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
ICE Princess25 [194]
3 years ago
5

Mr. Hopper expects to retire in 30 years, and he wishes to accumulate $1,000,000 in his retirement fund by that time. If the int

erest rate is 12% per year, how much should Mr. Hopper put into his retirement fund at the end of each year in order to achieve this goal
Business
1 answer:
Karo-lina-s [1.5K]3 years ago
3 0

Answer:

Annual deposit = $4100

Explanation:

Annual deposit = $4100

Number of years for retirement = 30 years

Future value of money = $1000000

Interest rate = 12%

Now use the below formula to find the annuity amount.

Annual deposit = Future value (A/F, r, n)

Annual deposit = 1000000 (A/F, 12%, 30)

Annual deposit = 1000000(0.0041)

Annual deposit = $4100

You might be interested in
Through fraudulent means, Frank induces Ethel to sign a contract to invest with him the profits from her business. When Ethel le
Andreas93 [3]

Answer:

a. ​enforce the contract or recover what she invested with Finlay.

Explanation:

From the question we are informed about Frank which Through fraudulent means, he induces Ethel to sign a contract to invest with him the profits from her business. In this case When Ethel learns the truth, she may enforce the contract or recover what she invested with Frank. Contract can be regarded as an agreement that exist between two parties which could be private parties to create obligation which is mutual and is enforceable under law, element needed for a contract to be valid is that there must be valid offer as well as acceptance.

3 0
3 years ago
At times, someone with a good credit rating may not be able to get a loan. When this happens, the potential customer may be told
Sergio [31]

It can mean that the bank is running low on liquidity of cash. In the banks are required to keep a minimum of liquidity to be able to give loans and keep the cash flow. In case the bank is running low on liquidity the customer should inform the central bank and the central bank should fine the bank for not maintaining the liquidity.

3 0
3 years ago
Project: How Entrepreneurs Improve the Economy
UNO [17]

Answer:

time management

make best decision

saving the budget

having ideas

never relaxed

6 0
3 years ago
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purcha
Volgvan

Answer:

a. FIFO - Inventory Used: $39900  Remaining Inventory: $14700

b. LIFO - Inventory Used: $41700 Remaining Inventory: $12900

c. Weighted Average Cost - Inventory Used: $40950 Remaining Inventory: $13650

Explanation:

Jan 01. Beginning inventory = 40 x $165 = $6600

Aug 13. Purchases 200 x $180 = $36000

Nov 30. Purchases 60 x $200 = $12000

Ending inventory = 75 units

Inventory Used = 300 – 75 = 225

(a) First-In-First-Out (FIFO)

This is the method where the inventory first received is the one that is used first. Common method when the inventory is perishable and would be wasted if left too long.

Inventory Used:

40 x $165 = $6600

185 x $180 = $33300

Total = $39900

Remaining Inventory:

15 x $180 = $2700

60 x $200 = $12000

Total = $14700

(b) Last-In-First-Out

Method whereby the inventory received latest is used first. Common in goods that are bulky. the inventory on top (latest purchased) is used first.

Inventory Used:

60 x $200 = $12000

165 x $180 = $29700

Total = $41700

Remaining Inventory:

40 x $165 = $6600

35 x $180 = $6300

Total = $12900

(c) Weighted Average Cost

This is whereby you divide the cost of goods sold by the number of units available for sale.

54,600 / 300 = $182

Inventory Used: 225 x $182 = $40950

Remaining inventory = 75 x $182 = $13650

3 0
4 years ago
Under a periodic inventory system:____________.
anyanavicka [17]

Answer:

1. accounting records continuously disclose the amount of inventory.

Explanation:

The periodic inventory system is the accounting method of calculating the value of inventory at the end of a specified period of time. Under this system, updates are made on a periodic basis rather than after every sale or purchase of inventory. It continuously tracks the record of inventory by physically counting the inventory and the cost of inventory is calculated by using the inventory calculation method, such as FIFO, LIFO, and weighted averages.

7 0
3 years ago
Other questions:
  • Suppose the spouse of the primary earner in the household is considering joining the labor force. The spouse currently cares for
    11·1 answer
  • Chandra spent part of her workday booking flights and accommodations for her vacation next month. she tells herself that this is
    12·1 answer
  • Ceteris paribus, when the price of tuition increases, fewer people will choose to go to college. What do we mean by ceteris pari
    9·1 answer
  • Channel richness is, in part, determined by the ability to facilitate rapid, two-way feedback.
    7·1 answer
  • Regression analysis models helped Avon realize that employee benefits and the appointment fee that representatives pay for mater
    11·1 answer
  • A business that invests in a federal "CD" (certificate of deposit, where they basically loan the government
    8·2 answers
  • Interest earnings of 4 percent with a $450 minimum balance; average monthly balance, $600; monthly service charge of $20 for fal
    8·1 answer
  • A naturalistic learning style fits a person who enjoys learning through _____.
    11·2 answers
  • Asap pls!!!
    12·1 answer
  • John paid $60,000 to replace the roof on a warehouse he used in his business. In addition, he spent $12,500 to demolish and remo
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!