1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
irina1246 [14]
3 years ago
9

You need to accumulate $10,000. To do so, you plan to make deposits of $1,500 per year - with the first payment being made a yea

r from today - into a bank account that pays 9.56% annual interest. Your last deposit will be less than $1,500 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal? Round your answer up to the nearest whole number.
Business
1 answer:
Jet001 [13]3 years ago
7 0

Answer:

5.4 years

Explanation:

Future value is the value of the calculated by compounding a specific present value using a specific discount rate

Payment = $1,500

Rate = 9.56%

Future value = $10,000

We will use the following formula to calculate the numbers of years.

Future Value = Payment x [ ( 1  + r)^n - 1 / r ]

$10,000 = $1,500 x [ ( 1 + 9.56%)^n - 1 / 9.56%

$10,000 x 9.56% / 1,500 = ( 1 + 9.56%)^n - 1

0.6373 +1 = 1.0956^n

1.6373 = 1.0956^n

Log 1.6373 = n log 1.0956

n = log 1.0956 / Log 1.6373

n = 5.4 years

You might be interested in
In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of
Vlada [557]

Answer:

The correct option is 2. $50,200

Explanation:

Please see below the required journals for the transactions that occurred:

Debit Allowance for doubtful accounts             $31,800

Credit Accounts receivable                                $31,800

(<em>To record write-off of accounts receivable)</em>

Debit Accounts receivable                           $2,340,000

Credit Sales revenue                                    $2,340,000

<em>(To record credit sales during the year)</em>

Debit Cash                                                      $1,910,000

Credit Accounts receivable                           $1,910,000

<em>(To record collection on account)</em>

  • The effect of the above journals on allowance for doubtful account is a reduction. Since Dinty already assessed its allowance for doubtful account to be $82,000, bad debt expense required will be $50,200 ($82,000 - $31,800).
  • The balance in accounts receivable will be $2,340,000 - $1,910,000 - $31,800 = $398,200.
7 0
2 years ago
the state transferred ownership of property to roger and pauline. which transfer document would the state agency use?
elena55 [62]

The state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.

<h3>What is a deed of assignment?</h3>

It should be noted that the deed of assignment simply means an instrument that's used to illustrate that a transfer has taken place.

Any property transaction needs a deed of assignment because it serves as the primary record between the seller and the buyer proving that all negotiations, inquiries, and other required due diligence have been made, the purchase price has been paid, and all other prerequisites have been met.

In this case, the state transferred ownership of property to Roger and Pauline, the transfer document that the state agency will use us a deed of assignment.

Learn more about assignment on:

brainly.com/question/13858252

#SPJ1

7 0
2 years ago
You are offered a chance to buy an asset for $5,250 that is expected to produce cash flows of $750 at the end of Year 1, $1,000
jeyben [28]

The rate of return I would earn if you bought the asset is 16.91.

<h3>What is the internal rate of return?</h3>

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested. It is a capital budgeting method.

IRR can be calculated with a financial calculator

  • Cash flow in year 0 = $-5250
  • Cash flow in year 1 = $750
  • Cash flow in year 2 = $1000
  • Cash flow in year 3 = $850
  • Cash flow in year 4 = $6250

IRR = 16.91%

To learn more about the internal rate of return, please check: brainly.com/question/24172627

8 0
2 years ago
On January​ 1, 2018,​ Jordan, Inc. acquired a machine for $ 1,000,000. The estimated useful life of the asset is five years. Res
klemol [59]

Answer:

Annual depreciation=$188,000

Explanation:

Giving the following information:

Purchasing price= $1,000,000

Salvage value= $60,000

Useful life= 5 years

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (1,000,000 - 60,000)/5

Annual depreciation=$188,000

6 0
3 years ago
240,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 4
elena-14-01-66 [18.8K]

Question Completion:

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 60,000 were in process in the production department at the beginning of April.

Answer:

1. The number of units transferred to the Finished Goods Inventory is 218,000.

2. Number of equivalent units with respect to materials and conversion:

Materials = 305,600

Conversion = 264,600

Explanation:

a) Data and Calculations:

                                              Materials     Conversion

Beginning inventory                  60%             40%

Units completed before          36,000           24,000

Units completed now              24,000           36,000

Equivalent units of production:

Started and completed         240,000        240,000

Ending inventory (82,000 units) 80%           30%

=                                               65,600          24,600

Total equivalent unit            305,600        264,600

The number of units transferred to finished:

Beginning inventory units         60,000

Units started and completed  240,000

Total units available                300,000

less Ending inventory units      82,000

Units transferred out              218,000

b) Using the weighted-average method, the equivalent units of production are equal to the units started and completed plus the units of ending inventory based on the degree of completion.

6 0
3 years ago
Other questions:
  • The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:RevenuesRevenues from our ma
    14·1 answer
  • Roughly what percent of japan is mountainous? select one:
    6·1 answer
  • Given the following information for a retail company, what is the total cost of goods purchased for the period? Purchases discou
    8·1 answer
  • The accounting equation (Assets 5 Liabilities 1 Equity) is a fundamental business concept. Explain what this equation reveals ab
    13·1 answer
  • Free points <br> i am the best
    8·2 answers
  • Maria is flagged as a special customer at your firm because she is a satisfied customer, returns to your company to buy, puts he
    15·1 answer
  • Shane is the project manager of the organizational development team at Solid Hardwoods. Shane's team has been assigned the task
    10·1 answer
  • A very small country's gross domestic product is $12 million.
    13·1 answer
  • An owner decides to sell his property and discovers that there is a lien on his title for a swimming pool he paid off 10 years a
    14·1 answer
  • PLEASE HELP ME I WILL GIVE BRAINLIEST
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!