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IgorC [24]
2 years ago
6

You want to have $2.7 million when you retire in 37 years. You feel that you can save $600 per month until you retire. What APR

do you have to earn in order to achieve your goal
Business
1 answer:
PilotLPTM [1.2K]2 years ago
6 0

Answer:

9.87%

Explanation:

Calculation to determine What APR do you have to earn in order to achieve your goal

$2.7 million = $600{[(1 + r)444 − 1] / r}

r = .0082*100

r=.82%

r = .82% × 12

r = 9.87%

Therefore the APR you have to earn in order to achieve your goal is 9.87%

You might be interested in
Suppose that the marginal propensity to consume in Frugalia is 0.60. The government of Frugalia enacts a stimulus program that i
fgiga [73]

Answer:

option (c) $25 million

Explanation:

Data provided in the question:

The marginal propensity to consume in Frugalia, MPC = 0.60

Increase in spending = $10 million

Now,

The total increase in income

= \frac{\textup{1}}{\textup{1-MPC}}  × Increase in spending

on substituting the respective values, we get

= \frac{\textup{1}}{\textup{1-0.6}}  × $10 million

=  \frac{\textup{1}}{\textup{0.4}}  × $10 million

or

= 2.5 × $10 million

or

= $25 million

Hence,

The answer is option (c) $25 million

5 0
2 years ago
How do you calculate the variable cost?
NikAS [45]

Calculate total variable cost by multiplying the cost to make one unit of your product by the number of products you've developed. For example, if it costs $60 to make one unit of your product, and you've made 20 units, your total variable cost is $60 x 20, or $1,200.

Hope this helps have a great day :)

6 0
2 years ago
Becky only eats out at Macaroni Grill and eats out 3 times per month. She receives a raise fro $31,900 to $33,500 and decided to
ololo11 [35]

Answer:

Since elasticity is 6.4, a positive figure,it is normal good and the fact that it is greater than one means it is elastic,hence option A is correct

Explanation:

The formula for income elasticity of demand is given as:

/(new quantity-old quantity)//(old price+new price)/2)/(New income-Old income)/(old income+new income)/2)

New income=$33,000

Old income=$31,900

New quantity =5 times

Old quantity=3 times

Hence=(5-3)/(3+5)/2)/(33500-31900)/(31900+33500)/2)

Elasticity=6.45

6 0
3 years ago
Technology has proliferated in Kenya and Somaliland, with text messages used to replace cash, creating mobile money use that, on
olchik [2.2K]

Answer:

<u>True.</u>

Explanation:

This statement is true. In Kenya there is a system called M-PESA, which can be defined as a more developed payment system worldwide, this system acts as a tool that allows payments and purchases to be made via cell phone.

This system revolutionized the lives of the citizens of that region, due to the ease of being able to carry out commercial transactions and manage their money without needing a bank.

8 0
2 years ago
The first of two major components of developing a marketing strategy is to _______. a. select a target market b. determine a seg
Brrunno [24]

Answer:The first of two major components of developing a marketing strategy is to<u> select a target market.</u>

<u>Explanation:</u> After determining business products and services the business needs to identify the target market. Identifying the target market is the major step in developing a marketing strategy.

Steps to select a target market

  1. Target market is actually those customers whom we want to sell our products.Concentrating on target market will make it easier to sell our products.
  2. Customers can be targeted on the basis of age,gender,income,occupation,educational level.
  3. Look at the competition that exist .Identify those areas that have been overlooked by our competitors.
  4. If business is already existing than identify those products and services which are bought by current customers and the benefits that they are getting from it.
  5. Finally target those customers who actually need your products and services.

5 0
3 years ago
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