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
Natalija [7]
3 years ago
5

Miguel, a recent​ 22-year old college​ graduate, wants to retire a millionaire. How much will he need to set aside annually to a

chieve his​ goal, assuming he plans to retire at 65 and he can earn a 10​% annual return on his​ investment?
Business
1 answer:
olga55 [171]3 years ago
3 0

Answer

Miguel must set aside $62,745 annually

Explanation

N = Number of years till Miguel would retire = 43 years

FV = Future Value = $1,000,000

r = Interest rate = 10%

PMT = Annual payments (at the ending of the year) = ?? The question asks us to calculate this

We would use the future value ordinary annuity formula to calculate PMT

FV = PMT [\frac{(1+r )^{N} -1}{r} ]

1000000 = PMT [\frac{(1+0.10 )^{10} -1}{0.10} ]

PMT ≅ $62,745

Miguel must set aside $62,745 annually

You might be interested in
Which of the following management orientations holds that each country in a global marketplace is unique?
iogann1982 [59]

Answer:

Polycentric orientation.

Explanation:

The polycentric orientation, referring to the management of the global marketplace, is a market vision (and in a great sense also political) that establishes that there is no single central point in a globalized market, but that each country has a strategic importance in the different sectors market that most concern you. Thus, the idea of market leaders is rejected, but rather the idea of a fragmented market in different sectors, with varied leaders, is defended.

7 0
3 years ago
What is the target of SEO service?
Fiesta28 [93]
Increase its visibility in search results on search engines
5 0
3 years ago
As time passes, fixed assets, other than land, lose their capacity to provide useful services. To account for this decrease in u
natta225 [31]

Answer:

depreciation

Explanation:

Based on the information provided within the question it can be said that the term that is being described in this question is called depreciation. This is the reduction in the value of an asset as time goes by, and is mainly due to the fact that the asset experiences wear and tear and is not in the same condition as it was when it was purchased, therefore there is less demand for it.

6 0
3 years ago
The general ledger of Sandhill Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 58000 Deposits
Dafna1 [17]

Answer:

$687,000

Explanation:

Intangible Assets are identifiable assets of a non-monetary asset  and without physical substance. Intangible assets include trademarks, copyrights and goodwill that is acquired.

Important to note that Internally generated Goodwill  is not defined as an assets. Thus, deposits with advertising agency of $35,000 are not included within tangible assets

<u>Calculation of Total Intangible Assets will be :</u>

Intangible Assets Calculation = (Copyrights) $ 58,000  + (Goodwill Acquired) $560,000 + (Trademarks) $69,000

                                                 = $687,000

Therefore,

Sandhill's balance sheet as of December 31, 2021 should report total intangible assets of $687,000

5 0
3 years ago
Neumann Corporation is planning to issues bonds with a face amount of $2 million. If Neumann's accountant, Betty, wants to calcu
aalyn [17]

Answer:

1. Present value

2. Market

Explanation:

Neumann Corporation is planning to issues bonds with a face amount of $2 million. If Neumann's accountant, Betty, wants to calculate the expected issue she should calculate the present value of the related future cash payments using the market interest rate.

3 0
3 years ago
Read 2 more answers
Other questions:
  • How would you expect an increase in the price of a good to<br> affect its demand curve?
    11·1 answer
  • The two parts of every mission to test that clearly indicates the action to be taken and the
    11·1 answer
  • Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that
    8·1 answer
  • You are thinking about buying a house. You find one you like that costs $400,000. You learn that your bank will give you a mortg
    14·1 answer
  • Lindsey Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A
    5·1 answer
  • 3. Consider the following price indexes: 2 pts
    8·1 answer
  • Lunderville Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 3,200 units
    13·1 answer
  • Does anyone think im attractive just wanna know lol
    6·2 answers
  • ABCD A building was purchased for $350,000 with a 20% down payment. If the lender charged the buyer three discount point, how mu
    8·1 answer
  • why might a company want to hedge its balance sheet exposure? what is the paradox associated with hedging balance sheet exposure
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!