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iren2701 [21]
3 years ago
15

Assume your goal in life is to retire with $2,500,000. How much would you need to save at the end of each year if interest rates

average 7% and you have a 20-year work life?
Business
1 answer:
LUCKY_DIMON [66]3 years ago
4 0

Answer:

Annual deposit= $60,982.31

Explanation:

Giving the following information:

Future Value= $2,500,000

Number  of periods= 20 years

Interest rate= 0.07

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

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

A= annual deposit

Isolating A:

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

A= (2,500,000*0.07) / [(1.07^20) - 1]

A= 60,982.31

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Answer:

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Explanation:

Correct word for the given statement is Revenue recognition

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johna's plant nursery pays the salaries of its two employees. how will this transaction affect the accounting equation? check al
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johna's plant nursery pays the salaries of its two employees. this accounting effect the transaction are. Salaries expenses will be increased; Equity will be decreased.

Debiting the salary paid in the journal entry above removes the liability for the salary paid on the balance sheet. During the actual payment of salaries, certain salary amounts may have been incurred but not reflected in unpaid salaries, resulting in payroll expense debits.

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False.

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