On December 1, 2019, a philanthropist set up a permanent trust fund to buy Christmas presents for
Question:
On December 1, 2019, a philanthropist set up a permanent trust fund to buy Christmas presents for needy children. The fund will provide $90,000 each year beginning on December 1, 2029. How much must have been set aside in 2019 if the money earns 3% interest compounded annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
R i 3000000 ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Finite Mathematics And Its Applications
ISBN: 9780137616619
13th Edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel , Jill Simmons
Question Posted:
Students also viewed these Mathematics questions
-
1. On December 1, 2014, a philanthropist set up a permanent trust fund to buy Christmas presents for needy children. The fund will provide $90,000 each year beginning on December 1, 2024. How much...
-
How much money will the McCaffrey's have to set aside each month so as to have enough saved up for a down payment and closing costs in the $170,000 house within 24 months? Assume that the closing...
-
How much money needs to be set aside today to purchase a new piece of equipment in five years? The money is expected to earn 5% interest compounded annually and the price of the equipment is expected...
-
Mexico discovers huge reserves of oil and starts exporting oil to the United States. Describe how this would affect the following. a. The nominal pesoU.S. dollar exchange rate. b. Mexican exports to...
-
On August 1, 2014, Dana Hendley established Advice, a business-consulting firm organized as a proprietorship. The following conversation occurred the following February between Dana and a former...
-
What does the nominal interest rate equal, given the following: (a) Real interest rate = 3 percent; expected inflation rate = 1 percent; (b) Real interest rate = 5 percent; expected inflation rate =...
-
A hotel group prepares financial statements on a quarterly basis. The senior management is reviewing the performance of one hotel and making plans for next year. The managers have in front of them...
-
The following data pertains to the operations of Knight Corporation for 2012: The controller is trying to decide which method of accounting for bad debts to use. The company is attempting to maximize...
-
step .29 I'll stop smoking, soon! Chantix is different fro other quit-smoking products in that it targets nicotine receptors in the brain, attaches to them, and blocks nicotine from reaching them. A...
-
The return on equity (ROE) of Child SA is 14 per cent and it has a payout ratio of 0.5. Current book value per share is 50 and the book value will grow as the firm reinvests earnings. Assume that the...
-
A 25-year mortgage of $185,548.61 at 4.2% interest compounded monthly has monthly payments of $1000. After how many months will at least 75% of the monthly payment go toward debt reduction?
-
A student buys a top-of-the-line computer for $4193.97 and pays off the loan (at 4.8% interest compounded monthly) by paying $100 at the end of each month. After how many months will the loan be paid...
-
When you are offered 10 percent more as a monetary reward, you notice that you complete 8.7 percent more assignments. What is your price elasticity of supply for school work? Is your price elasticity...
-
Given adjacency list representation of a digraph below, does it have a topological order? If so, provide one. Otherwise, explain why. 0: 61 1:346 2: 3:2 4:3 5:6240 6:24 7:3098 8:2436 9:4362
-
Designco Pty Ltd designs, manufactures and distributes craft kits for children. Children use the kits to construct balsa wood models of animals, which can be painted. The directors of the company are...
-
In considering the understanding of a meaning of a word or phrase, select some examples and consider the sources of their control.
-
1. Consider the following relation r below. A B C D E a1 b Ci d ei a b2 c2 d2 d a2 b c3 d3 e a2 b C4 d3 ei a3 b2 C5 d e Which of the following FDs does r satisfy? AD, ABD,CBDE, EA, A E
-
Please try be clear on the steps so I can understand the process of answering these question's on this problem. Thank you in for your help on this problem. USC school has generated and supplied the...
-
Joe and Jane Keller are a married couple who file a joint income tax return. The couple's taxable income was $102,000. How much federal taxes did they owe? Use the tax tables given in the chapter.
-
What kind of rays are X-rays?
-
1. Consider three dice: one red, one blue, and one green. The sides of the red die contain the numbers 3 3 3 3 3 6, the sides of the blue die contain the numbers 2 2 2 5 5 5, and the sides of the...
-
Apply to medical diagnostic tests. 1. (True or False) Sensitivity also can be called the true positive rate. 2. (True or False) Specificity also can be called the true negative rate. 3. (True or...
-
1. Suppose that a test for hepatitis has a sensitivity of 95% and a specificity of 90%. A person is selected at random from a large population, of which .05% of the people have hepatitis, and given...
-
QUESTION 1 On Jan 1, 2019 Pip's Puppy Company acquires a 70% interest in Suzy's Suitcase company for $560,000 cash. The Parent uses the Cost Method. On that date Pip had the following balances:...
-
Miramar Industries manufactures two products: A and B. The manufacturing operation involves three overhead activities-production setup, material handling, and general factory activities. Miramar uses...
-
Stangol Company uses process costing to account for the production of highlighter pens. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly...
Study smarter with the SolutionInn App