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
yaroslaw [1]
3 years ago
8

As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose h

e invested $1.6 million in an ordinary annuity that earned 9.6%, compounded monthly. How much would he receive at the end of each month for the next 20 years
Business
2 answers:
aleksandrvk [35]3 years ago
8 0

Answer:

Total amount = $10906400

He would receive = $ 45443.33 every month

Explanation:

Ken invested $1.6 million at 9.6% for 20 yes compounded monthly.

n = 20*12= 140

t = 20

P= 1600000

R= 9.6% = 0.096

Amount A is equal to

A = p(1+r/n)^(nt)

A =

1600000(1+(0.096/140))^ (140*20)

A =

1600000(1 + (6.857*10^-4))^(2800)

A= 1600000(1.0006857)^2800

A = 1600000*6.8165

A = 10906400

Every month, he will get

10906400/(12*20)

= 10906400/240

=$ 45443.333

Stels [109]3 years ago
4 0

Answer: Therefore, he would recieve $15,018.74 at the end of each month.

Explanation:

$1.6 million investment is the present value (PV)

PV = $1,600,000

INTEREST RATE(r) = 9.6% or 0.096 compounded monthly = (0.096÷12) = 0.008

PERIOD(n) = 20 years = (20×12) = 240 months

Ordinary value of annuity:

Annuity = (rate × PV) ÷ (1 - (1 + r)^-240)

Annuity = (0.008 × $1,600,000) ÷ (1 - (1 + 0.008)^-240)

Annuity = ($12,800) ÷ (1 - (1.008)^-240)

Annuity = $12,800 ÷ 0.8522687768

Annuity = $15,018.74

Therefore, he would recieve $15,018.74 at the end of each month.

You might be interested in
A tying arrangement is​ _______.
Phoenix [80]
<span>A tying arrangement is​ illegal under the Clayton Act if it lessens competition or creates monopoly.  The Clayton Act focuses on topics regarding price discrimination, price fixing and unfair business practices. Since a tying arrangement means you are purchasing one product with agreement to purchasing another or you can not purchase the initial product, you are in a tying arrangement.</span>
4 0
3 years ago
George's manager has given him the following goal: "Profits should be increased in the coming year in order for employees to rec
Shtirlitz [24]

Answer:

The options for this question are the following:

a. Specific and measurable

b. Cover key result areas

c. Linked to rewards

d. Defined time period

e. Challenging but realistic

The correct answer is a. Specific and measurable .

Explanation:

Without smart goals, there is no success. SMART objectives encourage focus and action. They are a way of contributing structure and measurability to your goals and objectives. If you want to succeed in sports, you must set SMART objectives: specific, measurable, attainable, relevant and temporary. Let's see each one of them and talk about what it really means to set SMART goals:

S - Specific

The less clear your goal is, the less likely it is that you can achieve it. Try to be as specific as possible by asking yourself questions like: What do I really want to achieve? When do I want to get it? Where? How? Including figures in your goal is also a good way to make it more specific. For example: I want to perform 10 Strict Pullups in 15 weeks. Or, my goal is to improve my Aphrodite time by 2 minutes in the next 3 months.

M - Measurable

Measurable is related to the criteria on which you base your achievement, is to have concrete evidence that you have achieved it. How will it make you feel? What are you going to see? Dividing your goal into measurable steps makes it clearer and easier to achieve the desired result.

7 0
3 years ago
As of January 1 of the current year, Kane owned all the 100 issued shares of Manning Corp., a calendar
aliina [53]

Answer:

A) $56,750

Explanation:

Since Manning's ownership changed during the year, it must allocate income differently for the first 40 days than the remaining 325.

Kane should report the following income:

  • 100% income form Manning x 40/365 = $73,000 x 40/365 = $8,000
  • 75% income from Manning x 325/365 = $73,000 x 75% x 325/365 = $48,750
  • total income allocated to Kane = $8,000 + $48,750 = $56,750
5 0
3 years ago
2. The La Salle Bus Company has decided to purchase a new bus for $95,000 with a trade-in of their old bus. The old bus has a BV
Lera25 [3.4K]

Answer:

a.

9 recovery period years class

b.

$8,889 per year

Explanation:

a.

Buses are 9 years recovery period class , in which it is depreciated using historical method and it has 5 years GDS class life.

b.

Straight Line depreciation is a method of depreciation in which the cost of the asset net of residual value is divided over useful life.

We will depreciate this asset for only 9 years because it has 9 years class, even it will be kept for 10 years but the depreciation charged for 9 years.

Depreciation rate = ( Cost - Salvage Value ) / useful life = ($95,000 - $15,000) / 9 = $8,889

Depreciation charged in 2018 = $19,500

5 0
3 years ago
Read 2 more answers
What is the most accurate description of person-organization fit?
gavmur [86]

Answer: a match between an individuals personality and values, and those of the organization

Explanation:

8 0
2 years ago
Other questions:
  • Loyal customers are price _____________ compared to brand-shifting patrons.
    7·1 answer
  • Bountiful Water Services had net income for the month of October of $ 40 comma 400. Assets as of the beginning and end of the mo
    5·1 answer
  • To have all interactions with a customer recorded in one place and readily accessible to employees on a need-to-know basis when
    5·2 answers
  • Suppose a customer is unable to pay its account on time, so the company accepts a six-month interest-bearing note receivable to
    12·1 answer
  • In a market influenced by network effects, the winning product or service is often determined by its technical superiority, with
    13·1 answer
  • Tesla, a vehicle manufacturer, incurs the following costs.
    6·1 answer
  • Jarett Motors is trying to decide whether it should keep its existing car washing machine or purchase a new one that has technol
    6·1 answer
  • The mission of a company lays out some desired future state and articulates that the company would like to achieve
    7·1 answer
  • Proverbial Corp. signed a 6-year note relating to the purchase of a new delivery fleet; annual payments are due at the end of th
    5·1 answer
  • The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were origina
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!