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Crank
2 years ago
11

A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. U

se Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 40
Business
1 answer:
lana [24]2 years ago
6 0

Answer:

$146,212.00  

Explanation:

PMT which is the annual savings is $2000

Rate  is 8%

The annual savings would last for 25 years(65-40)

FVIFA FACTOR=(1+r)^n-1/r

r=8%

n=25

FVIFA FACTOR=(1+8%)^25-1/8%

FVIFA FACTOR=(1.08)^25-1/0.08

FVIFA FACTOR=(6.848475196-1)/0.08=73.106

Amount in the account at retirement=PMT*FVIFA FACTOR

Amount in the account at retirement=$2000*73.106=$146,212.00  

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Answer:

The company's debt ratio at the end of the current year is 66%

Explanation:

For computing the debt ratio, we need to apply the formula which is shown below:

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3 years ago
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3 years ago
On January 1 st, you make plans to travel to Switzerland the following summer. The direct quote for Swiss francs is $0.30.Since
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Answer:

On January 1st, the $3,000 could buy 10,000 Swiss francs (3,000/0.3).

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On January 1st, each Swiss francs could only purchase $0.30 while on June 1st, each Swiss francs could purchase $0.40.

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7 0
1 year ago
A bond currently sells for $1,170, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 30 basis poi
Grace [21]

Answer:

8.53 years

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3 years ago
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