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Radda [10]
3 years ago
7

Finding the required interest rate: Your parents will retire in 18 years. They currently have $250,000, and they think they will

need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds? excel formula
Business
1 answer:
Salsk061 [2.6K]3 years ago
7 0

Answer:

i= 8% annual compunded

Explanation:

Giving the following information:

Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement.

We need to calculate the interest rate required to reach the $1 million goal in 18 years without any additional deposit.

FV= PV*(1+i)^n

Isolating i:

i= [(FV/PV)^(1/n)] - 1

i= [(1,00,000/250,000)^(1/18)] - 1= 0.08

i= 8% annual compunded

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mihalych1998 [28]

The firms may need to focus additional effort on retention strategies.

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Where a company has high customer retention, it means customers would continue to patronize the company's products and not not defect to another product or business.

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5 0
2 years ago
he company rented an office for $ 3600 per month starting from January​ 1, 2018. On that​ day, ABC prepaid the rent through June
pickupchik [31]

Answer:

The balance in the Prepaid Rent account as of April​ 30, 2018 = $7,200

Explanation:

Monthly rent = $3,600

Rent paid on 1 January = $3,600 \times 6 = $21,600

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for 5 months

Prepaid rent account as on April 30 balance will be of rent for May and June,

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Only this amount will be outstanding in prepaid rent as for the month till April each month rent would have been adjusted from February to April.

Final Answer

The balance in the Prepaid Rent account as of April​ 30, 2018 = $7,200

8 0
3 years ago
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a self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families, as
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1 year ago
The economic principles of Islam prohibit a bank from _____.
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