Answer:
6.67 years
Explanation:
The number of years for the firm to reach the desired value of $1.2 million can determined using the nper formula in excel as below:
=nper(rate,pmt,pv,-fv)
rate is the interest rate earns by the fund at 10% per year
pmt is the addition to the fund in each year which is $50,000
pv is the current amount in the fund which is $400,000
fv is the desired value of $1.2 million
=nper(10%,50000,400000,-1200000)= 6.67 years
It would take 6.67 years for the sinking fund to reach the desired value of $1,200,000
Answer:
Objectives of HRM include ensuring availability of resources, easy access to data, on-time payroll, ensuring compliances, etc. HRM objectives are basically influenced by organisational goals and vertical. Objective of HRM is to ensure a stable work environment with data at one place and efficient operations.
Answer:
Concept & example of Opportunity Cost
Explanation:
Opportunity Cost is the cost of next best alternative foregone, while choosing an alternative. This arises because of 'choice' problem, due to unlimited wants & limited resources - having alternative uses.
Eg : If I can have 2 chapatis or a bowl of rice. And, I eat a bowl of rice. Then, 'opportunity cost' of a rice bowl is - the next best available '2 chapattis' foregone for the former.
Answer: Keep your account open and you will earn more on Interest you've already earned
Explanation:
Since Tom's investment account at his bank has a compounding interest, the best advice that'll be offered to Tom is to keep the account open and he will earn more on Interest than what he has already earned.
It should be noted that compound interest makes ones money grow faster. The reason for this is due to the fact that the interest is calculated based on the accumulated interest that the individual has earned over time and the original principal.
Therefore, it isn't advisable for Tom to withdraw his money or ask the bank to compound the interest less frequently but rather, he should keep the account open as he'll earn more interest.
Answer:
Civil Service administrator.
Community development worker.
Environmental manager.
