Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 01, 2024

Kaelin believes that in 3 0 years he will need $ 8 0 , 0 0 0 to buy a retirement cottage . Assuming he

Kaelin believes that in

30

years he will need $

80, 000

to buy a retirement cottage

.

Assuming he gets an interest rate of

9 %

compound annually, how much will he have to invest today to reach his retirement goal?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Kaelin can invest 602969 today to reach your goal of 80000 in 30 years at an interest rate of 9 comp... 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

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

11th edition

134141083, 978-0134141084

More Books

Students also viewed these Finance questions

Question

★★★★★

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

Answered: 1 week ago

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

★★★★★

It is July 1, 2023, Jim and Pam Halpert have just left your office after their first interview with you. In preparation for the interview, you had sent them a list of the various documents that they...

Answered: 1 week ago

Question

★★★★★

Have leadership scholars, over the past 50 years, managed to produce a clear, cookie-cutter profile of the ideal leader through more than 1,000 studies

Answered: 1 week ago

Question

★★★★★

The root-mean-square speed of a certain gaseous oxide is 493 m/s at 20C. What is the molecular formula of the compound?

Answered: 1 week ago

Question

★★★★★

Adjustments to net incomeindirect method Obj. 2 Ripley Corporations accumulated depreciationequipment account increased by $15,325 while $3,800 of patent amortization was recognized between balance...

Answered: 1 week ago

Question

★★★★★

Discuss how investment advisors can help their behavioral clients.

Answered: 1 week ago

Question

★★★★★

Bennett Builders builds 1,500- square- foot starter tract homes in the fast- growing suburbs of Chicago. Land and labor are cheap, and competition among developers is fierce. The homes are cookie-...

Answered: 1 week ago

Question

★★★★★

Answer this question in Java. 3. (20 marks) Exercise 8.2. Illustrate what happens when the sequence 1, 5, 2, 4, 3 is added to an empty ScapegoatTree, and show where the credits described in the proof...

Answered: 1 week ago

Question

★★★★★

SECTION B: ANSWER ANY THREE (3) QUESTIONS QUESTION TWO The following summarized statements of comprehensive income have been prepared for the year ended 31 December 2014 for Gold Reef Holdings and...

Answered: 1 week ago

Question

★★★★★

true or false While employees in a bureaucratic organization are hired and evaluated on the basis of credentials (and not personal relationships or traits), the clients or customers of the...

Answered: 1 week ago

Question

★★★★★

The use of loyalty programs in the marketplace allows companies to collect more and more data on customers. Some consumers do not realize this information is being compiled and used to market to...

Answered: 1 week ago

Question

★★★★★

(x) Consider the one-dimensional (1D) discrete system with linear springs depicted in Figure 1 for which we have the following data: 1) Boundary conditions (fixed support): U1 = 0, 42 = 0 2) External...

Answered: 1 week ago

Question

★★★★★

2 Sundial Company has assigned $710,000 in total overhead cost to four different activity cost pools. The activity requirements for its two products lines, Economy and Deluxe, are shown below. Input...

Answered: 1 week ago

Question

★★★★★

Water enters a crossflow heat exchanger (both fluids unmixed) at 16 C and flows at the rate of 7.5 kg/s to cool 10.0 kg/s of air from 120 C. For an overall heat transfer coefficient of 225 W/m K and...

Answered: 1 week ago

Question

★★★★★

In week 4, you will choose your topic and write thesis statement for the Argumentative Essay. Please select a topic and complete thesis statement. You are free to select whatever topic you like, as...

Answered: 1 week ago

Question

★★★★★

Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table...

Answered: 1 week ago

Question

★★★★★

The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N

Answered: 1 week ago

Question

★★★★★

Compute the amount of money that, deposited in an account on April 1, 2017, will grow to $657.58 by September 10, 2017, at 4.75% p.a.

Answered: 1 week ago

Question

★★★★★

Sam purchased two items for a total of $821.40. The first item is GST exempt and it represents 29% of the total purchase price. Assuming that he lives in British Columbia, what is the total amount of...

Answered: 1 week ago

Question

★★★★★

Nora borrows $37 500 on September 28, 2019 at 7% p.a. simple interest, to be repaid on October 31, 2020. She has the option of making payments toward the loan before the due date. Nora pays $6350 on...

Answered: 1 week ago

Question

★★★★★

Forrester owns a nonrental business with two separate departments. Department A generates net income of $70,000, and Department B generates a net loss of $58,000. Forrester participates 800 hours in...

Answered: 1 week ago

Question

★★★★★

Ann and Bill were on the list of a local adoption agency for several years seeking to adopt a child. Finally, in 2015, good news comes their way and an adoption seems imminent. They pay qualified...

Answered: 1 week ago

Question

★★★★★

Dorothy acquired a 100% interest in two passive activities: Activity A in January 2011 and Activity B in 2012. Through 2014, Activity A was profitable, but it produced losses of $200,000 in 2015 and...

Answered: 1 week ago

Previous Question Next Question