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USPshnik [31]
3 years ago
7

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:
JulsSmile [24]3 years ago
5 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  

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The Housing Financial Discrimination Act (Holden Act) prohibits all financial institutions from discriminating in real estate lo
Rainbow [258]

Answer:

Redlining

Explanation:

Redlining stems from discrimination that consists denial of services, maybe financial based on the group one may fall under such as race, ethnicity or location. The Holden act(1977) is a real estate act of California meant to protect individuals from discriminations such as ones that involve denial of mortgage loan on the basis of something other than the credit worthiness of the individual . These discriminations could take the form of mortgage loan and, insurance loan denials or other financial services based on creditworthiness history of the group the person may fall under and not necessarily the individual's qualifications on his own

8 0
2 years ago
Jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, Inc
Bas_tet [7]

Answer:

An exception based on public policy.

Explanation:

Employment at will according to the United States is a doctrine that permits the employer and employee to work together in an indefinite period of time, whereas they are able to terminate their contract with any necessary fair clause.

In many counties around the world, employers always look for reasons to terminate or stop their employees from working, whereas an exception based on public policy negate this doctrine.

6 0
2 years ago
Sandy Shores Corporation operates two stores: J and K. The following information relates to J: Sales revenue$1,300,000 Variable
natulia [17]

Answer:

Sandy Shores Corporation

J's Segment Contribution Margin is:

= $700,000.

Explanation:

a) Data and Calculations:

Sales revenue                                        $1,300,000

Variable operating expenses                    600,000

Contribution                                             $700,000

Fixed expenses:

Traceable to J and controllable by J        275,000

Traceable to J and controllable by others 80,000

Total fixed expenses                                355,000

Net operating income                            $345,000

b) The contribution margin is the difference between total sales revenue and the variable costs.  The idea of segment contribution margin is that it covers the fixed expenses, whether controllable by the segment or not.

5 0
2 years ago
Tracy Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list
coldgirl [10]

Answer:

November 17, 2021

Dr. Inventory              $81,000

Cr. Account payable $81,000

November 26, 2021

Dr. Account Payable $81,000

Cr. Discount Income $2,430

Cr. Cash                     $78,570

December 15, 2021

Dr. Account payable $81,000

Cr. Cash                     $81,000

Explanation:

Sales Amount = 270 units x $400 = $108,000

Discount = $108,00 x 25% = $27,000

Net Sales = $108,000 - $27,000 = $81,000

Terms of sale 3/10, n/30 means there is a discount of 3% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.

Payment made on

November 26, 2021

As the payment is made within discount period, so discount will be availed

Discount = $81,000 x 3% = $2,430

Cash received = $81,000 - $2,430 = $78,570

December 15, 2021

As the payment is made after discount period, so no discount will be availed.  Full payment of $81,000 will be made.

3 0
3 years ago
How do businesses compete for customers?
lorasvet [3.4K]

Answer:

marketing team and review resources

6 0
2 years ago
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