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
nirvana33 [79]
3 years ago
11

A student wants to have $30,000 at graduation 4 years from now to buy a new car. His grandfather gave him $10,000 as a high scho

ol graduation present. How much must the student save each year if he deposits the $10,000 today and can earn 12% on both the $10,000 and his earnings in a mutual fund his grandfather recommends
Business
1 answer:
kari74 [83]3 years ago
5 0

Answer:

Annual deposit= $2,984.69

Explanation:

<u>First, we need to calculate the Future Value of the lumpsum investment using the following formula:</u>

FV= PV*(1+i)^n

FV= 10,000*(1.12^4)

FV= $15,735.19

<u>Now, the annual deposit to cover the difference:</u>

Difference= 30,000 - 15,735.19= 14,264.81

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

A= annual deposit

Isolating A:

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

A= (14,264.81*0.12) / [(1.12^4) - 1]

A= $2,984.69

You might be interested in
After the Interview The job search doesn't end with the interview. After your interview, be sure to follow up with the appropria
iogann1982 [59]

Answer:

The correct answers are letters "A", "D", and "E": Use a business letter format; Send a separate letter to each interviewer; Mention something you liked about the interview.

Explanation:

A <em>job interview </em>does not end after leaving the prospective company where you could work. Most organizations decide to choose one applicant over another if they contact their interviewers after the interview. For that purpose, that last contact must be a <em>formal letter stating what your impressions are of the company and why you are still interested in obtaining the job position</em>. Besides, if there was more than one interviewer, <em>a unique letter should be addressed to each of interviewer</em>.

3 0
3 years ago
Total output of an economy can be divided into its alternative uses by considering who bought the output. when other countries p
bija089 [108]

Total output of an economy can be divided into its alternative uses by considering who bought the output. when other countries purchase part of an economy's output, this is called Gross Domestic Product [GDP],

<h3>Gross Domestic Product</h3>

The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.

Although it is often calculated on a yearly basis, GDP can also be computed on a quarterly basis. For instance, the US government estimates the annualized GDP for the entire year as well as each fiscal quarter.

To know more about 'GDP', visit :brainly.com/question/1383956

#SPJ4

6 0
2 years ago
During the year (not a leap year), Anna rented her vacation home for 87 days, used it personally for 13 days, and left it vacant
Oksana_A [137]

Answer:

<u>Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction the payment of US$ 2,500 on real estate taxes she made.</u>

Explanation:

Any taxpayer can deduct real estate taxes on the federal income tax return.  For 2019, the IRS says a taxpayer can deduct up to $10,000 ($5,000 if you're married filing separately) But limits apply and you have to itemize to take the deduction.

<u>Therefore, Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction, the payment of US$ 2,500 on real estate taxes she made.</u>

6 0
3 years ago
Bryce co. sales are $914,000, variable costs are $498,130, and operating income is $196,000. what is the contribution margin rat
elixir [45]

Sales: $914,000

Variable Costs: $498,130

Operating Income: $196,000

Contribution Margin Ratio = ?

Formula:

Contribution Margin Ratio = (Sales – Variable Costs) / Sales

Solution:

Contribution Margin Ratio = ( $914,000 - $498,130) / $914,000

Contribution Margin Ratio = 45.5% (Answer)

4 0
3 years ago
jounralize and post closing entries and complete the closing process list all debit entries before credit entries credit account
DochEvi [55]

Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.

<h3>What order should the steps for closing an account be taken in?</h3>

Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.

A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.

To know more about closing entries, refer:

brainly.com/question/13469087

#SPJ4

7 0
1 year ago
Other questions:
  • Windwings is a company that manufactures and markets flutes, a product with a steady demand rate. it is so successful at what it
    13·1 answer
  • The City of Sycamore has investments in bonds. These bonds have an amortized cost of $1,997,000. At year end, the financial pres
    14·1 answer
  • The 2016 income statements of Leggett &amp; Platt, Inc. report net sales of $3,749.9 million. The balance sheet reports accounts
    14·1 answer
  • If a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is Multiple Choice c
    11·1 answer
  • Suppose that the federal budget deficit increases. the increase in government borrowing will cause interest rates to ▼ rise fall
    14·1 answer
  • How can interest rate fluctuations impact a nation's economy?
    11·1 answer
  • Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, a
    13·1 answer
  • If the reserve requirement is 20% and commercial bankers decide to hold additional excess reserves equal to 5% of any newly acqu
    7·1 answer
  • What are the main issues to be addressed in a business code of ethics required by the Securities and Exchange Commission
    14·1 answer
  • hui er hires a contractor to remodel her kitchen while she is gone on vacation. in spite of the contractor's promise to do high-
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!