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prisoha [69]
3 years ago
11

Joe Downey is currently 65 years of age. He is currently drawing $20,000 a year out of his IRA. He expects to live to 100 and wa

nts to know what he needs now to insure himself that he will be able to draw the $20,000 at the beginning of each year for the next 35 years. He believes the account will earn 6 percent compounded annually for the next 35 years. How much money does he need in his account today?
Business
1 answer:
astra-53 [7]3 years ago
3 0

Answer:

$307,382.82

Explanation:

current age = 65 years

Requires $20,000 at the beginning of the year for the next 35 years.

interest rate = 6%

So, initial investment = PV of all the inflows

= $20,000+ 20,000×PV×( 6%, 35% years)

=$20,000+ 20,000×14.3681

= $20,000+ 287,362.82= $307,382.82

So, he must invest $307,382.82 to get $20,000 every year.

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RideShare offers short-term rentals of vehicles that are kept in small lots in urban neighborhoods with plenty of potential cust
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Answer:

a. Offered load = 1 lot / 4 hours = 6 cars/4 hours = 1.5 cars/hours

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Implied utilization = Demand rate / Offered load

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Everyone likes to have Lydia working on their committees because she seems to have the unique ability to consider a variety of o
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Shiva returns goods worth Rs.2000 and received cash Rs.8000 ?​
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Answer:

When goods were sold to Shiva :

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   To Sales A/C    Rs.10,000

(Being goods sold to Shiva)

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Sales Returns A/C   Rs.2000

   To Shiva A/C   Dr    Rs.2000

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Cash A/C  Dr    Rs.8000

  To Shiva A/C   Rs.8000

(Being Cash received from Shiva)

HOPE THIS HELPS!!!

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