2. prepare a type of business report called a spending report.
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Answer:
$13232.50 should be set aside each year
Explanation:
given data
save = $2 million
by time = 65 year
today age = 22
interest rate = 5%
to find out
how much must you set aside each year to make sure that you will have $ 2 million
solution
we know here number of payment will be
no of payment = 65 - 22 + 1
+1 is add here because 1st payment is today
no of payment = 44
so future value formula is
future value = present payment .............1
put here value here r is rate and t is no of payment
$2 million = present payment
present payment = 13232.50
so $13232.50 should be set aside each year
Answer:
The answer is: Cost principle
Explanation:
The cost principle states that a business should record its assets, liabilities, and equity investments at their original purchase costs.
In this case, Lisa paid $35,000 for the office building, so the recorded price of the asset should be $35,000 and not $50,000.