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Korolek [52]
3 years ago
12

18. You have $$42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year un

til your account totals $250,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal
Business
1 answer:
melomori [17]3 years ago
6 0

Answer:

it takes 15 years 10 months to  reach your goal.

Explanation:

The Fixed deposits are in the form of an ordinary annuity.

The Future Value of this Ordinary Annuity must be $207,819.47 ($250,000 - $42,180.53)

Thus find number of years that the fixed deposits would amount to $207,819.47.

Using a Financial Calculator enter the following data to calculate the period, N.

PMT = $5,000

P/yr = 1

r = 12 %

FV = $207,819.47

N = ?

Thus the number of years, N it takes to  to reach your goal is 15.7921 or 15 years 10 months.

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Answer:

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Explanation:

Based on the scenario displayed above Kathy has to pay based on a quasi contract.

A  Quasi contract is a contract  that is created by a court order, not by an agreement made by the parties to the contract. For example, quasi contracts are created by the court when no official agreement exists between the parties, in disputes over payments for goods or services

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Hence the answer is c. Kathy has to pay based on a quasi contract.

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