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RoseWind [281]
3 years ago
12

A local university has a goal of raising $500,000 for an escrow account. Their fund-raising committee has committed to raising $

5,000 a month until they reach their goal. These funds are deposited into an interest-bearing account that earns interest at the rate of 8 percent per year compounded monthly. The first deposit is made at the end of the current month. How many months (aka how many deposits) can the committee expect to continue their fund-raising campaign
Business
1 answer:
zavuch27 [327]3 years ago
6 0

Answer: 77 months

Explanation:

Use the NPER function on Excel to find the answer.

Rate is compounded monthly so:

= 8% / 12

= 0.66667%

Payment = 5,000 per month

Present value = $0

Future value = 500,000

Value should be = 76.87 months

= 77 months

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qwelly [4]

Answer:

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Explanation:

When a business is faced with a problem of shortage of a resource which can be used to produced more than one product type, to maximize the use of the resource , the business should allocate it for production purpose in such a way that it maximizes the contribution per unit of the scare resource.

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3 years ago
Suppose a city that operates local electric and natural gas companies wants to raise revenues by increasing its rates for electr
leva [86]

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