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NeX [460]
3 years ago
14

If you can invest $200,000 at a 10.5% annual rate, compounded monthly, how long will it take to have $500,000? (Do not your inte

rmediate calculations. Round your final answer to the nearest whole month.)
Business
1 answer:
Naddika [18.5K]3 years ago
4 0

Answer:

Explanation:

Use Future value formula for the calculation of number of years

Future Value = Present value ( 1 + interest rate )^number of years

FV = PV ( 1 + r )^n

$500,000 = $200,000 ( 1 + 10.5% )^n

$500,000 / $200,000 = ( 1 + 0.105 )^n

2.5 = ( 1.105 )^n

log 2.5 = n log 1.105

n = log 2.5 / log 1.105

n = 9.1771

n = 9 years 2 months

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Ann Hopkins borrowed $60,000 for her child’s education. She must repay the loan at the end of 8 years in one payment with 512% i
mart [117]

The Maturity Value that Ann must pay is $89,461.

Assuming the rate of interest is compounded annually.

Given,

Principal value = $60,000 = P

Rate of interest = 5.12% = i

Number of years = 8 = T

Since maturity value = Amount

Now, using the formula for calculating the amount,

Amount = P × {(1+i)^T}

Now, substituting the given values in the above formula for amount we get,

Amount = $60,000 × {(1+0.0512)^8}

             = $60,000 × {(1.0512)^8}

             = $60,000 × 1.49101776418

             = $89,461.0658

             = $89,461 (Approximately)

Hence, The Maturity Value that Ann must pay is $89,461.

Learn more about maturity value:

brainly.com/question/9099365

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7 0
2 years ago
How frequently does John typically receive account statements from his bank?
masha68 [24]
He receives them weekly
8 0
3 years ago
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,0
4vir4ik [10]

Answer:

Explanation:

Beginning capital balance(Sam)  $58000

+ Currnt year income ( $40000 / 2 = $20000) $20000

[Devide by 2 because they share income]

- Sam's withdrawal  ($15000)

Sam's capital balance = 58000+20000-15000 = $63000

8 0
3 years ago
Montague (age 15) is claimed as a dependent by his parents, Matt and Mary. In 2019, Montague received $5,090 of qualified divide
IRISSAK [1]

Answer:

His taxable income for 2019 is $4,740

Explanation:

In order to calculate his taxable income for 2019 first we have to calculate the following:

First we have calculate the sum of the total income (earned and unearned)=$5,090+ $890=$5,980

Taxable income for 2019=total income-Higher of the following two:a. $1,000 or b. $890+$350

Therefore, Taxable income for 2019=$5,980-$1,240

                                                           =$4,740

His taxable income for 2019 is $4,740

6 0
3 years ago
Lavallee Self Storage purchased​ land, paying $ 160 comma 000 cash as a down payment and signing a $ 145 comma 000 note payable
Andrews [41]

Answer:

Land 373,500

Building 1,100,000

<u />

land improvements   67,000

Fence         55,000

Sign            12,000

Explanation:

Land cost:

cash                               160,000

note payable                   145,000

delinquent property tax     4,000

insurance costing                1,500

level the land                      3,000

soil                                <u>    60,000</u>

Total land:                      373,500

The land will be recorded for all the cost necessary to get it ready for use.

The soil, once added can't be differentiate from the original land. It is added to the land is not an improvement.

The office building will be for 1,100,000

land improvements will be the fence and signs:

fence 55,000

sign  <u>  12,000  </u>

total   67,000

3 0
3 years ago
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