Answer:
$532.24
Explanation:
Since Mr. Wise will be making monthly payments for the period of 25 years in order to accumulated the $1,000,000 at the end of 25 years, therefore, the future value of annuity shall be used to determine the monthly payments to be deposited by Mr Wise. The formula of future value of annuity is given as follows:
Future value of annuity=R[((1+i)^n-1)/i]
In the given scenario:
Future value of annuity=amount after 25 years=$1,000.000
R=monthly payments to be deposited by Mr Wise=?
i=interest rate per month=12/12=1%
n=number of payments involved=25*12=300
$1,000,000=R[((1+1%)^300-1)/1%]
R=$532.24
Answer: D) Daily Compounding
Explanation:To earn as much interest as possible, Anthony should open a savings account that earns compound interest and has the highest interest rate.
Daily compounding is compounded every day, hence Anthony will get the best rate of return on his interest with this.
Answer:
$100
Explanation:
Insurance coverage is the sum of expenses paid and the premium paid on these expenses.Total coverage is the calculated by adding the premium and expense. In this question premium is the $75 and the expense ratio is 25%.
As we know
Coverage = Premium + Expense
Coverage = 75% + 25%
So, based on above equation we can calculated the expense as follow
Expense = $75 x 25% / 75% = $25
Coverage = $75 + $25 = $1,00
Answer:
You won't go over on an account, also, if someone hacks into your account/ uses your money, you know who to contact, for you know that you didn't buy that item.
Explanation:
Depends on the banks policy. My bank is pretty good, and with my opt in overdraft protection, there are no incurred fees.