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Artist 52 [7]
3 years ago
13

"how long will it take to double your savings if you earn 7.2 percent interest, compounded annually?"

Business
1 answer:
Alchen [17]3 years ago
4 0
<span>Formula of Comound Interest will help you. Here is the formula : So : savings you placed Sf : savings you get after years r : rate n : years Sf = So x (1+r)^n Here we try to get "n" so that Sf = 2So. "n" is a math power, if you want to get it, you should use Logarithm and transform the equation : Sf - So = (1+r)^n Then, you isolate "n" and by doing that, every other equation's terms will be expressed in Logarythm : n = (log sf - log so) / (log 1 + r) Example : you have 10$, you want 20$ with 7.2% interest (Any other amount will match) : n = (log 20 - log 10) / (log 1.072) n = 0.301029 / 0.030195 n = 9.9696 You will need 9.9696 years. So (0.9696*365)/1 = 9 years, 11 months and 19 days.</span>
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Justin’s plan doesn’t cover his costs completely. What are his options for covering the rest of his costs? Select all that apply
spin [16.1K]

Available Options:

He could try to save more money.

He could get a student loan for the extra amount he

needs.

TO He could apply for a scholarship

He could ask his friends to loan him money.

He could ask his family to contribute.

Answer:

All of the above    

Explanation:

The best option is to be self reliant which means that Justin must apply for scholarships, save money now and during the program execution and if still there are any expenses due then he can ask his family to contribute to meet his exense and still if there are unpaid expenses then he can borrow from his friends if he thinks that he can repay the loan to his friends in the mutually agreed time. If Justin can not pay its amount borrowed then he must consider long term loan option to fund his studies.

The order of finance is given as under:

  1. Save Money
  2. Scholarship
  3. Ask his Family
  4. Loan from Friend
  5. Long term Loan
5 0
2 years ago
Read 2 more answers
Investors can postpone or avoid income taxes by investing through individual retirement accounts.
kkurt [141]

True. Investors can postpone or avoid income tax by investing through individual retirement accounts. Tax-deferred and tax-exempt retirement accounts are two most popular options for lowering tax obligations. Both forms of retirement accounts reduce total amount of taxes a person will pay throughout their lifetime.

Immediate tax deductions up to the full amount of contribution in tax-deferred accounts is allowed. Money in account continues to grow tax-free. Instead of offering tax reductions on donations, tax-exempt accounts offer future tax benefits.

Tax is not applied to retirement accounts. Maximizing contributions to both types of accounts can be the best tax-savings plan.


To learn more about account, click here

brainly.com/question/14526783?

#SPJ4

7 0
1 year ago
Jeff deposits $3,000 into an account which pays 5 percent interest, compounded annually. At the same time, Kurt deposits $3,000
VashaNatasha [74]

Answer:

Kurt will have a smaller account value than Jeff will

Explanation:

The formula for calculating future value = A (B / r)

B = [(1 + r)^n] - 1

Jeff : $3000 x [(1.05^3 - 1 ) / 0.05] = $9457.50

Kurt :$3000 x [(1.03^3 - 1 ) / 0.03] = $9272.70

Jeff would have a higher account value than Kurt

8 0
3 years ago
Luis follows a lot of news sources in his industry. He subscribes to several blogs written by industry experts, and updates are
bekas [8.4K]

Answer:

Group of choices:

a. Media sharing

b. Blog

c. Content aggregator

d. Mass media

The correct answer is c. Content aggregator .

Explanation:

Feedly is considered to be a content aggregator site because all of its information is derived from external sources. In a broader sense, content aggregators are tools that allow information to be collected in order to locate it in a specific place. One of the advantages is that it allows having the information in the same place, which saves time for those who are interested in the same or similar topics.

3 0
3 years ago
A deficit on the current account Multiple Choice means that a nation is making international transfers. has no relationship to t
Sliva [168]

Answer:

The correct option is C

Explanation:

The deficit or shortage on the current account of the country, is defined as the measurement or determination of the trade of the company where the goods and the service value, it imports exceeds or increase the value of the products it exports.

The current account of the country states the foreign transactions of the country within the time period.

So, when there is deficit or shortage on the current account, it means that usually, it will cause deficit in the finance as well as the capital account of the country.

4 0
3 years ago
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