An engineer invests $7350 at the end of every year for a 30-year career. If the engineer wants $1 million in A savings at retirement, what interest rate must the investment earn?

Answers

Answer 1

The interest rate must be at least 7.2% for the investment to reach $1 million at retirement.

Given:

Investment = $7,350 per year

Time period = 30 years

Total savings = $1,000,000

Required:

Interest rate

Solution:

We can use the future value of an annuity formula to solve the problem.

FV = PMT × (((1 + r)n - 1) / r)

Where,

FV = future value of an annuity

PMT = payment per period

r = interest rate

n = number of periods

We know that the engineer invests $7,350 at the end of every year for 30 years.

Therefore,

PMT = $7,350n = 30

We can substitute the given values in the formula above and rearrange the formula to solve for r.

FV = $1,000,000

PMT = $7,350

n = 30

r = ?

$1,000,000 = $7,350 × (((1 + r)30 - 1) / r)

Now, we can solve for r using trial and error or by using a financial calculator.

Using a financial calculator, we can find that the interest rate must be at least 7.2% for the investment to reach $1 million at retirement.

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Related Questions

Based on the details of the scenario, determine what will most likely occur. Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who then makes the pelts into hats to sell. A year into their contract, it becomes illegal to buy or sell beaver pelts in the U.S.

Answers

Answer: Contract is voided

Explanation:

From the question, we are informed that Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who will then makes the pelts into hats to sell.

We are further told that a year into their contract, it becomes illegal to buy or sell beaver pelts in the United States. Based on the scenario explained, the contact will be voided.

A void contract is referred to as a formal agreement that cannot be enforceable and is not legitimate. Since it is illegal to either purchase or sell beaver pelts, it means that the context cannot be carried out anymore and should the be void.

this one for juliemwinkler

Answers

Answer:

Hiiiiii

Explanation:

At the beginning of the period, the Cutting Department budgeted direct labor of $52,350 and supervisor salaries of $42,150 for 3,490 hours of production. The department actually completed 3,800 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.

Answers

Answer:

$77,000

Explanation:

Direct Labor = $52,350 (Its varies with the number of Production hours). Hence, $52,350   for 3,490 hours

For 3,800 hours, (52,350/3,490) * 3,800 = $57,000

Supervisor Salaries = $20,000 (Since the Supervisor Salary is not an incremental cost, it is a fixed one). So, the Supervisor Salaries remain $20,000

Net budget (flexible) = $57,000 + $20,000

Net budget (flexible) = $77,000

When performance objectives (evaluation criteria) are discussed and agreed to by management and employees, this is an approach called:

Answers

When performance objectives (evaluation criteria) are discussed and agreed to by management and employees, this is an approach called "Management by Objectives" (MBO).

The management refers to the system of the organization in which the manager is managed the team to perform their role and achieve their target in the given time period.

The management by objectives refer to the type of management system in which the employee's performance is measured by their target or goal in the given time period and their overall performance in the job role.

Therefore, the approach is management by objectives.

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How does your new budget help you to meet your long-term goal of saving for college?

Answers

Answer:

You may reach your long-term goals quicker by putting your cash into a savings account or certificate of deposit with a high interest rate, or by investing, especially if you don’t plan to use this money for at least five years — say you’re starting a college fund for your newborn. That way you’ll allow time to build up a positive return.

Explanation:

When businesses are waiting for a customer to pay them for
merchandise they bought on credit, the money owed to the business is
part of the business's? *

Answers

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and acrrued expenses
The money owed to the business is considered a part of the businesses assets.

7. Solve this two step equation:
3 x 5 – 7 = y

Answers

Answer:

y=8

Explanation:

15-7=y

8=y

y=8

Answer:

its 8

Explanation:

if u do 3 times 5 its 15, if u do 15-7 which equal 8 or y so y=8

QUICKLY PLEASE ITS TIMED!!!!
Which of the following approaches measures team performance by the team's ability to meet specific, predefined goals
O the results approach
the behaviors/process approach
the goals approach
the outcome approach

Answers

Answer:

the results approach.

