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
taurus [48]
3 years ago
5

6. You have 45 years left until retirement and want to retire with $4 million. Your salary is paid annually, and you will receiv

e $50,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn an annual return of 9 percent on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?
Business
1 answer:
allsm [11]3 years ago
6 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

You have 45 years left until retirement and want to retire with $4 million. Your salary is paid annually, and you will receive $50,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn an annual return of 9 percent on the money you invest.

n= 45

FV= 4,000,000

i= 9% + 3%= 12%

We need to use the following formula:

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

A= annual deposit

Isolating A:

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

A= (4,000,000*0.12)/{(1.12^45)-1}= $2,945

5.89% per year.

You might be interested in
You are going to the movie theater with your grandparents and your younger brother. Senior citizen tickets cost $6, your ticket
kipiarov [429]

Answer:

Total expenditure for the trip = $36.25

Explanation:

You are going to the movie with your younger brother and grandparents.

Senior citizens tickets cost $6 while your tickets cost $6.25 and your younger brothers ticket cost $4.25 .

Also there is an additional expenditure due to buying soda and popcorn and it costs $20.

Now we have to find the total cost for your trip to the movie theater.

For that we just need to add all the expenditures.Hence,

Total cost = 6 + 6.25 + 4.25 + 20 =$36.25

This is the total expenditure for the trip.

4 0
4 years ago
On May 31, Money Corporation's Cash account showed a balance of $16,000 before the bank reconciliation was prepared. After exami
yaroslaw [1]

Answer:

cash balance tobe reported in the balance sheet 16,880

Explanation:

cash account   16,000

NSF check            240

service charge      (80)

amend mistake:    720

adjusted:          16,880‬

the check oustanding and the deposits in-transit are adjustment for the bank balance. not the firm cash accounting

We must look for data which wasn't know until receive the bank statement.

Those are:

the non-sufficient funds

the service charge

and the accounting mistake

6 0
3 years ago
William wants to obtain information from the Securities and Exchange Commission regarding the number of active cases related to
Tomtit [17]

Answer:

The correct answer is a Freedom of Information Act request.

Explanation:

The Freedom of Information Act (FOIA) is a statute that establishes the process by which every individual can request access to records or information from federal agencies. Federal agencies, such as the Commission for Equal Employment Opportunities, are required to disclose their records once they have received a written request for review, except if the requested documents are protected by one of the nine exceptions. and three exclusions contained in the FOIA Law. The FOIA Act does not apply to records held by Congress, courts or state and local governments. Any request to review records held by state and local governments should be directed directly to the appropriate state or local government agencies.

5 0
3 years ago
Which of the following statements ignores the concept of opportunity cost?
frez [133]
Its C. All choices involve cost
5 0
3 years ago
What is your Future expectations for 3-month Gold, Oil, and Japanese Yen prices?​
Darina [25.2K]

Future expectations for the mentioned items are as follows-

  • Gold- The price would appreciate in the times to come
  • Oil- The price would be at floor bottom in coming times with minor upticks at intervals
  • Japanese Yen- The currency would depriciate with respect to USD

Explanation:

Given the Corona epidemic, ensuing US-China trade wars, US-Iran fiasco and dampening global growth prospects, the global economy is going through a phase of slowdown, if not recession.

Hence the general future expectation for the commodities are as follows-

  • Gold- With global growths deepening and share markets crashing, investors would probably store their wealth in the form of gold. This would lead to appreciation in the gold prices. The prices have spiralled upwards in the last few months and would continue doing so in times ahead.
  • Oil- Lack of demand, forced lockdowns of the economy, disrupted global growth has reduced the demand of the oil. Hence the demand graph has fallen and consequentially the prices of oil which is a floor value. It would continue to remain doing do so in times ahead.
  • Japanese Yen- Yen would depreciate during this time due to the strengthening of the US dollar. This depreciation would continue.

3 0
3 years ago
Other questions:
  • The marginal cost of producing the xth box of canning jars is 7 + x 2 1000 dollars per box. Determine how much is added to the t
    11·2 answers
  • Which skills are primarily established through a paper-style test vaa
    6·2 answers
  • Department G had 3,600 units, 40% completed at the beginning of the period, 12,000 units were completed during the period, 2,000
    5·1 answer
  • When the price of product a increases, the demand for product b increases as well. you can conclude that products a and b are:?
    13·1 answer
  • Which of the following statements is correct?a. Capital gains earned in a share repurchase are taxed less favorably than dividen
    10·1 answer
  • What is the source of information used to prepare the income statement?
    5·2 answers
  • Under what condition would it be rational for the trading areas of two branch locations to completely overlap?
    10·1 answer
  • ABC Corp. received a 3-month, 8% per year, $1, 500 note receivable on December 1. The adjusting entry on December 31 will includ
    12·1 answer
  • Suppose your state collects a sales tax, but a bordering state does not. A number of people cross the border each day in order t
    7·1 answer
  • Suppose that the required reserve ratio is 10 percent and you withdraw $25,000 from Comerical Bank.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!