Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2020

You deposit $90,000 in your account today earning 4.20% per year. You plan to give your niece $25,000 when she graduates 3 years from

You deposit $90,000 in your account today earning 4.20% per year. You plan to give your niece $25,000 when she graduates 3 years from today and $30,000 to your nephew at the end of 5th year. What rate of return must you earn on your balance in order for you to have $150,000 at the end of 12th year?

Step by Step Solution

★★★★★

3.50 Rating (173 Votes )

There are 3 Steps involved in it

Step: 1

FV PV 1 rn where FV is the future value PV is the present value r is the rate of return and n is the ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Systems analysis and design

Authors: kenneth e. kendall, julie e. kendall

8th Edition

135094909, 013608916X, 9780135094907, 978-0136089162

More Books

Students also viewed these Finance questions

Question

★★★★★

A German seller brought a claim against a Russian buyer because the buyer failed to pay for the equipment supplied to the buyer pursuant to their contract. The buyer acknowledged it had received the...

Answered: 1 week ago

Question

★★★★★

Why do audit work papers need to be indexed and cross referenced? Why do auditors need to use tick marks?

Answered: 1 week ago

Question

★★★★★

A seller agreed to give a buyer the first right to purchase the remainder of her property if she chose to sell it. When the seller became deceased, the buyer filed suit against the estate, seeking...

Answered: 1 week ago

Question

★★★★★

PacTec Luggage Shop is a small retail establishment located in a large shopping mall. This shop has implemented the following procedures regarding inventory items: a. Since the display area of the...

Answered: 1 week ago

Question

★★★★★

In this exercise we consider how to generate matrices with specified ranks using MATLAB. (a) In general, if A is an m n matrix with rank r, then r min(m, n). Why? Explain. If the entries of A are...

Answered: 1 week ago

Question

★★★★★

=+1. Prepare a cost of production report for the Mixing Department. 2. Determine the cost of goods sold (indicate number of units and unit costs). 3. Determine the finished goods inventory, May 31,...

Answered: 1 week ago

Question

★★★★★

The number of fraudulent credit card uses in a large store follows a Poisson process with a rate of ???? = 3 per day. The store is open 12 hours each day (except Sundays). (i) What is the expected...

Answered: 1 week ago

Question

★★★★★

To speed relief to isolated South Asian communities that were devastated by the December 2004 tsunami, the U. S. government doubled the number of helicopters from 45 to 90 in early 2005. Navy admiral...

Answered: 1 week ago

Question

★★★★★

How many times does the code snippet given below display "Loop Execution"? int i = 1 ; while ( i 1 0 ) { System.out.println ( " Loop Execution" ) ; i + + ; } 9 times Infinite times 8 times 1 0 times

Answered: 1 week ago

Question

★★★★★

Top management of Drexel-Hall is considering closing Store 3. The three stores are close enough together that management estimates closing Store 3 would cause sales at Store 1 to increase by $60,000,...

Answered: 1 week ago

Question

★★★★★

Required information [ The following information applies to the questions displayed below. ] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory...

Answered: 1 week ago

Question

★★★★★

Parts arrive at a lathe at a rate of 20 every half hour. Each part must be processed on the lathe for 0.5 minutes. What is the utilization for the lathe?

Answered: 1 week ago

Question

★★★★★

Use Linux commands to complete the following task. a. Perform a system update using root privileges b. Create a folder in the user directory named MYFOLDER c. Create a file with the name INDEX d....

Answered: 1 week ago

Question

★★★★★

2. Suppose I have a class B ID: 189.126.0.0/24, and I want to create 6 new subnets. A.What is the new subnet mask? B.How many usable host IDs for each new subnet? C.List each network ID, the useable...

Answered: 1 week ago

Question

★★★★★

Prepare a cash budget for each of the six months ended 31 December 2021 (b) Prepare the forecast income statement for the six months ended 31 December 2021. (c) Explain THREE (3) purposes of...

Answered: 1 week ago

Question

★★★★★

Q5 24 Points Consider a finite one-period financial model with trading times {0, 1} and sample space = {w, w}. Let V1,..., V" denote securities whose payments at time 1 are given by V (wi)={ 1 i=j 0...

Answered: 1 week ago

Question

★★★★★

Given the following adjusted account balances, post the closing entries at February 2 8 , 2 0 1 9 directly into the T - accounts. Also show account balances by inserting 'Balance' to the left of the...

Answered: 1 week ago

Question

★★★★★

For the following exercises, find the inverse of the function and graph both the function and its inverse. f(x) = 4 x 2 , x 0

Answered: 1 week ago

Question

★★★★★

Describe the difference between a class and an object.

Answered: 1 week ago

Question

★★★★★

Based on Pauls and Ceils enthusiasm for prototyping and what you know about Pyramids needs, would you support construction of a prototype? Why or why not? Formulate your decision and response in a...

Answered: 1 week ago

Question

★★★★★

Using the stories you wrote for Problem 9, walk through the five stages of the agile development process and describe what happens at each one of the stages.

Answered: 1 week ago

Question

★★★★★

7. Are evolutionary and cultural explanations for behavior compatible, or do they conflict?

Answered: 1 week ago

Question

★★★★★

6. How do Western and Eastern countries differ in their beliefs about the role of the self in relation to the group? How might these beliefs lead to different behaviors in an academic setting?

Answered: 1 week ago

Question

★★★★★

People's construals of situations are largely automatic and nonconscious. As a consequence, people are sometimes in the dark about how they reached a particular conclusion or why they behaved in a...

Answered: 1 week ago

Previous Question Next Question