Explanation:

This is because this approach emphasises on the results and outcomes produced by the team.

The approaches that measures team performance by the team's ability to meet specific, predefined goals is: results approach.

What is result approach?

Result approach is a performance evaluation approach and can be defined as the type of approach that is used to determine a person perfomance based on the outcome of their tasks.

Most companies tend to make use of result approach to know how well an employee perform on the tasks they are assigned especially when the employee meet or achieved the set goals.

Therefore  the approaches that measures team performance by the team's ability to meet specific, predefined goals is: results approach.

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which properties are common between cities and organizations? (multiple) the evolution of both cities and organizations ultimately leads to a certain target state defined in advance both cities and organizations evolve slowly in a continuous and path-dependent manner both cities and organizations run and evolve simultaneously, they cannot be stopped, modified and then resumed both cities and organizations have one single best way to evolve completely determined by their strategic goals both cities and organizations can be planned in detail far ahead in the future the future needs of both cities and organizations can be anticipated in principle, but cannot be described in detail

Answers

Both cities and organizations share common properties in their evolution and development. One such property is that they evolve slowly in a continuous and path-dependent manner. This means that their growth and change are based on the decisions and actions taken in the past, and their development is an ongoing process rather than a series of isolated events.

Another common property between cities and organizations is that they run and evolve simultaneously. Both entities cannot be stopped, modified, and then resumed, as their progress and adaptation occur in real-time. This continuous growth and change make it challenging to halt or pause their evolution for adjustments. Furthermore, both cities and organizations can have their future needs anticipated in principle, but these needs cannot be described in detail. While planners and leaders can make educated guesses about future requirements, the exact nature of these needs remains uncertain due to the dynamic nature of cities and organizations.

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Someone help me please.... I really appreciate

Someone help me please.... I really appreciate

Answers

Personal goal: A personal goal I have is to be and active citizen to my community. Help others, pick up trash.

High school Goal: My high school goal is to graduate, so I can get into and Ivy League school.

Financial goal: My goal is to have enough money for my college tuition.


On Wednesday, your boss asks you if you'd be willing to work an
extra day on Saturday. You agree to come to work. On Friday,
your best friend invites you to go to the beach the next day.
Should you go to work or to the beach on Saturday? Why?

Answers

Answer:

Explanation:

I would go to work on Saturday as it has been agreed upon before my friend invited me to the beach.

a.) $2894.71
b.) $2202.72
c.) $2330.20
d.) $2654.23

a.) $2894.71b.) $2202.72c.) $2330.20d.) $2654.23

Answers

Maybe c or a l think

Read one article in newspaper, then, explain the specific ideas contained in various
academic texts.​

Answers

Answer:

Following are the solution to the given question:

Explanation:

Its concept maps contained in different academic texts depend mostly on the field of academic reading. The text of arts addresses diverse social words, like culture and words, whereas the research methodology talks about objective results of a test or a specific research methodology. While learning and sifting, the specific insights in the different educational texts could be grasped.

Ell us about a time when your attention to detail was critical in preventing a major issue/error

Answers

Tell us about an error instance when your focus on detail was essential in avoiding a significant way is troubleshooting error.

The capacity to concentrate on a particular job while carefully considering and attending to all of its important features might be characterized as attention to detail. An illustration of paying attention to detail is finding and fixing any typos or grammatical problems in an email before sending it.

When describing anything that is more substantial, serious, or crucial than other elements within a group or circumstance, you use the word major. If the situation is casual, use the word "issue." You may use the word "issue" while discussing a political matter or a topic for a discussion. if the circumstance is official.

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Correct Question:

Tell us about a time when your attention to detail was critical in preventing a major issue/error.

Which of the following factors in productiservice planning affects product protection, product image, and indentification of the product's brand

Answers

Answer:

A: D

Explanation:

What does it mean to follow ethical principles?

