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
ale4655 [162]
3 years ago
11

You want to retire exactly 35 years from today with $2,020,000 in your retirement account. If you think you can earn an interest

rate of 10.35 percent compounded monthly, how much must you deposit each month to fund your retirement?
Business
1 answer:
kompoz [17]3 years ago
4 0

Answer:

Monthly deposit= $485.93

Explanation:

Giving the following information:

You want to retire exactly 35 years from today with $2,020,000 in your retirement account.

interest rate= 10.35 percent compounded monthly

First, we need to calculate the monthly interest rate.

Monthly interest rate= 0.1035/12= 0.008625

Now, using the following formula we can calculate the monthly deposit:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

n= 35*12= 420

A= (2,020,000*0.008625) / [(1.008625^420)-1]

A= $485.93

You might be interested in
Jerry has $50,000 in his savings account and the average new car price is $23,000. does jerry have a demand for a new car? quest
OLEGan [10]
The answer is ‘not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car.’ Because willingness goes hand in hand with this scenario. Many people has the ability to buy things since they have the money for it but unfortunately, the lack the willingness to buy something can affect this scenario. If he lacks willingness, he won't able to buy the new car. The question here is, is he willing to buy the car?
3 0
3 years ago
Trevor's boss told him that he would now also be responsible for answering the phones and filing correspondence in addition to t
konstantin123 [22]

The responsibility for answering the phones and filing correspondence in addition to the tasks is an example of extension.

<h3>What is an extension?</h3>
  • An extension refers to doing an even wider range of tasks in addition to the tasks assigned.
  • Task switching is a sort of multitasking that involves switching between several abilities, tasks, or cognitive sets.
  • Multitasking is the practice of dividing one's attention among several skills, tasks, or cognitive sets.
  • The process of working as an extension involves interspersing and overlapping the execution of various programs. This is frequently accomplished by taking advantage of the discrepancy between a computer's quick processing power and its slower input/output devices.
  • If necessary, put off other chores so that one may focus entirely on the important ones when working as an extension.
  • In order to do the assignment on time, one may need to make wise choices, such as calling off a meeting. A good leader may change with the times and deviate from the norm to deal with the problems at hand.

To learn more about Multitasking refer to:

brainly.com/question/15503594

#SPJ4

7 0
1 year ago
Ge is disrupting itself by using reverse innovation to create low-cost health care diagnostic products in emerging markets. all
umka2103 [35]

ge is utilizing reverse innovation in order to protect itself from rivals.

<h3>What is  reverse innovation?</h3>

Reverse innovation or trickle-up innovation An innovation is one that is first noticed or used in the developing world before moving to the industrialised world. Dartmouth academicians Vijay Govindarajan and Chris Trimble, as well as General Electric's Jeffrey R. Immelt, popularised the term.

Reverse innovation is the process by which goods developed as low-cost prototypes to satisfy the needs of developing countries, such as battery-powered medical tools in countries with poor infrastructure, are repackaged as low-cost novel goods for Western purchasers.

The approach of innovating in emerging (or developing) markets and then distributing/marketing these inventions in mature ones is known as reverse innovation. Many businesses are creating items in rising markets such as China and India and then distributing them abroad.

To know more about  reverse innovation follow the link:

brainly.com/question/14085977

#SPJ4

8 0
1 year ago
A store asked 250 of its customers how much they spend on groceries each week. the responses were also classified according to t
denis-greek [22]
Yes, I think there is a relationship between amount spent on groceries and gender because boys tend to eat more than the girls.
5 0
3 years ago
A company had the following purchases during its first year of operations: Purchases January: 26 units at $113 February: 36 unit
monitta

Answer:

$6490

Explanation:

The computation of the ending inventory is shown below:

= (January ending inventory in units × price) + (February ending inventory in units × price) + (May ending inventory in units × price) + (September ending inventory in units × price) + (November ending inventory in units × price)

= (8 units × $113) + (9 units × $124) + (13 units × $136) + (7 units × $144) + (11 units × $154)

= $904 + $1,116 + $1,768 + $1,008 + $1,694

= $6,490

3 0
2 years ago
Other questions:
  • Is it preferable for central banks to primarily target inflation or unemployment? Why?
    15·1 answer
  • The government announced that last year it spent $589 million in mandatory outlays and $416 million in discretionary outlays. It
    6·1 answer
  • A. is a mathematical formula that is used to calculate the number of years it takes real gdp per capita or any other variable to
    14·1 answer
  • Riverside Manufacturing designs and manufactures bathtubs for home and commercial applications. Riverside recorded the following
    9·1 answer
  • Magpie Corporation uses the total cost concept of product pricing. Below is cost information for the production and sale of 60,0
    12·1 answer
  • If the exchange rate between the dollar and the Swiss franc changes from 1.8 to 1.5 francs per dollar, the franc depreciates and
    5·1 answer
  • You and a group of friends are planning to visit a theme park, which charges $60 for admission, $100 for a two-day pass, and $13
    8·1 answer
  • The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income f
    12·1 answer
  • company manufactures pillows. the operating budget was based on production of ​pillows, with ​machine-hours allowed per pillow.
    9·1 answer
  • If you do have your license: how can you continue your driving improvement?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!