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oee [108]
3 years ago
10

You are starting the four-year college education today, and you are worried if you have enough money in your account for tuition

s and fees. You are going to pay $15,000 a year at the beginning of each school year starting today. If the interest rate on your account is 7%, compounded annually, how much should you have in your account today? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
Business
1 answer:
Strike441 [17]3 years ago
5 0

Answer:

The student should have in his account now the sum of $ 54,365  

Explanation:

In arriving at the amount above,I used the present value formula,which is:

PV=FV/(1+r)^n

FV=future value=$15000 at the beginning of each of the four years

r[=rate=7%

n=number for each payment

The table below showed the detailed calculation

Year Cash flows FV/(1+r)^n

0         15000        15000

1          15000        14,019  

2         15000        13,102  

3         15000        12,244  

       Total                      54,365  

Please note that the beginning of year of year 1 is the same as year 0 and so on.

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Select the correct answer from each drop-down menu.
OverLord2011 [107]

Answer:

A personal budget provides <u>a detailed account</u> of income and expenses for a <u>period.</u>

Explanation:

A personal budget is a plan of how one intends to spend their income.  It shows the source of income and the total on one side. The expenses are listed on a different side. Each expenditure item is listed and its estimated amount is indicated. The total of all incomes and expenses is shown on their respective sides.

A personal budget may be prepared for a regular income say monthly, weekly, or quarterly payments. It can also be prepared for irregular incomes such as loans, gifts, or bonuses.

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3 years ago
Discuss the effects of the hard lockdown on Eskom's operations?
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The effect of the hard lockdown on Eskom's operations was that the parliamentary committees had to leave officials in Pretoria.

<h3>What were Eskom's operations?</h3>

Eskom's operations refer to the operation of the Electricity Supply Commission in South Africa.

When the hard lockdown was placed during the pandemic on Eskom's operations in South Africa, this led to parliamentary committees leaving the officials in Pretoria because they believed that having digital meetings will be better than face-to-face.

hence, The effect of the hard lockdown on Eskom's operations was that the parliamentary committees had to leave officials in Pretoria.

learn more about Eskom's operations:

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2 years ago
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true

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<u>Answer:</u> This approach is called attrition.

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