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
Anastaziya [24]
3 years ago
5

You need to accumulate $10,000. To do so, you plan to make deposits of $1,100 per year - with the first payment being made a yea

r from today - into a bank account that pays 11.82% annual interest. Your last deposit will be less than $1,100 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number.
Business
1 answer:
guapka [62]3 years ago
6 0

Answer:

Explanation:

Using future annuity formula

Fv = Pmt ( (1+r)ⁿ -1 )/ r

\frac{FVr}{Pmt}  + 1 = (1+r)ⁿ

In ( \frac{FVr}{Pmt} + 1) = n In ( 1+r)

n =  In ( \frac{FVr}{Pmt} + 1)  / In ( 1 + r)

FV, future value = $10,000, Pmt, periodic payment per year = $1,100, r rate = 11.82% = 0.1182 and n =  number of years

n = 0.7297 / 0.11172 = 6.53 years approx 7 years

the last year payment will actually be less than $1,100

You might be interested in
Sam closed the doors to her home-based consulting company only two years after opening because she was tired of working 80-hour
blondinia [14]

Answer:

There is sacrifice to having your own business. Sam wasn't ready to invest the hours needed to make it on his own.

Explanation:

There are many advantages to opening a new business. When you are an entrepreneur it is easy to get lost in all the benefits and don't pay attention to many os its disadvantages.

A big disadvantage is that you are always at work, you are working everywhere at all times. There are no off days, if you’re not working, then you’re not earning. You don’t need to be engaged 24/7 to have a chance at success in the world of entrepreneurship, but you will be working a lot more often.

Most people who find success in the world of entrepreneurship are working longer, harder days than the average “traditional” employee. You do have some flexibility when putting in those hours, so you can structure medical appointments, school visits, and other family needs within your day. You do not have the luxury of cutting back on your hours most days.

There is sacrifice to having your own business. Sam wasn't ready to invest the hours needed to make it on his own.

3 0
2 years ago
A ____ is a source of revenue flowing into the firm.
diamong [38]
The answer is revenue stream.
3 0
2 years ago
Sand, Inc. has outstanding $5,000,000, 10%, 20-year bonds. The bonds are callable at 104 on any interest date. The bonds were is
Ray Of Light [21]

Answer: B) A loss of $200,000 on its income statement in the year the bonds are called.

Explanation:

The bonds were issued at Par. This means they were issued at 100 of par.

The bonds are now trading at 104 of par.

If Sand Inc calls the bonds then they will make a profit (loss) of,

= 5,000,000 * 104/100

= $5,200,000

Therefore their Profit (loss) will be the bond at par minus the Calling price

= 5,000,000 - 5,200,000

= -$200,000

That means they make a loss of $200,000 in the year the bonds are called.

If you need any clarification do react or comment.

6 0
3 years ago
8/9 kids have cell phones. what percent didnt​
user100 [1]

11% of kids dont have cell phones

7 0
3 years ago
Obama Company sells its product for $25 per unit. During 2012, it produced 20,000 units and sold 15,000 units (there was no begi
horrorfan [7]

Answer:

Unitary cost= $12

Explanation:

Giving the following information:

direct materials $5

direct labor $4

variable overhead $3

The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead) to calculate the product unitary cost.

Unitary cost= 5 + 4 + 3= $12

3 0
3 years ago
Other questions:
  • Which of the following best describes the concept of elastic demand?
    5·1 answer
  • Often, it is difficult to name a home country for a(n) ________ business
    13·1 answer
  • _______ laws ensure that workers are paid if they are injured on the job.
    8·2 answers
  • Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them decreases
    10·1 answer
  • What does great customer service mean to you?
    9·1 answer
  • Suppose on Friday night you have a choice to go either to a Katy Perry concert or a Lady Gaga concert. You won a free ticket to
    13·1 answer
  • A company is considering two investment projects. If they use the total project approach and the differential approach, both app
    14·2 answers
  • Harold is part of a human resources team researching a cafeteria benefits program for his company. Once their research is comple
    9·1 answer
  • Prior to opening her new restaurant, Alice is deciding what items to offer on the menu, the anticipated profits and expenses, th
    13·1 answer
  • Following is the stockholder's equity section of Magnificent Molding, Inc. at December 31, 2016: Stockholders' Equity December 3
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!