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
frozen [14]
3 years ago
11

David’s friend, Keanu, has hired a financial planner for advice on retirement. Considering Keanu’s current expenses and expected

future lifestyle changes, the financial planner has stated that once Keanu crosses a threshold of $7,796,223 in savings, he will have enough money for retirement. Keanu has nothing saved for his retirement yet, so he plans to start depositing $70,000 in a retirement fund at a fixed rate of 9.00% at the end of each year. It will take ___ years for Keanu to reach his retirement goal.
Business
1 answer:
tatiyna3 years ago
7 0

Answer:

28.85

Explanation

Keanu has decided to save a fixed amount of 70,000 for a given period. We would need to calculate the number of years to achieve 7,796,223 using the FVIFA formula (Future value interest for an annuity)

Fixed payment× FVIFA=Future value

<em>FVIFA</em> = \frac{(1+r)^{n} - 1}{r}

where r is the periodic rate (9%)

and n is the number of periods

therefore; 70000×\frac{(1+0.09)^{n} - 1}{0.09}=7796223

{(1+0.09)^{n} }=(7796223×0.09)/70000

n=27.85

However, since Keanu will not invest until the end of the first year, he will spend 28.85 years to achieve his goal

You might be interested in
At the beginning of the year, manufacturing overhead for the year was estimated to be $477,590. At the end of the year, actual d
neonofarm [45]

Answer:

At the beginning of the year used in the predetermined overhead rate must have been $16.30 per labor hour

Explanation:

Estimated manufacturing overhead = $477,590

Actual Labor hours = 29,000

Actual Manufacturing overhead = $472,590

Over application of manufacturing overhead = $110

As we know:

Over applied manufacturing overhead = Manufacturing overhead applied - Actual manufacturing overhead

$110 = Manufacturing overhead applied - $472,590

Manufacturing overhead applied = $110 + $472,590

Manufacturing overhead applied = $472,700

Manufacturing overhead applied = Actual Labor Hours x Predetermined overhead rate

$472,700 = 29,000 hours x Predetermined overhead rate

Predetermined overhead rate = $472,700 / 29,000 hours

Predetermined overhead rate = $16.30 per labor hour

7 0
3 years ago
Which of the following is not one of the three conditions that characterizes a perfectly competitive​ market? A. Firms have pric
mart [117]

Answer: Option A

Explanation: In simple words, perfect competition refers to a market structure in which the the market have a large number of small buyers and sellers.

Due to this high volume of small level buyers and sellers no single party has the power to influence the price. The price in such market are determined by the market forces of demand and supply.

Hence from the above we can conclude that the correct option is A.

3 0
3 years ago
Someone broke into your apartment and stole all of your stuff. Luckily, you
Maksim231197 [3]

*☆*――*☆*――*☆*――*☆*――*☆*――*☆*――*☆*――*☆**☆*――*☆*――*☆*――*☆

Answer: A, file a claim

Explanation:

I hope this helped!

<!> Brainliest is appreciated! <!>

- Zack Slocum

*☆*――*☆*――*☆*――*☆*――*☆*――*☆*――*☆*――*☆**☆*――*☆*――*☆*――*☆

4 0
2 years ago
Read 2 more answers
To ensure efficient, clear, communication, the national incident management system characteristics recommend the use of:
Flauer [41]

management system characteristics recommend the use of:

Technical language

4 0
3 years ago
Read 2 more answers
An entrepreneur needs to raise $20,000 for improvements to her factory. She plans to contribute 60 percent of this sum from her
Karolina [17]

Answer:

$8,000

Explanation:

The entrepreneur needs $20,000. She can raise 60% from savings. It means she needs to generate 40% from other sources.

40% of $20,000 is

=40/100 x $20,000

=0.4 x $20,000

=$8,000

8 0
3 years ago
Other questions:
  • Two sporting goods stores have similar annual net sales. if one store sells mostly high-quality goods and the other store sells
    8·1 answer
  • Which of the following statements concerning income tax rate structures is false?
    8·1 answer
  • Which of the following illustrates the law of demand? a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteri
    9·1 answer
  • Ron and Amie invested $5,000 in an educational savings account for their daughter when she was born. They were unable to ever ad
    15·1 answer
  • Ruby Company produces a chair that requires 7 yards of material per unit. The standard price of one yard of material is $14.40.
    15·1 answer
  • You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and th
    12·1 answer
  • A principle concern of domestic unions about multinational firms is that the multinational can counter their bargaining power wi
    11·1 answer
  • A professional sports team that earns more annual revenue than a small-market team is a _____________, fill in the blank,.
    9·1 answer
  • if there is an increase in the demand for a good, what will happen to the equilibrium price and quantity of the good exchanged?
    12·1 answer
  • The risk encountered by a firm of classifying a production process as ""out of control"" when it is truly in control is often ca
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!