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
Rzqust [24]
2 years ago
13

You're prepared to make monthly payments of $465. Beginning at the end of this 20,031 month, into an account that pays 12 percen

t interest compounded monthly. How many N payments will you have made when your account balance reaches $20,031?​
Business
1 answer:
olga2289 [7]2 years ago
7 0

The number of payments that I would make before the account balance reaches $20,031 is 31 months 15 days

N is the number of monthly payments that would be made before the account balance reaches $20,031.

This formula would be used to determine the value of N

FV = P ( 1 + r)^nm

  • FV = future value = $20,031
  • P = monthly payments = $465
  • r = interest rate = 12%/12 = 1%
  • n = number of years
  • m = number of compounding = 12

$20,031 = $465 x (1.01)^12n

$20,031 / $465 = (1.01)^12n

43.077419 = (1.01)^12n

Log 43.077419 = Log (1.01)^12n

log 43.077419 / log (1.01) = 12n

1.6342497 / 0.0043214 = 12n

378.17598 = 12n

n = 378.17598 / 12

n = 31.51 months or 31 months 15 days

A similar question was solved here: brainly.com/question/15399735?referrer=searchResults

You might be interested in
The problem of preventing managers from acting in their own best interests and instead acting in the best interests of the stock
Mumz [18]

Answer:

The correct answer is letter "A": Agency Problem.

Explanation:

An Agency Problem occurs when a conflict of interest arises for an agent, a person acting on behalf of another person. The conflict of interest arises when the agent's own interests are different from those of the principal or the person being acted for. In the corporate world, the <em>Chief Executive Officer</em> (CEO) is an agent acting for the owners of the company: the <em>stockholders</em>.

5 0
3 years ago
To be a kindergarten teacher do you need university
Veronika [31]
There are no specific kindergarten teaching degrees (or kindergarten teaching courses), public school kindergarten teachers are required to haev at least a bachelor's degree in education. These professionals ordinarily major in elementary or early childhood education in a bachelor's degree program.
6 0
3 years ago
To find the balance due from an individual customer, the accountant would refer to
Yuliya22 [10]

The answer is in the accounts receivable subsidiary ledger. The balance in each customer account is at times settled with the accounts receivable balance in the general ledger, to safeguard correctness. The subsidiary ledger is also usually denoted to as the sub ledger or subaccount.

<span> </span>

4 0
3 years ago
hich of the following statements is CORRECT? (A) One advantage of corporations is that they avoid double taxation. (B) One advan
DerKrebs [107]

Answer: (C) One advantage of an LLC is that its owner has only limited liabilities.

Explanation:

A Limited Liability Company (LLC) has the main advantage of its owners having only a limited liability when it comes to debts and liabilities. This is because the LLC is a bit of a mixture between a partnership and a corporation.

This mix results from the fact that LLCs are formed by partners but their personal assets will be separated from the business like in Corporations which means that in case of default, only the assets they brought into the business will be targeted.

8 0
3 years ago
Suppose that instead of leasing the Accord, Nigel decides to buy the Honda Accord for $22,180. Would this contract need to be in
Sliva [168]

L

Answer:

yes, pursuant to UCC, Section 2-201

Explanation:

Statute of frauds is a provision that requires certain transactions be in writing. This is usually based on the amount involved in the transaction.

In the given scenario according Section 2-201 of the UCC a contract that is above $500 should not be entered unless there is a written contract.

An oral contract won't suffice In this case.

7 0
3 years ago
Other questions:
  • The main expense of a merchandiser is usually ________.
    12·1 answer
  • 13. Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its comp
    10·1 answer
  • Analyze fraternal polyandry in Himalayan south-central Asia with respect to material conditions. What specific problems are pose
    10·1 answer
  • For its new Jeep Compass, Daimler Chrysler launched a campaign targeting young, hip consumers. To reach its target, Jeep’s adver
    7·1 answer
  • What is in dynamic equilibrium ??????? I need it for my physical education exam​
    9·1 answer
  • Suppose the demand for peaches decreases. what will happen to producer surplus in the market for peaches?
    12·1 answer
  • A change in the asset turnover ratio from 1.3 to 1.6 would indicate a. a decrease in the effectiveness of assets in producing sa
    13·1 answer
  • C'est quoi une stratégie
    14·1 answer
  • Analyze various methods of conducting Internet research.
    7·1 answer
  • In the case Blockchain Technology in Action: Walmart and Alibaba. Walmart is using Blockchain technology to improve what piece o
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!