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Law Incorporation [45]
3 years ago
7

You want to be a millionaire when you retire in 40 years.

Business
1 answer:
Sedaia [141]3 years ago
7 0

Answer:

a. FV = $1,000,000

rate = 9.7%

n = 40 periods

FVIFA = [(1 + 0.097)⁴⁰ - 1] / 0.097 = 407.9960231

annual savings = $1,000,000 / 407.9960231 = $2,451.00

b. FV = $1,000,000

rate = 9.7%

n = 30 periods

FVIFA = [(1 + 0.097)³⁰ - 1] / 0.097 = 155.4306295

annual savings = $1,000,000 / 155.4306295 = $6,433.74

FV = $1,000,000

rate = 9.7%

n = 20 periods

FVIFA = [(1 + 0.097)²⁰ - 1] / 0.097 = 55.35978429

annual savings = $1,000,000 / 55.35978429 = $18,063.65

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Explanation:

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Explanation:

Capital Goods are <em>assets with more than one year of useful life</em> that are used to generate other goods and income. <em>Capital goods and assets</em> as terms apply to the same category of resources but the context defines which one is being used. In the context of economic analysis, <em>capital goods</em> are used to refer to the amount of capital goods purchased and used in the overall economy. <em>Capital assets</em> is a term that is used more commonly in accounting and finance.

3 0
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During 2017, Sheridan Company expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Sheri
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