A group of 10 public-spirited citizens has agreed that they will support the local school hot lunch
Question:
A group of 10 public-spirited citizens has agreed that they will support the local school hot lunch program. Each year one of the group is to pay the $15,000 cost that occurs continuously and uniformly during the year. Each member of the group is to underwrite the cost for one year. Slips of paper numbered year 1 through year 10 are put in a hat. As one of the group, you draw the slip marked year 6. Assuming an 8% nominal interest rate per year, how much do you need to set aside now to meet your obligation in year 6?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
P F e r 1re rn 1500...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Accounting 1. You borrowed $10,000 at 8% nominal interest rate per annum and compounded semi-annually. How much would be the total interest payable at the end of five years if you did not make any...
-
How much do you need to invest now at 5% per annum compounded monthly so that in 1 year you will have $10,000?
-
On March 1, a group of 10 people signed up for a weight-loss program. During the next two months, the lightest person lost 10 pounds, the heaviest person gained 5 pounds, and everyone else kept their...
-
4. In cells B4:B15, type a yearly salary for each staff member. Format these values as Currency with no decimal places. 5. Calculate the new salary with a 10% increase in column C. 6. Calculate the...
-
Non-profit organizations must meet a community benefit test to take advantage of the federal income tax exemption. Should a facility be allowed to use population health interventions to meet the test...
-
Engine oil flows at a rate of 0.5 kg/s through a 2.5 cm ID tube. The oil enters 25?C while the tube wall is at 100?C.(a) If the tube is 4 m long. Determine whether the flow is fully developed.(b)...
-
A piece of a satellite falls to the ground from a height of \(10,000 \mathrm{~m}\). Ignoring air resistance, find the height as a function of time. [For free fall from large distances,...
-
Swartz Publishing identified the following overhead activities, their respective costs, and their cost drivers to produce the three types of textbooks the company publishes. Deluxe textbooks are made...
-
Ch. 2 1. On August 8, 2000, Zimbabwe changed the value of the Zim dollar from Z $38/US$ to Z $50/US$. a. What was the original U.S. dollar value of the Zim dollar? What is the ...
-
In 1798, the English scientist Henry Cavendish measured the density of the earth several times by careful work with a torsion balance. The variable recorded was the density of the earth as a multiple...
-
The I've Been Moved Corporation receives a constant flow of funds from its worldwide operations. This money (in the form of checks) is continuously deposited in many banks with the goal of earning as...
-
A forklift truck costs $29,000. A company agrees to purchase such a truck with the understanding that it will make a single payment for the balance due in 3 years. The vendor agrees to the deal and...
-
A recently negotiated union contract allows workers in a shipping department a total of 24 minutes for rest, 10 minutes for personal time, and 14 minutes for delays for each four- hour shifts worked....
-
Becker Tabletops has two support departments (Janitorial and Cafeteria) and two production departments (Cutting and Assembly). Relevant details for these departments are as follows: Support...
-
Assume a venture has 3,500,000 common shares outstanding. One year later a Series A investor invests $1,300,000 in the venture with a post-money valuation of $9,500,000. Another year later a Series B...
-
Stock buybacks are always going to be a dubious subject. Some will contend that it is an efficient practice for prudent balance sheet management. Others will argue that there is a better use of a...
-
Johnson has an annuity due that pays $600 per year for 15 years. What is the present value of the cash flows if they are discounted at an annual rate of 7.50%?
-
1.Suppose that Magik Bicycles wants to produce a new mountain bike called Magik bike III and has forecast the following information. Price per bike$800 Variable cost per bike$300 Fixed costs related...
-
Let \(N=561=3 \cdot 11 \cdot 17\). Show that \(a^{N-1} \equiv 1 \bmod N\) for all integers \(a\) coprime to \(N\).
-
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
-
What are the possible options when buying insurance for the elderly? Compare the options of whole life insurance policy and term life insurance policy.
-
A metallurgical engineer has estimated that the capital investment cost for recovering valuable metals (nickel, silver, platinum, gold, etc.) from the copper refinery's wastewater stream will be $12...
-
Determine the breakeven point for each plant. Hambry Enterprises produces a component for recycling uranium used as a nuclear fuel in power plant generators in France and the United States. Use the...
-
Estimate the minimum revenue per hundredweight required for next year if breakeven values and variable costs remain constant, but fixed costs increase by 10%. Hambry Enterprises produces a component...
-
Christoph Hoffeman of Kapinsky Capital believes the Swiss franc will appreciate versus the U.S. dollar in the coming3-month period. He has $100,000 to invest. The current spot rate is $0.5823/SF,...
-
Subject : Business Finance Comprehensively discuss sources of finance available for each of the following types of business Setup. Also discuss suitability, advantage and disadvantages of each source...
-
Cost IV 16 14 12 A IL P1=MR1 10 6 4 2 0 02 4 B Po=MRo 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Quantity Utilize the graph above, which illustrates average fixed costs, average variable costs,...
Study smarter with the SolutionInn App