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slavikrds [6]
3 years ago
6

Future Value of Multiple Annuities Assume that you contribute $150 per month to a retirement plan for 20 years. Then you are abl

e to increase the contribution to $350 per month for another 20 years. Given an 8 percent interest rate, what is the value of your retirement plan after 40 years
Business
1 answer:
love history [14]3 years ago
5 0

Answer:

$641,455.26

Explanation:

Calculation to determine the value of your retirement plan after 40 years

First step is to determine FV Using financial calculator

N = 40*12 = 480

I = 8%/12 = .6667

PV = 0,

PMT = $150

CPT FV =$523,651.17

N = 20*12 = 240

I = 8%/12 = .6667

PV = 0

PMT = $200 ($350 - $150)

CPT FV =$117,804.08

Now let determine the value of your retirement plan after 40 years

Sum of FV =$523,651.17+$117,804.08

Sum of FV =$641,455.26

Therefore the value of your retirement plan after 40 years will be $641,455.26

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Answer:

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4 years ago
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2 years ago
On October 1, 2018, Perry Corporation signed a 12-month, 8% interest-bearing promissory note for $10,000. Assume that all approp
asambeis [7]

Answer:

$600

Explanation:

The reason is that the recognition of the interest expense is split between two accounting periods. In the first accounting period the interest expense recognized will be for 3 months as the period from inception (October 1, 2018) to the end of year (December 31, 2018) is 3 months.

This means that:

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Answer:SID THE SCIENCE KID

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3 years ago
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