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2 years ago

If you begin investing at age 25 instead of age 20, how much more do you need to invest per month to have $1M at retirement?

1 answer:

8 0

The logic behind saving for retirement is that the earlier one begins saving for retirement, the lesser amount they will have to save monthly. From the graph given, the answer to how much more you need to invest per month to have $1M at retirement is;

$140

Assuming a 6% investment on return, the individual will have to save $360 monthly to have $1,000,000 at the retirement age of 67.

If he, however, waits till the age of 25 to begin saving, he will have to save $500 which is $140 more than he would have saved from the age of 20.

So, to save less per month, you need to start at an early age.

Learn more here:

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3 years ago

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4 years ago

Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 an

Andrej [43]

Answer:

<u>Foster Manufacturing </u>

<u>Journal Entries</u>

<u>Sr. No Particulars Debit Credit</u>

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Direct Labor Work in Process Job No. 224 2800

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3 years ago

Mrs. Smith operates a business in a competitive market. The current market price is $8.10. At her profit-maximizing level of pro

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Answer:

Mrs Smith either shut down the business or invest in efficient equipements that lowers the total cost to below $7

Explanation:

The reason is that the you can not make profit if you product is sold in the market at a higher price than the competitor who offers the same product with the same features. So here, Smith can not make profits by selling the product at $8 because here total cost is $8.25 per unit.

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3 years ago