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
AfilCa [17]
3 years ago
14

At age 37 you start saving for retirement if your investment plan pays an APR of 6% and you want to have $.09 million when you r

etire in 28 years, how much should you deposit monthly?
Business
1 answer:
r-ruslan [8.4K]3 years ago
7 0

Answer:

Monthly deposit= $1,036.116

Explanation:

Giving the following information:

Future Value (FV)= $900,000

Number of periods= 28*12= 336 months

Interest rate (i)= 6% = 0.06/12= 0.005

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= {900,000*0.005) / [(1.005^336) - 1]

A= $1,036.116

You might be interested in
Which of the following is NOT true of credit cards? AThey offer the highest level of fraud protection. BThey are the best paymen
den301095 [7]

A and B are NOT true of credit cards

<h3>Further explanation </h3>

Credit card is a card that have a function to borrow money against a line of credit. When you want to buy something, a sales clerk uses your credit card to charge the money needed to their account, so the you will pay later.

Credit cards can be charged a fee if you are late making a monthly payment. For example if you're late to do credit card payment, the next billing statement will include a fee for the late/missed payments. Late fees can be as high as $39, but it depends on your credit card's late fee policy and whether or not it's your first time being late in the past six months.

Credit cards also provide some offer rewards, like cash back or airline miles. The differences between the airline miles and cash back is, the airline credit cards, on average, provide much better short-term value, while cash back cards are better for long-term.

. They offer the highest level of fraud protection and B. They are the best payment type to use when trying to stick to a budget are

A and B are NOT true of credit cards. Credit cards IS much safer method of payment in terms of fraud. Also credit cards are not the best payment to use when trying to do stick on a budget

<h3>Learn more</h3>
  1. Learn more about credit card brainly.com/question/4069197

<h3>Answer details</h3>

Grade:  9

Subject:  business

Chapter:  credit cards

Keywords: credit cards

4 0
4 years ago
Read 2 more answers
Demand deposits are included in?
Elza [17]

Answer:

savings accounts or checking accounts

8 0
2 years ago
Producers use marketing intermediaries because they ________.
Goryan [66]

Answer:

A) create greater efficiency in making goods available to target markets

Explanation:

While producers usually focus on getting raw materials at efficient cost and optimize the production process in a bid to stay profitable, intermediaries such as wholesalers and distributors are usually engaged to ensure that the products are properly distributed and available in the target market of consumers.

Intermediaries usually bring the goods from the producer to the consumer through the intermediaries distribution networks.

6 0
3 years ago
Listed here are the total costs associated with the 2017 production of 1,000 drum sets manufactured by TrueBeat. The drum sets s
Lerok [7]

Answer:

Hdjjdbdjjd

Explanation:

3 0
3 years ago
Ryan has inserted an image into a Word document, but the image is too large. There are sections of the image that he would like
Helen [10]
I think he should use crop
8 0
3 years ago
Read 2 more answers
Other questions:
  • If a company’s employees are found guilty of unethical behavior, the U.S. Sentencing Commission can impose a base fine and multi
    11·1 answer
  • Overspending can keep you from achieving your goals <br> true or false
    15·2 answers
  • What was the non-live show revenue (merchandising + record sales + etc) for the Amzai Brothers during September-December 2019?
    12·1 answer
  • Suppose a worker retires with a savings of $500,000 which is in an interest bearing account that has a rate of 6% per year. If a
    8·1 answer
  • What is life insurance?
    13·2 answers
  • If a short-run equilibrium occurs at a level of output above the natural rate, then in the transition to the long run prices wil
    12·1 answer
  • Having which trait will enable you to deal with people in a way that does not offend them?<br>​
    12·2 answers
  • When a smaller country with fewer resources specializes its production and gains access to larger, international markets, this c
    7·1 answer
  • last year, jarod left a job that pays $80,000 to run his own bike repair shop. jarod’s shop charges $65 for a repair, and last y
    6·1 answer
  • An increase in the quantity demanded means that:
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!