Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 07, 2023

John Jones is planning to open a restaurant in Wanaka in the future. He estimates that he needs $75,680 saved 9 years from now. He

John Jones is planning to open a restaurant in Wanaka in the future. He estimates that he needs $75,680 saved 9 years from now. He can earn 6.50% per annum. How much does he have to deposit now to reach this goal? Assume annual compounding.

Step by Step Solution

★★★★★

3.31 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

To calculate how much John Jones needs to deposit now to reach his goal of 75680 in ... 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

Financial Accounting and Reporting a Global Perspective

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

4th edition

978-1408066621, 1408066629, 1408076861, 978-1408076866

More Books

Students also viewed these Accounting questions

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Answered: 1 week ago

Question

★★★★★

In Exercises use the Trapezoidal Rule and Simpson's Rule to approximate the value of the definite integral for the given value of n. Round your answer to four decimal places and compare the results...

Answered: 1 week ago

Question

★★★★★

The Grant Wood Arts Association had the following trial balance as of January 1, 2012, the first day of the year: During the year ended December 31, 2012, the following transactions occurred: 1. Cash...

Answered: 1 week ago

Question

★★★★★

4. Inthe final game panel, you can adjust resources by adding or removing different classes of personnel as well as outsourcing work to another company. You do so by clicking a button and watching a...

Answered: 1 week ago

Question

★★★★★

(A generalization of the law of total probability) Let B1, B2,, Bn be disjoint events on a sample space such that P(Bi) > 0, for all i = 1, 2,, n. Prove that for any event A on this sample space,...

Answered: 1 week ago

Question

★★★★★

The Sisneros Company is considering building a chili processing plant in Hatch, New Mexico. The plant is expected to produce 50,000 pounds of processed chili peppers each year for the next 10 years....

Answered: 1 week ago

Question

★★★★★

11) Which of the following statements is CORRECT? (3pts) The focal point of the income statement is the cash account, because that account cannot be manipulated by "accounting tricks." The income...

Answered: 1 week ago

Question

★★★★★

The October 31, 2017, bank statement of Jazzera Distributors has just arrived. To prepare Jazzera Distributors' bank reconciliation, you gather the following data: a. The October 31 bank balance is...

Answered: 1 week ago

Question

★★★★★

Which of the following lines is not parallel to the other three? O x-3 y+3 2+7 2 -6 O x+1 y-7 z+11 -1 3 -2 Ox=1-1, y=-31+4, z = 21-11, t e R Or = ( 3.- 5,-3) + 5 ( 2 - 3, 1 ) , 5 E R

Answered: 1 week ago

Question

★★★★★

You select a sample of students in the MSDS program and find that the mean age is 31. Suppose the mean age of the MSDS student population is 33. Which number is a statistic? Question 19 options: The...

Answered: 1 week ago

Question

★★★★★

b) Sum Array values that are below a specified value Implement the following C++ code in assembly language in Visual Studio (MASM Assemble program), using the block-structured .IF and .WHILE...

Answered: 1 week ago

Question

★★★★★

1. AC function declared as void pp (int "p) { } is compiled to the MIPS code on the right. Write the C code that performs the same operation as the MIPS code labeled 'pp' to the right in no more than...

Answered: 1 week ago

Question

★★★★★

The figure below shows a storage tank holding natural gas. In an adjacent instrument room, a U-tube mercury manometer in communication with the storage tank reads L-1.9 m. If the atmospheric pressure...

Answered: 1 week ago

Question

★★★★★

Recursion Lab Longest Palindrome Subsequence (LPS) is a "poster child" for recursion and very hard to solve in any other way. In this lab you will create class named LPS and within that class you...

Answered: 1 week ago

Question

★★★★★

MC algo 17-11 Stock Splits And Shares Outstanding Robinson's has 34,000 shares of stock outstanding with a par value of $1 per share and a market price of $50 a share. The balance sheet shows $34,000...

Answered: 1 week ago

Question

★★★★★

As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...

Answered: 1 week ago

Question

★★★★★

A company received cash subscriptions for 5,000 shares of 20 CU nominal (par) value at 100 CU per share. A down-payment of 50 percent of the issuance price is required. The remainder of the purchase...

Answered: 1 week ago

Question

★★★★★

Corelli Company provides below a listing (in alphabetical order) of all the accounts it uses (far left column). For each line you are provided five choices of families of accounts to which the...

Answered: 1 week ago

Question

★★★★★

The French group Club Mditerrane is an active service provider in the leisure and hospitality field with, in particular, its rich network of all-inclusive resort villages. The statements of income...

Answered: 1 week ago

Question

★★★★★

Consider an ANOVA table of the following form. Use a = .05 for all parts of this problem. In each case, decide what effects (if any) are significant, and what conclusions to draw, based on a two-way...

Answered: 1 week ago

Question

★★★★★

Using the accompanying computer output based on the data in Problem 7 in Chapter 17, conduct a randomized-blocks analysis, treating the high schools as blocks, to test whether significant differences...

Answered: 1 week ago

Question

★★★★★

Assume that a total of 75 subjects were tested in a balanced two-way fixed-effects factorial experiment. A plot of the means from the study is shown next. The dependent variable is Y, and the factors...

Answered: 1 week ago

Previous Question Next Question