answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MrRissso [65]
2 years ago
14

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your s

alary of $52,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
2 answers:
lisabon 2012 [21]2 years ago
3 0

Answer:

FV =  2,621,048.23

Explanation:

we will calcualte the future value of an annuity with an geometric progression:

\frac{(1+r)^{n} -(1+q)^{n}}{r - q} = FV

g 0.03

r 0.092

C 5,356 ( we will save next year (52,000 x 1.03) the 10% )

n 39 (we start saving next year)

\frac{(1+0.092)^{39} -(1+0.03)^{39}}{0.092 - 0.03} = FV

FV = 2,400,227.319

As we deposit at the first day of the year this will be an annuity-due so we will multiply by (1 +r)

FV =  2,621,048.23

Papessa [141]2 years ago
3 0

Answer:

the answer is $2 830 830. 09

Explanation:

The first thing to calculate is the growth of salary o fwhich it grows by 3%

$52000*1.03=53560

The for the first year of saving we calculate the portion to be saved

53560*0.1= 5356

in order to find the future value of savings we will use the pv of perpetuity to find the value of the deposit today

PV = C{(1/(r-g)) - (1/(r-g)*(1+g)/(1+r)^t}

     =5356*{(1/0.092-0.03) - (1/(0.092-0.03)*(1.03)/(1.092)^40}

     =83754.52289

Then from the PV we can calculate the future value as

FV = 83754.52289 *(1.092)^40

      =2 830 830 .09

You might be interested in
Conditions that can create conflicts can be classified into three categories. Which of the following is one of these three categ
Paraphin [41]

Answer:

The answer is letter B

Explanation:

The category is structure

7 0
2 years ago
Answer the following question in your own words:
soldi70 [24.7K]

Answer:

C

Explanation:

8 0
2 years ago
Which of the following are elements you should include in meeting minutes? Check all that apply. Old business, new business, and
kompoz [17]

Answer:

-Old business, new business, and reports

-Your opinions of the motions

-Approval of previous minutes

Explanation:

Meeting minutes are the written or recorded documentation that is used to inform attendees and none attendees about what was discussed or what happened during a meeting. Minutes usually include Names of participants. Agenda items covered. Decisions made by participants.

Meeting minutes act as a measuring stick, Minutes record meeting decisions, which makes them a useful review document when it comes time to measure progress. They also act as an accountability tool because they make it clear whose duty it was to perform which action.

4 0
2 years ago
John Rawls owns and operates Philosophical Consulting, Inc. During 2019 and 2020 he made the following purchases of assets for u
jekas [21]

Answer:

The right solution is "600000".

Explanation:

The given values are:

Cost of office furniture,

= $100,000

Cost of the computer system,

= $500,000

  • The changed MACRS enables a company to reduce the mortgage balance of such deteriorating properties over time.
  • Throughout the very first years, MACRS permits quicker depreciation although subsequently slows down depriving. This seems to be fantastic for corporations from a tax point of view.

Now,

The cost recovery deduction will be:

=  Office \ furniture+Computer \ system

On substituting the values, we get

=  100000+500000

=  600000

6 0
2 years ago
It is reasonable to state that one object has twice as much of the attribute property when it has a score of 60 and the other ob
Lesechka [4]

Answer:

The correct answer is:

Ratio Scale

Explanation:

A ration scale of measurement is one that has equal units of measurement, and has an absolute value of zero. Measurements below the zero point on the scale is not possible. for example in the measurement of height in meters, the lowest measurement possible is 0 meter, a measurement of - 1 meter will make no mathematical sense. In this example, if a score of 60 is said to have twice as much attributes than a score of 30, it means that this attributes are measured from a reference zero point, because truly, 60 is twice as much as 30, from a zero point on a scale.

The other scales of measurements include;

nominal scale of measurement; which contains mainly categorical data and is mainly used in form of tags rather than showing magnitude or intervals. Example is grouping a group of adults into married, divorced or single.

Ordinal scale; this scale shows hierarchical series or ordered series, but does not show intervals between the elements. example is in classifying the positions of participants in a race as first, second or third etc. There is an ordering, as the first position is on top of the list, but it will now make sense to say the distance between the attribute of first to third position is the same as the distance between the attributes between third and fifth position, as there is no scale.

Interval scale; this scale of measurement does not have a limit zero value which represents the least possible point on a scale, but the intervals between different units on the scale can be compared logically. Example is the measurement of temperature using the Fahrenheit scale, where the temperature can go as low as - 20°F, below the zero point, and a distance of 3°F to 5°F can be said to be equal to a distance of 10°F to 12°F.

5 0
2 years ago
Other questions:
  • Bess wrote four checks last month, and these were the only transactions for her checking account. According to her check registe
    6·1 answer
  • Which of the following is NOT true about franchising?
    15·2 answers
  • Consider the following information: Rate of Return If State Occurs State of Probability of Economy State of Economy Stock A Stoc
    6·1 answer
  • Donna wants to buy a new coat. During the ________ stage of the buyer decision process she will ask her friends to recommend sto
    6·1 answer
  • The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 77,800 Accounts receivable 55,000 I
    14·1 answer
  • The owner of Miller Restaurant is disappointed because the restaurant has been averaging 7,500 pizza sales per month but the res
    15·1 answer
  • Zoom-o-licious makes candy bars for vending machines and sells them to vendors in cases of 30 bars. Although Zoom-o-licious make
    12·1 answer
  • Which of the following is the surest way to verify the reliability of information from a new or unknown source?
    9·2 answers
  • On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note requir
    10·1 answer
  • Helix reported the following information in its financial statements. Write-offs of accounts receivable were $200 in the current
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!