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Artist 52 [7]
3 years ago
6

A savings account is useful for all of the following purposes EXCEPT…

Business
2 answers:
Dimas [21]3 years ago
8 0

Answer:

The correct answer is letter "A": Putting aside money for retirement.

Explanation:

Savings accounts are those where individuals' can deposit money to profit from the annual interest banks and financial institutions provide. Retirement accounts, on the other hand, are those funded with money discounted from employees' paychecks and do not allow withdrawals unless there is a major qualifying event -<em>if the type of retirement account allows it</em>.

VashaNatasha [74]3 years ago
8 0

Answer:

a

Explanation:

hope it helps

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Matt inherited as a trust a fifteen-year annuity-immediate with annual payments. He has been told that the annuity payments earn
Pavel [41]

Answer:

effective annual interest rate = 6.32%

annual payment = $1,585

Explanation:

I believe that this is an ordinary annuity, so we can use the future and present value of an ordinary annuity formula:

FV = annual payment x FV annuity factor, so annual payment = FV / FV annuity factor

PV = annual payment x PV annuity factor, so annual payment = PV / PV annuity factor

we can equal both equations:

PV / PV annuity factor = FV / FV annuity factor

FV / PV = FV annuity factor / PV annuity factor

$37,804.39 / $15,077.10 = FV annuity factor / PV annuity factor

2.5074 = FV annuity factor / PV annuity factor

the easiest way to solve this is to use an annuity table since we already know that there are 15 periods (I used an excel spreadsheet):

%,15 periods      FV annuity factor     PV annuity factor        FV/PV

1                                 16.097                   13.865                      1.1609

2                                17.293                   12.849                      1.34586

3                                18.599                    11.938                      1.55797

4                               20.024                     11.118                       1.80104

5                                21.579                   10.380                      2.07890

<u>6                               23.276                   9.7122                       2.3966</u>

<u>7                                25.129                   9.1079                       2.7590</u>

8                                27.152                   8.5595                       3.1721

9                                29.361                   8.0607                      3.6425

10                               31.772                   7.6061                         4.4112

The interest rate must be between 6 and 7%:

%,15 periods      FV annuity factor     PV annuity factor        FV/PV

6                               23.276                   9.7122                       2.3966

6.1                             23.45404              9.6461                       2.43145

6.2                            23.63369              9.5858                      2.46549

6.3                            23.81491               9.52467                     2.50034

6.31                           23.83312               9.51851                     2.50387

<u>6.32                          23.85135               9.51236                     2.5074</u>

6.4                            23.99773              9.46337                     2.53585

effective interest rate = 6.32% per year

annual payment = $37,804.39 / 23.85135 = $1,585

           

6 0
2 years ago
cash transactions involving the purchase and sale of long-term assets and current investments are classified on the statement of
ivanzaharov [21]

Answer: Investing Activities

Explanation: The investing activities lists all of the purchases and sales of long-term fixed assets, such as equipment, building, land, and the purchase of shares.

Hope this helps.

7 0
2 years ago
What are some Excel functions that a financial planner might use or need?
alexandr1967 [171]
1. Vlookup and Hlookup
2. Pivot table
3. some IF functions such as countif, countifs

7 0
2 years ago
Huong is opening an international food store. Though her products will span the globe, she wants to focus on items from the Midd
Marina CMI [18]
C bc it makes very good since
8 0
3 years ago
Knoll, inc. currently sells 15,000 units a month for $50 each, has variable costs of $20 per unit, and fixed costs of $300,000.
Lunna [17]
Cost per unit
(300,000÷15,000)+20=40

Current profit
50×15,000−40×15,000=150,000

Profit change
60×15,000−40×15,000=300,000

units will knoll need to sell for profit to remain the same as before the price change is
(150,000+300,000)÷40=11,250
3 0
3 years ago
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