Answers

Following ethical principles is like like justifying or defending moral rules and judgements

ABC Company issued a bond with face value for $1000, paid annual 10% coupon and 3 years to maturity, what is the value of ABC bonds today if the required rate of return is 12%.

Answers

Answer:

The value of Bond = $951.963

Explanation:

The value of the bond is the present value(PV) of the future cash receipts expected from the bond. The value is equal to present values of interest payment plus the redemption value (RV) discounted at the yield rate

Value of Bond = PV of interest + PV of RV

Th e PV of interest payment

A ×(1- (1+r)^(-n))/r

Interest payment = 10%× 1000 = 100

PV = 100× (1- 1.12^(-3))/0.1 =  240.183126

PV of redemption value

PV = RV× (1+r)^(-n)

PV = 1000× 1.12^(-3) = 711.7802

The value of bond =   240.18 +  711.78= 951.963

The value of Bond = $951.963

to ________, lance, an hr manager, shares his company’s job openings on social media and online job postings.

Answers

Answer: Recruit from outside the organization

Explanation:

To Recruit from outside the organization, lance, a hr manager, shares his company’s job openings on social media and online job postings.

What is online job postings?


Job posts, also referred to as job advertising, are the main way that businesses find new employees to fill open positions. Historically, newspaper classifieds were a common place for employment advertisements. Nowadays, job advertisements are frequently posted online.

An external advertisement of your open position with the goal of attracting candidates is known as a job posting. It is written in an enticing style and includes details about the employment opportunity as well as your business and the perks you provide.

Therefore, it's crucial to quickly locate and hire the ideal candidates if you want your organization to succeed. Employers who know how to attract top talent understand the importance of the job advertisement. If candidates aren't compelled to apply by your job posting,

Thus, To Recruit from outside the organization

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Find the a) amount, and b) compound interest. (From Example 1) Ramona Oden deposited $6,000 at 5.5% interest compounded daily for 25 days. 2. Chuck Lange deposited $6,000 at 5.5% interest compounded daily for 31 days.​

Answers

Based on the amount deposited by Ramona and the interest rate, the amount would be $6,022.64 and the compound interest would be $22.64.

The amount for Chuck would be $6,027.18 and the compound interest would be $27.18.

What is the amount for Ramona?

This can be found as:

= Amount x (1 + rate/compounding periods in a year) ^ number of periods

= 6,000 x (1 + 5.5%/365 days) ²⁵

= $6,022.64

The compound interest is:

= 6,022.64 - 6,000

= $22.64

What is the amount for Chuck?

= 6,000 x (1 + 5.5%/365 days) ³⁰

= $6,027.18

Compound interest:

= 6,027.18 - 6,000

= $27.18

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list the 3 types of resume format​

Answers

Answer:

Explanation:

chronological, functional, and combination.

hope i helped.

HURRY PLEASE I WILL MARK BRAINLIEST (answer one by one please)

Lindsay needs to purchase a car. The car she wants to buy costs $8,000. She has saved $2,000 for her down payment. She is offered credit terms of 3% APR for a term of 3 years. Please calculate the following:

Blank 1: To purchase the car, what is the amount that Lindsay will need finance? (1 point)

Blank 2: In one year, how much interest will Lindsay pay on this loan? (1 point)

Blank 3: After three years, what will the actual/total cost of the car be in dollars? (3 points)

(down payment+amount financed+interest=actual cost of car)

Answers

Answer:

c

Explanation:

blank 1   400

blank 2 4800

blank three 8000

Explanation:

teheeheeee

Explain the difference between budget surplus and budget deficit.

Answers

Answer: budget surplus is when you have more more left over after you budget and deficit is when you went over your budget.

Explanation:

Answer:

The opposite of a budget deficit is a budget surplus. When a surplus occurs, revenue exceeds current expenses and results in excess funds that can be allocated as desired. In situations in which the inflows equal the outflows, the budget is balanced.

