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
Law Incorporation [45]
2 years ago
7

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

Business
1 answer:
Sedaia [141]2 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

You might be interested in
On July 1, 20x1, Fox Co. purchased as a held-to-maturity investment $5,000,000 of Owl, Inc.'s 8% bonds for $4,580,000, including
Dimas [21]

Answer:

The amount fox should report on Dec 31,20x1 = $4,556,500

Explanation:

The carrying amount of bonds = $4,580,000 - $50,000

The carrying amount of bonds = $4,530,000

Amortization of discount from july 1 to dec 31 (6 months):

Interest Revenue = $4,530,000* 10% * 6/12

Interest Revenue= $226500

Interest Receivable = $5,000,000 * 8% * 6/12

Interest Receivable = $200000

Discount amortized =Interest Revenue - Interest Receivable

Discount amortized = $226500 - $200000

Discount amortized = $26500

So:

The amount fox should report on Dec 31,20x1 = $4,530,000 + $26500

The amount fox should report on Dec 31,20x1 = $4,556,500

4 0
3 years ago
A speaker who thinks uncritically looks for good reasons to accept or reject others' opinions.
liq [111]
That speaker tends to <span>closed-minded and impulsive.
The most important things for that speaker is most likely not finding the best outcome from the people around them that could be done if they just work together , but rather to become the center of attention by diminishing other people's value (putting them down)</span>
8 0
2 years ago
Which economic policy was most successful during the Great Depression?
labwork [276]
The economic policy that was most successful during the Great Depression is (D) increased government spending. It is a common view among economists that government spending on the war at least accelerated from the recovery of the Great Depression. Well, as always, other think that it didn't play a vital role in recovery.
6 0
3 years ago
Exercise 4-15A Calculate net cash flows (LO4-7) Below are several transactions for Meyers Corporation for 2021. Issue common sto
Maru [420]

Answer:

$12,600

Explanation:

Particulars                                                              Amount

a. Issue common stock for cash                            $40,000

b. Purchase building and land with cash,            -$25,000

c. Provide services to customers on account       $6,000

d. Pay utilities on building                                      -$500

e. Collect $4,000 on account from customers     $4,000

f. Pay employee salaries                                        -$8,000

g. Pay dividends to stockholders                          -<u>$3,900</u>

   Net Cash Flow                                                    <u>$12,600</u>

7 0
2 years ago
George is going shopping for a new car to replace his old one. Which of these costs would be
uranmaximum [27]

The cost that would relevant in the choice of a new car is the the cost to operate the new vehicles.

<h3>What cost would be relevant?</h3>

The cost that would be relevant in the choice of a new car is the cost that is dependent on the type of car chosen. The cost to operate the new car would depend on the type of car chosen. If George buys a more fuel efficient car, the cost of running the car would be cheaper.

To learn more about cost, please check: brainly.com/question/27127934

4 0
2 years ago
Other questions:
  • Anish kapoor's to reflect an intimate part of the red represents:
    9·1 answer
  • A downward-sloping experience (or learning) curve is indicative of ________. Group of answer choices the low quality of a compan
    15·1 answer
  • Wholesome Cuisine, a frozen foods company, decides to create a new mail order meal division, focused on offering delicious food
    12·1 answer
  • what is the government-regulated distribution of a good that is in low supply. A. Surplus B. Shortage C. Rationing D. Price floo
    8·2 answers
  • The balance sheet for Gelher Company reports the following information on July 1, 2022. GELHER COMPANY Balance Sheet (partial) L
    9·1 answer
  • A company issues a 10-year, callable bond at par with 8% annual coupon payments. The bond can be called at par in one year after
    14·1 answer
  • Identify the outcomes when a manager views supply chain operations as a collection of processes rather than a collection of depa
    7·1 answer
  • An investment had a nominal return of 10.7 percent last year. If the real return on the investment was only 6.5 percent, what wa
    12·1 answer
  • Kellogg Co. (K) recently earned a profit of $2.22 earnings per share and has a P/E ratio of 19.35. The dividend has been growing
    12·1 answer
  • One positive impact that industrialization has had is that.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!