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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

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Answer:

Exploratory

Explanation:

Sheena, marketing manager for Yaard-Vark Lawn Tractors, is interested in the relationship between the prices of lawn tractors and the level of sales. To test whether increasing prices will lead to a change in sales and, if so, how much of a change, she should use exploratory research.

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PLEASE HELP ME!!!<br> How are mental, physical, and financial health related? Three sentences
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the ending balance of the retained earnings account appears in group of answer choices only the statement of stockholders’ equit
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The ending balance of the retained earnings account appears both in the statement of stockholders’ equity and the balance sheet.

<h3>Where does retained earnings appear?</h3>

Retained earnings is the profit left after dividends have been paid. It is the profit that is not paid out to shareholders as dividends.

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time. The retained earnings appears in the equity section of the balance sheet.

The statement of stockholders’ equity records the owners equity and changes to the owners equity during a financial year.

The income statement records a company's income and expenses in a financial year. It is used for determining if a firm is operating at a profit or a loss.

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2 years ago
How many different ways are there to buy 8 fruits when the choices are apples, pears, and oranges?
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The total different ways are 65536.

How many ways can you buy 8 fruit?

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If the order doesn't matter then we have a combination, if the order do matter then we have a permutation.

One could say that a permutation is an ordered combination.

The number of permutations of n objects taken r at a time is determined by the following formula: P(n,r)=n!.

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The Four drives are, <em>Acquire and Achieve</em>, <em>Bond and Belong</em>, <em>Create and Challenge</em> and <em>Define and Defend</em>.

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