Explanation:

is a process that determines the best and most economical procedures, products, equipment, or services that will reliably and technologically meet the needs of the user while reducing overall costs. a. order analysis b. economic analysis c. value analysis d. price analysis

Answers

Value analysis is a process that identifies the best and most cost-effective methods, goods, or services that will dependably and technologically satisfy user needs while lowering overall costs.

Value analysis is a strategy for increasing the value of a product or process by comprehending its component parts and the costs that go along with them.

It then looks for ways to make the components better by either lowering their price or raising the value of the functions they provide.

Value in the study of value is economic value, which is further broken down into four categories: cost value, exchange value, usage value, and esteem value.

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if the real gdp of a country in 2017 was $300 billion, its price index was 108.3, and its population was 150 billion, then real gdp per capita for that year was

Answers

The real GDP per capita for the country in 2017 was approximately $18.47.

Real GDP per capita is a measure that indicates the economic output per person in a country. It is calculated by dividing the real GDP of a country by its population.

In this case, we have the real GDP of a country in 2017, along with the price index and population. By using these values, we can calculate the real GDP per capita for that year.

To calculate the real GDP per capita, we need to divide the real GDP by the population. Real GDP is adjusted for changes in the price level using the price index.

The formula to calculate real GDP per capita is:

Real GDP per capita = Real GDP / Population

Given information:

Real GDP (Y) = $300 billion

Price index (P) = 108.3

Population (N) = 150 billion

To find the real GDP per capita, we first need to calculate the nominal GDP using the formula:

Nominal GDP = Real GDP / Price index

Nominal GDP (Y') = $300 billion / 108.3 = $2.77 billion (approximately)

Now, we can calculate the real GDP per capita by dividing the nominal GDP by the population:

Real GDP per capita = Nominal GDP / Population

Real GDP per capita = $2.77 billion / 150 billion

Real GDP per capita ≈ $18.47

Therefore, the real GDP per capita for the country in 2017 was approximately $18.47. This means that, on average, each person in the country produced or contributed to about $18.47 worth of economic output that year.

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The Central Bank of the Bahamas pegs the Bahamian Dollar to the United States Dollar at a price of 1 BSD per USD. As an analyst for ECON 4423 Consulting Inc., you have been asked to predict the behavior of key macroeconomic variables in the Bahamas for different policy scenarios. Using all the appropriate diagrams, your analysis must describe the Bahamian money and output markets, as well as the foreign exchange market. To perform this task, you must assume that prices are sticky: fixed in the short-run and flexible in the long-run. The scenarios are: a) A temporary restrictive monetary policy in the Bahamas. b) A temporary restrictive fiscal policy in the Bahamas.

Answers

As prices become flexible, both the restrictive monetary and fiscal policies will lead to a decrease in the price level, ultimately restoring output to its potential level.

As an analyst for ECON 4423 Consulting Inc., I will analyze the effects of temporary restrictive monetary and fiscal policies on the Bahamian money, output markets, and foreign exchange market, given that prices are sticky in the short run and flexible in the long run.

a) Temporary Restrictive Monetary Policy:
In the short run, a restrictive monetary policy in the Bahamas will result in a decrease in the money supply. Using the LM curve, this shifts the curve to the left, leading to a higher interest rate and lower output level. As the interest rate increases, the demand for Bahamian dollars in the foreign exchange market also increases, causing an appreciation of the Bahamian dollar. However, due to the pegged exchange rate, the Central Bank will intervene to maintain the 1 BSD per USD rate.

b) Temporary Restrictive Fiscal Policy:
A temporary restrictive fiscal policy involves a reduction in government spending or an increase in taxes, leading to a decrease in aggregate demand. In the short run, the IS curve shifts to the left, resulting in lower output and a lower interest rate. With lower interest rates, the demand for Bahamian dollars in the foreign exchange market decreases, causing depreciation. However, again, the Central Bank will intervene to maintain the pegged exchange rate.

