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
Diano4ka-milaya [45]
3 years ago
15

anice plans to save $75 a month, starting today, for 20 years. Kate plans to save $80 a month for 20 years, starting one month f

rom today. Both Janice and Kate expect to earn an average return of 5.5 percent on their savings. At the end of the 20 years, how much more Kate willhave than Janice
Business
1 answer:
miskamm [114]3 years ago
4 0

Answer:

Kate will have $2,178 more than Janice

Explanation:

The constant saving of $75 and $80 each month is an annuity payment. The Balance at the end of 20 years of a constant payment is the future value of annuity.

n = number of months = 20 x 12 = 240 months

r = Average rate = 5.5% per year = 5.5% / 12 = 0.46%

Future value of annuity = FV = P x ( [ 1 + r ]^n - 1 ) / r

Janice

Saving per month = $75

FV = $75 x ( [ 1 + 5.5%/12 ]^240 - 1 ) / 5.5%/12 = $32,672

Kate

Saving per month = $80

FV = $80 x ( [ 1 + 5.5%/12 ]^240 - 1 ) / 5.5%/12 = 34,850.2

Difference  = $34850.2 - 32,672 = $2,178

You might be interested in
All IRS-certified volunteer preparers participating in the VITA/TCE programs must use Form 13614-C along with an effective inter
katen-ka-za [31]

Answer: True

Explanation:

It is required that all volunteers preparing to participate in the VITA/TCE programs must use Form 13614-C along with an effective interview for every return prepared at the site. This is a major requirement, if not they won't participate or partake in the program.

6 0
2 years ago
Why is the supply curve a vertical line
AlladinOne [14]
In some cases, supply curves are vertical, which means that for any price from 0 up to infinity, the quantity will stay the same.

This is very true for supply of an authentic painting in auctions, where there may only be 1 single painting, and people state the highest price they are willing to pay for the painting. Regardless of the price, there will only be 1 authentic painting for that price.

Hope this helps! :)
5 0
3 years ago
The three fitness apps that Under Armour acquired are industry leading apps, with large user bases, in the fast-growing market o
Jobisdone [24]

The apps stated above will be marked as <u>Stars </u>on Under Armours Market Growth/Market Share matrix.

<h3>What do <u>STARS </u>mean on the Market Share/Market Growth/BCG Growth-Share Matrix?</h3>

The two keywords which define stars on the matrix are:

  • High Growth and
  • Large Market Portion.

Any product that is projected as fast-growing and which comprises a huge portion of the market is referred to as "Stars" on the growth matrix.

Other categories of the growth matrix are:

  • Cash Cows
  • Dogs (Pets)
  • Question Marks

Please see the link below for more about Market Growth Matrix:
brainly.com/question/24515909

5 0
2 years ago
What first in first out in accounting
velikii [3]

The correct answer is FIFO meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold.

4 0
3 years ago
A recent study found that the death rate for people who sleep 6 to 7 hours per night is lower than the death rate for people who
padilas [110]

Answer:

Yes, I would recommend those sleeping 9 hours to consider sleeping 6 or 7 hours.

Explanation:

First of all, the sample of the study is very representative because the amount of observations is quite big: 1.1 million!. This means that the results of the study have a very low margin of error, and therefore, can be trusted.

Secondly, the calculations are simple, but correct. The easiest way to determine the mortality rate is to divide the number of people who died by the number of people who are still living, and who belong to the same sample.

6 0
3 years ago
Other questions:
  • Grason Corporation is preparing a budgeted balance sheet for 2015. The retained earnings balance at December 31, 2014 was $533,5
    10·1 answer
  • A company is considering constructing a plant to manufacture a proposed new product. The land costs ​$​, the building costs ​$​,
    7·1 answer
  • If abc company earned $280,000 in net income and paid cash dividends of $40,000, what are abc's earnings per share if it has 80,
    5·1 answer
  • On January 1, 2019, Providence, Inc., issues $1,000,000 of 10 percent, 5-year bonds at par value. Complete the necessary journal
    6·1 answer
  • As leisure-time gaming, inc.'s business and product lines continue to grow, it wants to limit the need to build additional space
    15·1 answer
  • If closing costs of $1,400 are associated with the refinance of reduce the monthly payment fro m $980 to $870 refinance, it woul
    10·1 answer
  • LowFare is a no-frills airline that provides daily shuttle service in the northeast United States. Passengers are predominantly
    10·1 answer
  • An organization's only sustainable competitive advantage lies in: Group of answer choices
    12·1 answer
  • Mayree is the owner of Spines Books, a small eclectic-style bookstore in a bustling college town. Mayree prides herself in selec
    8·1 answer
  • What part of the cover letter explains how the applicant’s qualifications meet the needs of the company?
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!