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Aleksandr [31]
3 years ago
13

You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $690,000 per ye

ar. Thus, in one year, you receive $1.69 million. In two years you get $2.38 million, and so on. If the appropriate interest rate is 7.9 percent, what is the value of your winnings today? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, and round your answer to 2 decimal places, e.g., 1,234,567.89.)

Business
1 answer:
svlad2 [7]3 years ago
5 0

Answer:

Please see attachment

Explanation:

Please see attachment

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In order to save $57,000 in five years, John will start saving money next month. He already has $10,000 in his account. The acco
Jlenok [28]

Answer:

He has to deposit $750.46 every month into the account

Explanation:

Future value id the accumulated amount of principal and compounded interest at the end of a specific investment period.

Assuming interest is compounding every month, use following formula to calculate the amount of payment each month.

FV = PV x ( 1 + r )^n + A x ( ( 1 + r )^n - 1 ) / r

$57,000 = $10,000 x (1+0.1%)^5x12 + A x ( ( 1+0.1% )^5x12 -1 ) / 0.1%

A = { $57,000 - [ $10,000 x ( 1 + 0.001 )^60 ] } / [ ( ( 1 + 0.001 )^60 )-1 / 0.001 ]

A = ( $57,000 - $10,618.05 ) / 61.80471

A = $46,381.95 / 61.80471

A = $750.46

3 0
3 years ago
What are the steps to using a database template? Use the drop-down menus to complete them.
Hoochie [10]

Answer:

1) New 2) Location 3) Create

Explanation:

Edg 2020

8 0
3 years ago
Read 2 more answers
In the United States banking policies and procedures are set by the:
vfiekz [6]

Answer:

Federal Reserve.

Explanation:

Federal Reserve is a large central bank in Washington, D.C. that was founded in 1913. It lends money to other, smaller banks.

6 0
3 years ago
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follow
Anestetic [448]

Answer:

3.

DR Selling and Administrative Salaries               $240,000

      Manufacturing Overhead                                $150,000

      Work in Process                                                $600,000

CR Wages Payable                                                                      $990,000

4.

Manufacturing Overhead Applied

= 41,000 hours * 16.25

= $666,250

5. Total Manufacturing cost to be added = Raw Materials + Direct Labor + Manufacturing Overhead

= 480,000 + 600,000 + 666,250

= $1,746,250

6.

DR Finished Goods                                             $1,680,000

CR Work in Process                                                                $1,680,000

7.

Ending Balance = Beginning balance + Raw materials + Direct labor + Manufacturing Overhead - Cost transferred to Finished goods

= 18,000 + 480,000 + 666,250 + 84,250 - 1,680,000

= $84,250

9. Predetermined overhead cost - Actual cost = 666,250 - 650,000 = $16,250.

<u>Overapplied</u> as predetermined cost was more than Actual.

12. Finished goods = Beginning balance + Cost transferred from WIP - Cost of goods sold

= 35,000 + 1,680,000 - 1,690,000

= $25,000

13.

Adjusted Cost of Goods sold = Cost of goods sold - Overapplied

= 1,690,000 - 16,250

= $1,673,750

14. Gross Margin = Sales - Adjusted COGS

= 2,800,000 - 1,673,750

= $1,126,350

15. Net Operating Income

= Gross Margin - Selling and Administrative salaries - Selling and Administrative expenses

= 1,126,350 - 240,000 - 367,000

= $519,250

6 0
3 years ago
Jasmine Smith owns a condo worth $340,000, a car valued at $27,000, and miscellaneous assets worth $8,500. She owes $189,000 on
Misha Larkins [42]

Answer:

her total assets are $422,000

Explanation:

The computation of the total assets is shown below:

Jasmine Smith's total assets is

= Worth of condo + Value of car + Miscellaneous assets + Mutual fund investment

= $340,000 + $27,000 + $8,500 + $46,500

= $422,000

hence, her total assets are $422,000

We simply applied the above formula so that the correct amount could come

7 0
3 years ago
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