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Leya [2.2K]
2 years ago
4

Amy​ Parker, a​ 22-year-old and newly hired marine​ biologist, is quick to admit that she does not plan to keep close tabs on ho

w her​ 401(k) retirement plan will grow with time. This sort of thing does not really interest her.​ Amy's contribution, plus that of her​ employer, amounts to ​$2,400 per year starting at age 23. Amy expects this amount to increase by 33​% each year until she retires at the age of 57 ​(there will be 35 EOY​ payments). What is the compounded future value of​ Amy's 401(k) plan if it earns 55​% per​ year?
Business
1 answer:
FrozenT [24]2 years ago
8 0

Answer:

FV  324,258.35

Explanation:

We have to solve for the future value of an annuity with geometric progression thus, each time it crease as a given rate In this case, 3%

\frac{1-(1+g)^{n}\times (1+r)^{-n} }{r - g}

g 0.03

r 0.05

C 2,400

n 35

\frac{1-(1+0.03)^{35} - (1+0.05)^{35} }{0.05 - 0.03}

FV  324,258.35

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A manufacturer would likely make an ___________ in a market following the long-run process of beginning and expanding production
Brilliant_brown [7]

Answer:

A manufacturer would likely make an entry in a market following the long-run process of beginning and expanding production in response to a sustained pattern of profits.

7 0
2 years ago
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The balances in Sanchez Accounting Services' office supplies account on February 1 and February 28 were $1,100 and $475, respect
Hitman42 [59]

Answer:

$575

Explanation:

Given that,

Opening office supplies = $1,100

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Office supplies expense for the month = $1,200

Opening stock + Purchases - Closing stock = Consumption

$1,100 + Purchases - $475 = $1,200

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Therefore, the amount of office supplies was purchased during February is $575.

7 0
2 years ago
Item 8Item 8 Rick’s Cafe is a new restaurant in town. It has Rick, (the owner), five waitstaff, two cooks, a busboy, and a hoste
olga55 [171]

Answer:

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Explanation:

It has least number of employees. Hiring a middle manager will increase cost for the restaurant.

4 0
2 years ago
The General Fund levies property taxes in the amount of $1,000,000 for calendar year 2019. It expects to collect $950,000 during
Musya8 [376]

Answer:

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Explanation:

The accrual concept or basis of accounting requires that all revenues and expenses relating to a fiscal year be recognized in that accounting year.  It is not only the actual cash receipts and payments that should be recognized.  This means that any revenue that is due but not yet received will be accounted for in the year that the revenue arises.  And all the related expenses for raising the revenue will also be accounted for in the same year.

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