The exchange rate will still be maintained at 1 BSD per USD due to the Central Bank's intervention.

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What is it called when businesses are doing poorly and stock prices drop?

Answers

Answer:

When a stock price falls, that means the company must sell additional shares of stock to raise the same amount of proceeds

Explanation:

Provincial Corporation's capital structure is 30% debt, 10% preferred, and 60% common equity. The company's cost of debt is 7%, cost of preferred is 8%, and cost of equity is 11%. The firm's marginal tax rate is 40 percent. What is the weighted average cost of capital for Provincial? (Omit % sign and answer with 2 decimal places, X.XX percent)

Answers

Provincial Corporation's capital structure is 30% debt, 10% preferred, and 60% common equity. The company's cost of debt is 7%, cost of preferred is 8%, and cost of equity is 11%.

The firm's marginal tax rate is 40%.To calculate the weighted average cost of capital, the percentage of each funding source is multiplied by its respective cost, and the resulting numbers are added together. The formula to calculate the weighted average cost of capital is.

WACC = (E / V × Re) + ((D / V × Rd) × (1 - T)) + ((P / V × Rp) For example, in this case: Debt: 30% of 1000 = 300 Preferred stock: 10% of 1000 = 100 Common equity: 60% of 1000 = 600 Total capital: 1000Cost of debt: 7%Cost of preferred stock: 8%Cost of equity: 11%Marginal tax rate.

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At which stage of the product life cycle is a company likely to have its most complete product line?

Answers

A company is likely to have its most complete product line during the Maturity stage of the product life cycle. At this stage, the product has reached its peak in market share and profitability. Sales growth may be slower, but it is stable, and the market has become saturated with competition.

During the Maturity stage, a company has likely already gone through the Introduction and Growth stages. In the Introduction stage, the product is new to the market, and the company focuses on raising awareness and building a customer base. The Growth stage is characterized by rapid sales growth, increased market share, and the introduction of product variations or improvements.

In the Maturity stage, the company focuses on maintaining its market position by offering a comprehensive and complete product line. This may include a wide range of product variations, features, and options to cater to various customer segments and preferences. The company may also invest in promotions, advertising, and product improvements to maintain or increase its market share.

Additionally, the Maturity stage may involve price adjustments or cost reduction strategies to stay competitive and maintain profit margins. Companies in this stage must also monitor consumer trends and preferences, as well as competitor actions, to ensure their product line remains relevant and competitive.

To summarize, the Maturity stage of the product life cycle is when a company is likely to have its most complete product line, as it focuses on maintaining market position, offering product variations, and adjusting strategies to stay competitive in a saturated market.

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Carter and his partner have decided to expand their business and make the company public to generate more funds.
However, they are aware of the tax policies of corporations. Which type of corporation will they opt for to avoid double taxation?
Carter and his partner should opt for a(n)
to avoid double taxation.

Answers

Carter and his partner may consider forming an S Corporation to avoid double taxation.

S Corporations are a type of corporation that allow business income, deductions, and credits to flow through to the shareholders' personal tax returns. This means that the corporation itself is not taxed on its income, but instead, the shareholders are taxed on their share of the corporation's income.

By contrast, a C Corporation is subject to double taxation, meaning that the corporation pays taxes on its income, and then the shareholders pay taxes on any dividends they receive from the corporation.

Therefore, if Carter and his partner want to avoid double taxation, they should consider forming an S Corporation. However, it's important to note that there are certain eligibility requirements for S Corporations, such as having no more than 100 shareholders and only one class of stock. They should consult with a tax professional or an attorney to determine if an S Corporation is the right choice for their specific business needs.

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What would be Tipical Day for a Doctor ?​

Answers

Take a look into a physician's typical day. With an average of 20 patients daily, physicians jump from patient to patient and diagnosis to diagnosis. One may come in with a rash; the next complains of heartburn; the next, chest pain; and so on.

Explanation:

Average 20 patients would be tipical Day for a doctor.

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