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Dahasolnce [82]
3 years ago
12

A retirement plan guarantees to pay you or your estate a fixed amount for 20 years. At the time of​ retirement, you will have​ $

31,360 to your credit in the plan. The plan anticipates earning​ 8% interest annually over the period you receive benefits. How much will your annual benefits​ be, assuming the first payment occurs one year from your retirement​ date?
Business
1 answer:
Annette [7]3 years ago
7 0

Answer:

Annual benefit = $3194

Explanation:

Given data:

Period of annuity = 20 years

Total  Amount of money at retirement time = $31,360

Rate of interest = 8%

annual benefit can be obtained b using given formula:

annual benefit  = \frac{total\ amount}{PV\ factor}

PV factor for given 8% rate for 20 year is 9.8181

Annual benefit =\frac{31,360}{9.8181} = $3194

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Dmitry [639]

Answer:

$12

Explanation:

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Using this formula

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3 years ago
If, in a perfectly competitive industry, the market price facing a firm is above its average total cost at the output where marg
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Some existing firms will exit the industry.

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4 years ago
Select the best description of the incentive for each of the following participants based on the current U.S. health care system
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Answer:

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