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notsponge [240]
3 years ago
13

You need to have $32,250 in 9 years. You can earn an annual interest rate of 4 percent for the first 5 years, and 4.6 percent fo

r the next 4 years. How much do you have to deposit today? A. 23341.12 B. 20769.78 C. 22142.99 D. 24936.86
Business
1 answer:
baherus [9]3 years ago
5 0

Answer:

The deposit today is:

C. 22142.99

Explanation:

a) Data and Calculations:

Future expected value = $32,250

Time period = 9 months

Annual interest rate = 4% for the first 5 years

Annual interest rate = 4.6% for the next 4 years

Today's deposit to earn the above future value is calculated from an online financial calculator as follows:

N (# of periods)  5

I/Y (Interest per year)  4

PMT (Periodic Payment)  0

FV (Future Value)  26940.33

Results

PV = $22,142.99

Total Interest $4,797.34

N (# of periods)  4

I/Y (Interest per year)  4.6

PMT (Periodic Payment)  0

FV (Future Value)  32250

PV = $26,940.33

Total Interest $5,309.67

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Jan wants to plan for her daughter’s education. Her daughter, Rachel was born today and will go to college at age 18 for five ye
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Loyal Pet Company expects to sell 7 comma 000 beefy dog treats in January and 5 comma 000 in February for $ 2.00 each. What will
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Answer:

<u>January:</u>

Sales revenue= $14,000

<u>February:</u>

Sales revenue= $10,000

Explanation:

Giving the following information:

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February= 5,000 units

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3 years ago
Sheffield Company originally issued 5400 shares of $10 par value common stock for $162000 ($30 per share). Sheffield subsequentl
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Answer:

a. credit to Paid-In Capital from Treasury Stock for $2650.

Explanation:

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Eric needs help with his credit problems. Which organization is considered a good, reputable source of information on how to sol
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If you need help with your money, contact Consumer Credit Counseling Services (CCCS), a membership organisation of regional nonprofit organisations. Consumer finance businesses, banks, credit card issuers, and other lenders all make voluntary contributions to CCCS.

Revolving credit and instalment credit are the two types of consumer credit. Revolving credit works similarly to a credit card in that the borrower is given permission to utilise a certain amount of credit whenever they need it.

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