery Department Stores, Inc., for the month of July. Corporate legal
deff fn [24]

Answer:

1.$134,000

2.$183,800

3.$124,050

Explanation:

1. Computation for the total amount of the costs that are direct costs of the Apparel Department

Apparel Department cost of sales - Evendale store $116,100

Apparel Department sales commission-Evendale store $7,950

Apparel Department manager's salary-Evendale store $9,950

Total direct costs for the Apparel Department

$134,000

2. Computation for the total amount of the costs that are direct costs of the Evendale Store

Apparel Department cost of sales - Evendale store $116,100

Store managers salary - Evendale store $18,300

Apparel Department sales commission-Evendale store $7,950

Store utilities - Evendale store $17,800

Janitorial costs - Evendale store $13,700

Apparel Department manager's salary-Evendale store $9,950

Total direct cost for the Evendale store $183,800

3. Computation for the total amount of the Apparel Department's direct costs that are variable costs with respect to total departmental sales

Apparel Department cost of sales - Evendale store $116,100

Apparel Department sales commission-Evendale store $7,950

Total variable cost-Apparel department $124,050

6 0
2 years ago
How do trade-offs decided by corporations and government impact our lives?
Fittoniya [83]

Explanation:

Trade offs are something in which there are two things and we choose one of them according to our own preference or need. This is and should be our personal decision, but when Corporations and Governments decide on what to choose between two things, there would might be a negative impact on someone's life. He might feel controlled by the corporations and governments. For example, if corporations of CNG decides with the government that it is better for consumers to use CNG than Petrol in their cars, and lowers taxes on CNG and encourage consumers to shift towards CNG, then this trade off will have an impact of being controlled by the big giants. The choice should be of consumer's. The consumer should be the one who will trade off between things who are preferable for him.

8 0
2 years ago
"A customer buys a Brokered CD for $100,000. Upon receipt of his next account statement, the customer sees that the market value
Dmitry_Shevchenko [17]

Answer:

market rates have increased

Explanation:

Bonds as well as brokered CDs are priced depending on the market's interest rates for similar investments. For example, the CD pays a 3% interest, and then the market rate increases to 3.1% (or more), the CD's price will decrease. On the other hand, if the market rates decrease to 2.9% (or less), the CD's price will increase.

8 0
2 years ago
Other questions:
  • How does McDonald's organize its marketing department
    14·1 answer
  • Which of the following typically happens as prices for a good or service rises?a. suppliers leave the marketb. consumers seek mo
    12·1 answer
  • Suppose that an economy has the per-worker production function given as:
    11·1 answer
  • Firm A manufactures brake pads, a component of a braking system, and sells them to Firm B, who sells braking systems used in veh
    14·1 answer
  • The common stock of Securetech Corporation consistently sells at a market price of 20 times earnings, i.e., at a p/e ratio of 20
    15·1 answer
  • A firm has current assets that could be sold for their book value of $10 million. The book value of its fixed assets is $60 mill
    15·1 answer
  • General Motors purchased on account a shipment of iron bars from Furnace Inc. and promptly paid within the discount period. Comp
    11·1 answer
  • Which source is not valid for a lookup list <br> A.query<br> B.table<br> C.custom list<br> D.report
    6·2 answers
  • Everything else held constant, in the market for reserves, when the federal funds rate is 2%, lowering the interest rate paid on
    5·1 answer
  • Which of the following is a disadvantage of incentive compensation plans? Group of answer choices Employees are taxed heavily on
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!