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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

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Do you feel it is easier or harder to deliver a presentation online versus face to face? Why?
Bumek [7]

Answer:

I think it easier in person

Explanation:

This is due to the fact that I can see the people and can understand if people are paying attention or if I need to alter the material a bit.

7 0
3 years ago
Paying only the minimum balance on your credit card can lead to...
Darya [45]

Answer:

Payment of more interest in future and extension in the term of debt

Explanation:

Credit cards refer to plastic money.Such cards grant the holder the facility to withdraw and make payments greater than their balance of money in the account. Credit cards grant liquidity to the holder but at the same time, the holder is required to pay interest if the money drawn in excess is not paid back to the issuer within a stipulated time.

Minimum balance payment refers to that threshold limit of payment required which keeps the credit card and credit limit operational.

Paying a minimum balance eliminates late fee but interest will have to be paid on the balance remaining outstanding. So gradually, as one keeps paying only the minimum balance, the amount remaining unpaid would rise and thus, the interest to be paid on such outstanding amount shall rise too.

Also, with increasing outstanding dues, the debt term i.e the period by which the holder pays off the entire money due along with interest, will extend. So minimum balance payment may save funds initially, but has adverse long term implications.

5 0
3 years ago
The following information was taken from Baxter Department Store's financial statements:
vodka [1.7K]

Answer:

500,000÷  200,000 = 2.5

Explanation:

inventory turnover is calculated as

cost of goods sold ÷ Average inventory

From the information of Baxter department store's financial statement, cost of goods sold can be calculated as

Opening inventory + purchases - closing inventory  

100,000 + 700,000 - 300,000 = 500,000

cost of goods sold = 500,000

Average stock is calculated as opening inventory + closing inventory ÷ 2

100,000 + 300,000 ÷ 2 = 200,000  

Average inventory = 200,000

Therefore inventory turnover = 500,000÷  200,000 = 2.5

7 0
3 years ago
Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores.
astra-53 [7]

Answer:

Explanation:

please find the attached for the full explanation of the answer.

before answering the total current assets that will be recorded by Symphony one needs to understand what a current asset is. A current asset  can be referred to a short term meaning that its span of life is short it can not be longer than 12 months hence current.

we also need to explain an asset: an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies

Download docx
5 0
3 years ago
You are tasked with generating twice the amount of qualified leads your company generated last quarter. With your company’s bott
alekssr [168]

Answer:

OPTION "b" will be the correct answer.

Explanation:

From the following is the most strategic approach to take is that you could increase the chances of your current traffic choosing to convert and move down your funnel. Over time, this has the potential to drastically lower your cost to acquire a customer and positively impact your return on investment. The option "b" fulfills the demand of the situation mentioned and this will be the most significant option to be selected while suffering the situation.

8 0
3 years ago
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