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Katena32 [7]
3 years ago
8

Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account t

hat pays 12% per year based on the following schedule.
Year 0 Deposit $100
Year 1 Deposit 90
Year 2 Deposit 80
Year 3 Deposit 70
Year 4 Deposit 60
Year 5 Deposit 50
Year 6 Deposit 40

If the first scholarship is to be awarded one year after the first deposit is made and thereafter the award will be given indefinitely, what is the scholarship amount?
Business
1 answer:
OleMash [197]3 years ago
3 0

Answer:

<u>Scholarship Amount would be $45.68</u>

Explanation:

Deposits into an endowment account that pays 12% per year

Year 0 Deposit $100

Year 1 Deposit $90

Year 2 Deposit $80

Year 3 Deposit $70

Year 4 Deposit $60

Year 5 Deposit $50

Year 6 Deposit $40  

First find the present worth of the gradient deposits.  

P = 100 + 90(P/A, 12%, 6) - 10(P/G, 12%, 6) = $380.69  

A = 380.69 (0.12)

A= $45.68

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The question is incomplete. Please read below to find the missing content.

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7 0
1 year ago
If a company spends $20 million to install new footwear-making equipment with capacity to produce 1 million pairs of athletic fo
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Seeing as no figures were produced, we will have to do this ourselves.

We will make assumptions which include the following,

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Those are our 2 assumptions.

In that case then,

The Annual Depreciation will be,

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If you need any clarification do react or comment.

3 0
3 years ago
In 2019, George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Ass
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Answer:

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Solution

Given that:

Now

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