Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 10, 2022

Pelin wants to have $70,000 in her savings account 6 years from now. How much more does she need to deposit to achieve this

Pelin wants to have $70,000 in her savings account 6 years from now. How much more does she need to deposit to achieve this goal if she can earn 3 percent rather than 3.5 percent on her savings? Online calculator: https://www.desmos.com/scientific? O a. $1,998.72 O b. $2,006,17 O. $1,678.85 O d. $983.01 O e. $1,182.91

Step by Step Solution

★★★★★

3.42 Rating (165 Votes )

There are 3 Steps involved in it

Step: 1

Future value70000 YearsN6 scenario 1 PVFV... 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 Algebra advanced algebra with financial applications

Authors: Robert K. Gerver

1st edition

978-1285444857, 128544485X, 978-0357229101, 035722910X, 978-0538449670

More Books

Students also viewed these Accounting questions

Question

★★★★★

How much more does $1,000 earn in eight years, compounded daily at 5%, than $1,000 over eight years at 5%, compounded semiannually?

Answered: 1 week ago

Question

★★★★★

Sally deposited $100 a month in her savings account for 24 months. For the next 5 years she made no deposits. What is the future worth in Sally's savings account at the end of the 7 years, if the...

Answered: 1 week ago

Question

★★★★★

Christy Reed has been depositing $2,000 in her savings account every December since 2001. Her account earns 7 percent compounded annually. How much will she have in December 2012? (Assume that a...

Answered: 1 week ago

Question

★★★★★

A hospital radiology department has the following activities: Activity Number Activity Description 1 Repair X-ray equipment 2 Taking X-ray with X-ray...

Answered: 1 week ago

Question

★★★★★

Suppose that the value of the S& P 500 stock index is 1350. a. If each futures contract costs $ 25 to trade with a discount broker, how much is the transaction cost per dollar of stock controlled by...

Answered: 1 week ago

Question

★★★★★

Self-test The following is a summary of the net assets of William. (i) At 1 January 2009 he had assets of 65,000 and liabilities of 11,000. (ii) On 31 December 2009 the assets amounted to 83,000 and...

Answered: 1 week ago

Question

★★★★★

How would the results be influenced if applied to different types of people (e.g., rural or urban)?

Answered: 1 week ago

Question

★★★★★

Use the following information and deter mine the carrying amount of the property, plant, and equipment of Havelock Ltd. on July 1, 2017, the first day of its 2018 fiscal year. (An accounting equation...

Answered: 1 week ago

Question

★★★★★

y Corporate valuation Video Excel Online Structured Activity Corporate valuation Dantzler Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows...

Answered: 1 week ago

Question

★★★★★

1. Evaluate Theo's new strategy in light of the company's strengths, weaknesses, opportunities, and threats. 2. Using the BCG matrix, explain Theo's decision to offer a classic line of chocolate bars...

Answered: 1 week ago

Question

★★★★★

Kano and his wife, Hoshi, have been married for 11 years and have two children under the age of 15. The couple has been living apart for the last four years and both children live with Kano. Kano has...

Answered: 1 week ago

Question

★★★★★

As a principal designer for GE Healthcare, Doug had been designing diagnostic imaging equipment for more than 20 years when he realized that young patients' actual experience of this cutting -- edge...

Answered: 1 week ago

Question

★★★★★

The coronavirus pandemic has disrupted everyday life in so many ways. Not only our personal lives, but our work and school lives as well. As businesses begin to re-open, there have been several...

Answered: 1 week ago

Question

★★★★★

The goal of this competency was to explore how motivation and engagement contribute to the successes and challenges of an organization. We discussed strategies for fostering motivation and engagement...

Answered: 1 week ago

Question

★★★★★

Assume that the classical economic order quantity model suggests Q0 = 25 for a certain item. However, for some practical reasons the order quantity has to be a multiple of 10. What is then the best...

Answered: 1 week ago

Question

★★★★★

b) At a certain terminal, the arrival distribution of trucks is found to be Poisson with 3 trucks arriving per hour. The service time is exponentially distributed with unloading rate of 4 trucks per...

Answered: 1 week ago

Question

★★★★★

a 2020, is the packaging Department. On the basis, the following budgeted manufacturing Overhead cost data are computed for the wat Problem 23-1A b (Video) Bramble Company times that 342,200 direct...

Answered: 1 week ago

Question

★★★★★

The domain of the variable in the expression x 3/x + 4 is________.

Answered: 1 week ago

Question

★★★★★

In 1998, a single taxpayer used this tax schedule. Let x represent the single tax- payer's taxable income and y represent that taxpayer's tax. Express the tax schedule as a piecewise function....

Answered: 1 week ago

Question

★★★★★

Winnie Johnston is a teacher who files her taxes as a Head of Household and takes care of her mother and her grandmother, both of whom live with her. Her W-2 form is shown and she also has $65 in...

Answered: 1 week ago

Question

★★★★★

Grant's employer offers a pension plan that calculates the annual pension as the product of the final average salary, the number of years of service, and a 2% multiplier. His employer uses a graded...

Answered: 1 week ago

Question

★★★★★

This chapter describes the mechanisms in place to regulate accounting and financial reporting in five countries. Required: Compare and contrast these mechanisms in the United Kingdom and China.

Answered: 1 week ago

Question

★★★★★

In what way has the development of accounting and auditing in China differed from that in other countries?

Answered: 1 week ago

Question

★★★★★

Visit the New York Stock Exchange Web site (www.nyse.com). Required: Determine the number of companies listed on the NYSE from each of the five countries covered in this chapter.

Answered: 1 week ago

Previous Question Next Question