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olasank [31]
3 years ago
6

You are planning to make monthly deposits of $70 into a retirement account that pays 12 percent interest compounded monthly. If

your first deposit will be made one month from now, how large will your retirement account be in 24 years
Business
1 answer:
Brums [2.3K]3 years ago
6 0

Answer:

FV= $115,928.81

Explanation:

Giving the following information:

Monthly deposit= $70

Interest rate= 0.12/12= 0.01

n= 24*12= 288

<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

FV= {70*[(1.01^288) - 1]} / 0.01

FV= $115,928.81

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Jason wants to dine at five different restaurants during a summer getaway. If four of nine available restaurants serve​ seafood,
scoundrel [369]

There are 1560 ways

Explanation:

The toal number of restaurants are 8, out of which 3 serve seafood, and during the summer gateway, Jason decided to dine out at 4 multifarious restaurants.

Since, the order is significant, permutations is to be used.

Four restaurants can be chosen from the 8 restaurants in _{8} \mathrm{P}^{4}. In this case, "at least one" is complement of "fewer than one" (that is 0). Thus, four restaurants that are not serving seafood can be chosen from five restaurants in 5 P^{4}.

<u>Using complements principle to get the number of ways to get at least one of the restuarants serve seafood,</u>

8 P^{4}-5 P^{4} = 1680-120

8 P^{4}-5 P^{4} = 1560

Therefore, there are 1560 ways

5 0
3 years ago
Shamrock Company had net income of $34,000. The weighted-average common shares outstanding were 8,500. The company declared a $3
Leni [432]

Answer:

d) $4.00.

Explanation:

Net Income = $34,000

Common shares outstanding = 8,500 shares

Earning Per share = Net Income for the period / Common shares outstanding

Earning Per share = $34,000 / 8,500 shares

Earning Per share = $4 per share

The company's earnings per share is $4.

Divided declared has nothing to do in the calculation of Earning per share because we just measure the earning against each share which involves net income and number of outstanding shares only.

3 0
3 years ago
Which of the following is NOT true Group of answer choices An American option can be exercised at any time during its life A put
galina1969 [7]

Answer:

When a CBOE call option on APPLE is exercised, APPLE issues more stock.

Explanation:

A call option can be regarded as a "call", and can be explained as contract which exist between the buyer as well as the the seller of that call option, so they can exchange a security at a set price.

In domain of finance, the style or family of particular option can be regarded as the class that the option falls into, and this can be defined using dates that the option could be exercised. Most options usually fall as European or American options. It should be noted that An American option can be exercised at any time during its life. These should be noted;

✓A put option will always be exercised at maturity if the strike price is greater than the underlying asset price.

.A call option will always be exercised at maturity if the underlying asset price is greater than the strike price

Facts about

4 0
2 years ago
What are self-service BI tools?
NeX [460]

Answer:

Technical

Explanation:

100% on test

3 0
3 years ago
What would you pay for a $110,000 debenture bond that matures in 15 years and pays $5,500 a year in interest if you wanted to ea
ladessa [460]

Question

What would you pay for a $110,000 debenture bond that matures in 15 years and pays $5,500 a year in interest if you wanted to earn a yield of 8%:

Answer:

Price of bond = $ 81,753.72

Explanation:

<em>The value of the bond is the present value(PV) of the future cash receipts expected from the bond. The value is equal to present values of interest payment plus the redemption value (RV).  </em>

Value of Bond = PV of interest + PV of RV

The price of the bond can be worked out as follows:  

Step 1  

<em>PV of interest payments  </em>

annul interest payment  = $5,500

Annual yield = 8%

Total period to maturity (in years)  = 15

PV of interest =  

5500 × (1- (1+0.08)^(-15)/)/0.08 =   47,077.13  

Step 2  

<em>PV of Redemption Value  </em>

= 110,000 × (1.08)^(-15) =  34,676.59  

Price of bond  

  47,077.13   +  34,676.59   =$ 81,753.72

Price of bond = $ 81,753.72

6 0
3 years ago
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