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Korvikt [17]
3 years ago
11

"You plan on saving money for retirement in 30 years (t=30) at which time, you wish to have saved $1,000,000. In order to do thi

s, you plan on depositing $10,000 into the bank for 10 years starting next year (last $10,000 deposit at t=10). And then deposit $x every year after that until your retirement day (last deposit of $x at t=30). If the interest rate is 6% per annum, what is the $x you must deposit?"
Business
1 answer:
MissTica3 years ago
6 0

Answer:

<u>X= $15,692.9393</u>

Explanation:

Giving the following information:

Number of years= 30

Final value= 1,000,000

First, deposit $10000 for ten years (last deposit at t=10).

After ten years, you deposit X for 20 years until t=30.

i= 6%

First, we need to calculate the final value in t=10. We are going to use the following formula:

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

FV= {10000*[(1.06^10)-1]}/0.06= $131807.9494

We can calculate the amount of money to input every year. We need to isolate A:

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

First, we need to calculate the final value of the $131807.9494

FV= PV*[(1+i)^n]

FV= 131807.9494*1.06)^20= 422725.95

We need (1000000-4227725.95) $577274.05 to reache $1000000

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

A= (577274.05*0.06)/[(1.06^20)-1]= 15692.9393

<u>X= $15,692.9393</u>

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Answer:

"Quantitative " is the correct answer.

Explanation:

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3 years ago
Pluto Company owns 100 percent of the capital stock of both Saturn Corporation and Sol Corporation. Saturn purchases merchandise
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The amount that should be eliminated from cost of goods sold in the combined income statement for 20X8 is $31,250.

Explanation:

Amount eliminated from cost of goods sold in the combined income statement for year 2008.

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Amount should be eliminated from combined income statement

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Therefore, The amount that should be eliminated from cost of goods sold in the combined income statement for 20X8 is $31,250.

4 0
3 years ago
A manufacturer has a monthly fixed cost of $50,000 and a production cost of $7 for each unit produced. The product sells for $16
Oxana [17]

Answer:

The manufacturer will have a c. Loss

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8 0
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serg [7]

Answer:

<u>Executed</u>

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In such a case, Luke will have to honor the contract since the disaffirmation period i.e before his attaining majority has lapsed.

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Answer:

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3 0
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