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Softa [21]
3 years ago
9

You just started your first job today. Besides your 401K, you are planning to save $3,000 a year for 40 years for your retiremen

t when you receive tax returns. If the first deposit is made a year from now into an account with the annual interest rate of 8%, how much will you have in your account in 40 years? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
Business
1 answer:
umka21 [38]3 years ago
6 0

Answer:

The correct answer is 777.169.56.

Explanation:

According to the scenario, the given data are as follows:

Payment per year (PMT) = $3,000

Time (N) = 40 years

Rate of interest (R)= 8%

So, the future value of the following can be calculated by using the following formula:

Future value = PMT × \frac{((1+r)^{n} -1)}{R}

Now, put the value of the following in the formula. then,

= 3,000 × \frac{((1+8/100)^{40} -1)}{8/100}

= 3,000 × 259.0565

= 777,169.56

Hence, the value in the account after 40 years will be 777,169.56.

You might be interested in
In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour,Japan can produce 30 tons of steel o
MArishka [77]

Answer:

Option (D) is correct.

Explanation:

In United states:

Can produce 25 tons of steel or 250 automobiles,

Opportunity cost of producing a ton of steel = 250 ÷ 25

                                                                          = 10 automobiles

Opportunity cost of producing 1 automobile = 25 ÷ 250

                                                                         = 0.1 tons of steel

In Japan:

Can produce 30 tons of steel or 275 automobiles,

Opportunity cost of producing a ton of steel = 275 ÷ 30

                                                                          = 9.17 automobiles

Opportunity cost of producing 1 automobile = 30 ÷ 275

                                                                         = 0.11

Therefore,

United States has a comparative advantage in producing automobiles because the opportunity cost of producing automobiles is lower than the Japan.

Japan has a comparative advantage in producing steel because the opportunity cost of producing steel is lower than the United states.

7 0
2 years ago
Jason and Katrina work on the loading dock for Longhaul Transport Company. Jason has a disability. Katrina has seniority. Jason
SSSSS [86.1K]

Answer:

Katrina's seniority is a good defense.

Explanation:

Industrial Jurisprudence

This is refered to as a system of rules and regulations that is used by labor and management fashion to show their specific employment rights and obligations in the work environment.

Seniority System

This is refered to as different rules and procedures usually within an agreement that shows the allocation of certain job situations including promotion, layoff and recall, as well as certain economic benefits based on length of service. This is application to many organizations.

Seniority

This very important measure of employee job security and it start with acquiring seniority on the date & time of hire (cannot be awarded until completion of probationary period).

Jason may lose the case as a result of the seniority system.

5 0
3 years ago
The following balance sheet for the Hubbard Corporation was prepared by the company:
crimeas [40]

Answer:

    HUBBARD CORPORATION

             Balance Sheet

        At December 31, 2021

<u>Assets</u>

Current assets:

Cash $63,000

Accounts receivable (net) $126,000

Inventory $163,000

Short term investments - AFS securities $23,000

Total current assets: $375,000

Investment in equity securities $43,000

Patent (net) $103,000

Machinery $283,000

Assets Buildings $753,000

Accumulated depreciation ($258,000)

Land $186,000

<u>Total assets $1,485,000 </u>

<u>Liabilities and Shareholders' Equity</u>

Current liabilities:

Accounts payable $218,000

Current portion of long term debt $32,500

Total current liabilities: $250,500

Notes payable 473,500

Common stock (authorized and issued 103,000 shares of no par stock) $412,000

Retained earnings $349,000

<u>Total liabilities and shareholders' equity $1,485,000</u>

Explanation:

1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $53,000 but, due to a significant increase in market value, is listed at $126,000. The increase in the land account was credited to retained earnings.

Dr Retained earnings 73,000

    Cr Land 73,000

Assets must be reported at historical cost.

2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $23,000 of which will be sold in the coming year. The remainder will be held indefinitely.

Dr Short term investments - AFS securities 23,000

    Cr Investment in securities 23,000

It doesn't change the value of the assets, it just organizes them properly.

3. Notes payable are all long term. However, a $130,000 note requires an installment payment of $32,500 due in the coming year.

Dr Notes payable 32,500

    Cr Current portion of long term debt 32,500

4. Inventory is recorded at current resale value. The original cost of the inventory is $163,000.

Dr Inventory change 83,000

    Cr Inventory 83,000

Inventory must be recorded at lesser of cost or market value.

3 0
2 years ago
According to ______ management, managers should fix an organization's problems by improving its structure, culture, and work rul
Pavlova-9 [17]

The answer is Deming management.

Deming management is a type of management that focuses on building and maintaining organizational structures that produce high-quality results.

It involves putting management scholar W. Edwards Deming's principles into practice.

Deming defined management as the establishment and ongoing development of organizational systems.

Customers of the company's goods or services will receive a raise in value as a result of the deployment of such a creative and improved management system. In today's globally competitive environment, which is characterized by quickly evolving technology and customers' aspirations for greater standards of values, continuous improvement is crucial to the management system.

Continuous improvement is the process of constantly refining and enhancing organizational processes, services, and products to produce better value for customers.

Hence, According to Deming management, managers should fix an organization's problems by improving its structure, culture, and work rules while treating employees well.

Learn more about management:

brainly.com/question/1276995

#SPJ4

4 0
2 years ago
Griffin corp. is evaluating its piquette division, an investment center. the division has a $60,000 controllable margin and $400
liberstina [14]
Given:
Controllable margin = 60,000
sales = 400,000
return on investments = 10%

Return on investments = net profit / average operating assets

10% = 60,000 / ave. operating assets.

Average operating assets = 60,000 / 10%
Average operating assets = 600,000

Griffin's average operating assets will be 600,000 when its return on investment is 10%.
6 0
3 years ago
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