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
m_a_m_a [10]
3 years ago
10

A graduating high school student decides to take a year off and work to save money for college. The student plans to invest all

money earned in a savings account earning 6% interest, compounded quarterly. The student hopes to have $6000 by the time school starts in 12 months. How much money will the student have to save each month?
Business
1 answer:
Oliga [24]3 years ago
4 0

Answer:

$488.89

Explanation:

Data provided in the question:

Interest rate = 6% = 0.06

Since the interest is compounded quarterly, n = 4

Interest rate per period = 0.06 ÷ 4 = 0.015

Time = 12 months i.e 1 year

Future value = $6,000

Therefore,

Annuity per quarter = Future value × [\frac{r}{(1+r)^n-1}]

or

Annuity per quarter = $6,000 × [\frac{0.015}{(1+0.015)^4-1}]

or

Annuity per quarter = $6,000 × 0.244

or

Annuity per quarter = $1466.67

Therefore,

Deposits per quarter = Annuity per quarter ÷ Number of months per quarter

= $1466.67 ÷ 3

= $488.89

You might be interested in
A company sold 10,000 shares of its common stock at par value for a total of $45,000. What two accounts are affected by the tran
noname [10]

Answer:

Cash and contributed capital

Explanation:

The journal entry to record the sale of common stock is shown below:

Cash A/c Dr $45,000

   To Common stock A/c $45,000

(Being the common stock is sold)

For recording this transaction, we debited the cash account as the sale is made which increases the asset and credited the common stock account because the common stock is sold which reduces the equity balance.

8 0
3 years ago
I need this right now.
mamaluj [8]

Answer:

Sorry cant help with this

Explanation:

4 0
2 years ago
Read 2 more answers
How much time after selling a house do you have to buy a house to avoid the tax penalty?.
kati45 [8]

Answer:

no idea but im pretty sure its 6 months

Explanation:

becuase i think so

7 0
2 years ago
Read 2 more answers
Businesses commonly rely upon groups to make decisions because of the many advantages to group decision making. Which of the fol
Andrei [34K]

Answer:

Almost every other business in this universe now relies upon group thinking rather than individual approach to anything.

It has several advantages, some of them are pointed out below:

o) Equality bias, when there are group discussion, this means that everyone has a part of say in the final decision and that leads to equality bias, which is beneficial.

o) More alternatives are generated, it is a fact that when an individual takes a decision, he/she is neglecting a lot of other options to explore which could be a lot beneficial for the business.

o) More acceptance of the final decision, Since the final decision taken is with the approval and consent of everyone, there is a possibility that the final decision will be more acceptable.

o) Lastly, It creates Synergy, synergy is the idea that a decision as a whole is better than in parts.

Hope this helps you. Good Luck.

3 0
3 years ago
The purpose of the ________ of performance appraisal is to keep managers from being excessively lenient and having a disproporti
Kitty [74]

Answer: forced distribution method

Explanation:

JUST DID IT

8 0
3 years ago
Other questions:
  • Victor Lorenz realizes that he needs a new car, so he has read through Consumer Reports and has visited selected dealerships to
    11·1 answer
  • Which of the following types of value chain processes directly creates and delivers goods and services to customers?
    14·1 answer
  • If the number of unemployed persons in a country equals 24 million, the number of employed persons equals 8 million, and the num
    9·1 answer
  • Donut delites has a beta of 1.06, a dividend growth rate of 3.2 percent, a stock price of $12 a share, and an expected annual di
    15·1 answer
  • An investment adviser has a soft dollar arrangement with DEF Brokerage Company. An investment adviser representative brings a bi
    8·1 answer
  • Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will make 16 d
    10·1 answer
  • A(n) bond is a long-term contract under which a borrower agrees to make payments of interest and principal, on specific dates, t
    9·2 answers
  • Suppose the economy is self-regulating, the price level is 132, the quantity demanded of Real GDP is $4 trillion, the quantity s
    15·1 answer
  • Innovators at 3M developed Scotchbrite Greener Clean scrub sponges from spiky agave plant leaves. Customers appreciate this supe
    12·1 answer
  • Compton Inc. made a $500 ordinary repair to a piece of equipment. Compton's accountant debited this amount to the asset account.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!