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Orlov [11]
3 years ago
10

You believe you will spend $240,000 a year for 25 years once you retire in 17 years. If the interest rate is 3.90% per year. (Do

not round intermediate calculations. Round your answer to 2 decimal places.) a. How much must you need saved once you reach retirement. $ b. how much must you save each year until retirement to meet your retirement goal
Business
1 answer:
AleksandrR [38]3 years ago
5 0

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the money required at the time of retirement:</u>

FV= 240,000*25= $6,000,000

<u>Now, using the following formula, we can determine the annual investment:</u>

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

A= annual deposit

Isolating A:

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

A= (6,000,000*0.039) / {[(1.039^17) - 1]

A= $255,373.88

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Answer:

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Credit deferred revenue $249,000

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Explanation:

Preparation of the journal entries that Intel should record on December 18 and January 23

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January 23rd

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3 years ago
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Please see attachment

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