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
kumpel [21]
3 years ago
15

Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. In an attempt to reach this goal

, you decide to save $75 a day, every day, until you turn 40. You open an investment account and deposit your first $75 today. What rate of return must you earn to achieve your goal? Note: Ignore Leap Years.
Business
1 answer:
Degger [83]3 years ago
7 0

Answer:

rate of 0.000171716533316905 = 0.017% daily

Explanation:

we need to solve for the rate of an annuity for 19 years with daily deposits of 75 dolllars to yield a principal of 1,000,000 dollars

365 days x 19 years = 6,935 days

we use goal seek on excel as follow:

on A1 we write 0.01 this will be a placeholder for the rate

then on A2 we write  =FV(A1;6935;75)

then with goal seek we definethat we want A2 equal to 1,000,000 changing A1 (rate)

which give us:

0.000171717  = 0.017% per day to achieve the goal:

C \times \frac{(1+r)^{time} -1}{rate} = FV\\  

C 75

time 6935

rate 0.000171717

75 \times \frac{1-(1+0.000171716533316905)^{-6935} }{0.000171716533316905} = FV\\  

FV $999,999.9999  

You might be interested in
An economy that is based on mining or producing raw materials to be used in foreign industries is called
pogonyaev

Answer:

An extractive economy

Explanation:

An Extractive economy can be defined as a resource based economy that is based on mining or producing raw materials to be used in foreign industries. This natural resources can be exported for sale in other foreign countries which help to boost economy, growth and development.

8 0
3 years ago
Read 2 more answers
In 2008 approximately what percent of the world's population lived in Asia? PROVIDE/EXPLANATION PROOF FOR YOUR ANSWER. INCOMPLET
azamat

Answer:

We can infer from the graph, that about two thirds (around 60%) of the world's population lived in Asia in 2008.

Asia is by far the most populated continent in the world. The two most populous countries of the globe are located in Asia: India, and China, each with over 1 billion people.

6 0
3 years ago
Match each item with a statement below. 1. Defines roles and responsibilities for information security 2. Too risky for most bus
ValentinkaMS [17]

Answer:

1 and 6,  3 and 4, 8 and 9, 2 and 7

Explanation:

1 and 6: For developing IR policy, roles and responsibilities for informatino security must be clearly defined

3 and 4: a single trainer working with multiple trainees is trainees receiving presentation

8 and 9: An online resource for IR can serve as a training case for staff

2 and 7: an unsual pattern in a system log can be risky for the business

3 0
3 years ago
Read 2 more answers
Items of value owned by a business are known as which of the following?
Andre45 [30]

Answer:

Explanation:

Assets

6 0
3 years ago
1. The "four Ms" of cause-and-effect diagrams are:______.
dolphi86 [110]

Answer:

1. C.  c. material, machinery/equipment, manpower, and methods.

2. E. All are correct

Explanation:

1. The cause-and-effect diagram also known as the Ishikawa diagram is used by organizations to find out the likely causes of unwanted problems. This diagram traces the roots of problems and helps managers discover the potential causes of these problems. The four M's that form the bone of the diagram to which other causes are traced include the;

a. material, which is about the products used in the production process and potential problems that can be attributed to them.

b. machinery/equipment, which is about the plant and likely problems that can arise from their use.

c. manpower, which is about the personnel used in the production process, and,

d. methods, which is about the systems adopted by the organization.

2. A systematic approach to capacity decisions include;

a. Estimation of capacity requirements

b. Identification of gaps by comparing the expected requirements with available capacity.

c. Develop alternative plans and methods that would help to reduce the gaps.

d. Evaluate the alternatives taking into consideration their qualitative and quantitative attributes.

3 0
3 years ago
Other questions:
  • Blanchard Company manufactures a single product that sells for $140 per unit and whose total variable costs are $112 per unit. T
    12·1 answer
  • Ronin is a manager for Luxe Letters, Inc., a firm that designs and manufactures greeting cards, invitations, announcements, and
    6·1 answer
  • A company makes three products that have the following characteristics: Product A sells for $75 but needs $50 of materials to pr
    7·2 answers
  • All of the following are forms of cognitive bias except:_____.
    14·1 answer
  • RST Company incurred $126,000 in material costs during July. Additionally, the 12,000 units in the Work-in-Process Inventory on
    8·1 answer
  • During its first year of operations, Gehrig Company had credit sales of $3,000,000, of which $400,000 remained uncollected at ye
    15·2 answers
  • _____ is the amount of information a communication medium can carry and the extent to which the medium enables the sender and re
    10·1 answer
  • Trade promotions are sales promotion activities that are targeted for manufacturers, wholesalers, and retailers.
    14·1 answer
  • What kind of business can you start without start up capital?​
    9·1 answer
  • Adam Company sells one product at a price of $50 per unit. Variable expenses are 40 percent of sales, and fixed expenses are $50
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!