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Lady_Fox [76]
3 years ago
10

You will need $228,790 in 28 years to supplement your retirement funds. if you can earn 8% interest, you must save $________ eac

h year. hint: this is a yearly problem.
Business
2 answers:
Alborosie3 years ago
8 0
To answer this question use the formula of the future value of an annuity ordinary which is
Fv=pmt [( (1+r)^(n)-1)÷r]
Fv future value 228790
PMT yearly save. ?
R interest rate 0.08
N time 28 years
Solve the formula for PMT
PMT=Fv÷[( (1+r)^(n)-1)÷r]
PMT=228,790÷(((1+0.08)^(28)−1)÷(0.08))
PMT=2,399.75 round your answer to get 2400

Hope it helps!
kodGreya [7K]3 years ago
3 0
You will need $228,790 in 28 years to supplement your retirement funds. If you can earn 8% interest, you must save $2,400 each year. ✅
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sineoko [7]

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4 0
3 years ago
Read 2 more answers
Juniper Co uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9750 of me
KatRina [158]

Answer:

D) Debit Accounts Payable $1500; Credit Merchandise Inventory $1500

Explanation:

The journal entry to record the merchandise return is shown below:

Account payable A/c Dr $1,500

                To Merchandise inventory A/c $1,500

(Being returned inventory is recorded)

For recording the returned inventory we debited the account payable and credited the merchandise inventory account so that the proper posting could be done

6 0
3 years ago
SME Company has a debt-equity ratio of .57. Return on assets is 7.9 percent, and total equity is $620,000. a. What is the equity
PtichkaEL [24]

Answer:

(i) 1.57

(ii) 12.40%

(iii) $76,898.60

Explanation:

Debt-equity ratio = debt/equity

Hence debt= 0.57 equity

= (0.57 × 620000)

= $353,400

Total assets = debt + equity

                     = (353400+620000)

                    = $973400

1. Equity multiplier = Total assets ÷ Equity

                               = $973,400 ÷ 620,000

                               = 1.57

3.  ROA = net income ÷ Total assets

net income = ($973,400 × 0.079)

                    = $76,898.60

2. ROE = net income ÷ Total equity

= $76,898.60 ÷ 620,000

= 12.40%(Approx).

7 0
3 years ago
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