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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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A

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Which of the following methods is the best way to learn the art of leadership? a. Reading a textbook b. Taking a test c. Studyin
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The correct answer is letter "D": Leading a group activity.

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3 years ago
A company desires to sell a sufficient quantity of products to earn a profit of $280000. If the unit sales price is $16, unit va
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Answer:

$270,000

Explanation:

Data provided

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Contribution per unit = $16 - $12

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