Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 06, 2024

Sara wants to have $500,000 in her savings account when she retires. How much must she put in the account now, if the account pays

Sara wants to have $500,000 in her savings account when she retires. How much must she put in the account now, if the account pays a fixed interest rate of 8%, to ensure that she has $500,000 in 20 years time?

a.$180,884

b.$107,274

c.$231,480

d.$144,616

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Engineering Economy

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

15th edition

132554909, 978-0132554909

More Books

Students also viewed these Finance questions

Question

★★★★★

Record the following transactions of Alenikov Design Warehouse: DATE TRANSACTIONS 2016 March 8 Purchased merchandise on credit from Lovely Accessories, Invoice 1091, list price $5,000, trade...

Answered: 1 week ago

Question

★★★★★

How would you rate the quality of the medical care youve received? (Please circle one.)? l01

Answered: 1 week ago

Question

★★★★★

Do they require entrance exams (e.g., the GRE)? If so, what are the minimum scores? More importantly, what are the average scores of recent students?

Answered: 1 week ago

Question

★★★★★

Assume that Lee agrees to the assignment of the house-painting contract to Karen as stated in question 3. Thereafter, Lee fails to perform the contract to paint Karens house. Karen sues Sally for...

Answered: 1 week ago

Question

★★★★★

Question 5 In 2019, Crane Company sold 3000 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $150000. The same selling price, variable expenses, and expenses are...

Answered: 1 week ago

Question

★★★★★

You speel het d eaj moty br 2018 Sh a speltbryoger va stat Pikemas be yo Sie The ndng may December 31, 202,w Ind Income statements Not C Abding Lading y S Goose CoN Geces profe expenses wan New Life...

Answered: 1 week ago

Question

★★★★★

A college basketball coach has 12 players on his team. Eight players are receiving scholarships, and four are not. The coach decides to select a starting lineup by selecting five names out of a bowl....

Answered: 1 week ago

Question

★★★★★

A. Suppose stock in Watta Corporation has a beta of .80. The market risk premium is 6 percent, and the risk-free rate is 6 percent. Watta's last dividend was $1.20 per share, and the dividend is...

Answered: 1 week ago

Question

★★★★★

Annie's Bakery sold $5,000 of cookies this month. Annie determined that her fixed costs are $2,000 per month and her net operating income was $1,000. What is Annie's Bakery's contribution margin? a.)...

Answered: 1 week ago

Question

★★★★★

Five sequential operations have the following hourly production rates. A=150, B=175, C=95, D=88, E=120. What is the hourly throughput rate?

Answered: 1 week ago

Question

★★★★★

Tata Motors is primarily targeting emerging countries (e.g., Africa, Asia Pacific, Middle Eastern, and Latin America for its future exported growth.) Is this a viable and logical exporting strategy?

Answered: 1 week ago

Question

★★★★★

Fickel Company has two manufacturing departments Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $ 2 5 . 0 0 per direct labor - hour and $ 2...

Answered: 1 week ago

Question

★★★★★

In your view, is insider trading a serious moral problem? Explain wily or why noL ShOIJld we legalize insider trading, as some argue, and simply let different companies decide how they want to deal...

Answered: 1 week ago

Question

★★★★★

Were they "insiders'? ff so, explain why. If not, does tllat imply tllat tlley cannot be guilty of insider trading or tllat what they did was morally permissible?

Answered: 1 week ago

Question

★★★★★

Joe Noel clearly had a financial interest in KeyOn's doing well. But did he have a conflict of interest? If so, what exactly was the conflict? If not, was there anything morally objectionable about...

Answered: 1 week ago

Previous Question Next Question