Brenda plans to reduce her spending by $50 a month. What would be the future value of
Question:
Brenda plans to reduce her spending by $50 a month. What would be the future value of this reduced spending over the next 10 years? (Assume an annual deposit to her savings account and an annual interest rate of 3 percent.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
50 12 600 ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Focus On Personal Finance
ISBN: 9781265521974
7th Edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
Question Posted:
Students also viewed these Business questions
-
Brenda plans to reduce her spending by $80 a month. Calculate the future value of this increase in saving over the next 10 years. (Assume an annual deposit to her savings account, and an annual...
-
What is the future value of an ordinary annuity if you deposit $500 per year for the next 10 years in an account that earns an interest rate of 13 percent annually?
-
What effect on the future value of an annuity does increasing the interest rate have? Does a change from 4% to 6% have the same dollar impact as a change from 6% to 8%?
-
The property is located at the intersection of two heavily traveled major arteries. It is a new, glass-walled, five-story office building containing 50,000 total square feet-40,000 of which is...
-
The heights of objects and the lengths of their shadows are shown in Table 41. Let x be the height (in inches) of an object and f(x) be the length (in inches) of the objects shadow. a. Construct a...
-
Dukes Longhorn Steaks is currently selling for $50 per share and pays $3 in dividends. Investors require 15 percent return on this stock. What is the expected growth rate o! dividends?
-
49. Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows: Benefit Cost Health...
-
The following table shows the nominal returns on the U.S. stocks and the rate of inflation. a. What was the standard deviation of the market returns? b. Calculate the average realreturn. Year 2004...
-
Resutek Corp's accountant prepared the following product cost report for the Mixing Department, the first and only department of its manufacturing process, for the month of January: \ table [ [...
-
For each of the following experiments, describe the sample space. (a) Toss a coin four times. (b) Count the number of insect-damaged leaves on a plant. (c) Measure the lifetime (in hours) of a...
-
Kara George received a $5,000 gift for graduation from her uncle. If she deposits this in an account paying 3 percent, what will be the value of this gift in 12 years?
-
Based on the following financial data, calculate the ratios requested. a. Debt ratio b. Current ratio c. Debt-payments ratio d. Savings ratio Liabilities, $7,800 Liquid assets, $4,600 Monthly credit...
-
A juggler juggles three balls in a continuous cycle. Any one ball is in contact with his hands for one fifth of the time. Describe the motion of the center of mass of the three balls. What average...
-
Lucy is using a one-sample test based on a simple random sample of size = 24 to test the null hypothesis = 23.000 cm against the alternative hypothesis < 23.000 cm. The sample has mean 22.917 cm and...
-
A motorcyclist of mass 60 kg rides a bike of mass 40 kg. As she sets off from the lights, the forward force on the bike is 200N. Assuming the resultant force on the bike remains constant, calculate...
-
A load downward load P = 400 N is applied at B. It is supported by two truss members with member BA at an angle of 0 = 45 from horizontal and member BC at an 01 = angle of 02 25 from vertical....
-
Gross profit, defined as Net sales less Cost of products sold increased by $279 million in 2017 from 2016 and decreased by $2 million in 2016 from 2015. As a percent of sales, gross profit was 38.8%...
-
An electro-magnetic shield is to be made of galvanized steel with conductivity = 1.74 x 106 S/m, and magnetic permeability HR = 80. The thickness of cold rolled steel is in the following table. Gauge...
-
The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: On December 31, Year 4, Walla purchased all of the...
-
Wilsons Auto Repair ended 2011 with Accounts Receivable of $85,000 and a credit balance in Allowance for Uncollectible Accounts balance of $11,000. During 2012, Wilsons Auto Repair had the following...
-
Ben Collins plans to buy a house for $220,000. If the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be seven years from now?
-
What would be the yearly earnings for a person with $6,000 in savings at an annual interest rate of 2.5 percent?
-
Describe risks that you might encounter when making financial decisions over the next few years.
-
Callaho Inc. began operations on January 1 , 2 0 1 8 . Its adjusted trial balance at December 3 1 , 2 0 1 9 and 2 0 2 0 is shown below. Other information regarding Callaho Inc. and its activities...
-
Required: 1. Complete the following: a. Colnpute the unit product cost under absorption costing. b. What is the company's absorption costing net operating income (loss) for the quarter? c. Reconcile...
-
Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 6 years, have a face value of $1,000, and a yield to...
Study smarter with the SolutionInn App