AntDiesel4389 AntDiesel4389

23-07-2020
Business

contestada

Steve Madison needs $353,100 in 10 years.How much must he invest at the end of each year, at 9% interest, to meet his needs?

Respuesta :

ewomazinoade ewomazinoade

27-07-2020

Answer:

$23,241.07

Explanation:

To determine the annual annuity, this formula would be used

PV = FV / annuity factor

Annuity factor = {[(1+r)^n] - 1} / r = (1.09^10 - 1 ) / 0.09 = 15.192930

$353,100 / 15.192930 = $23,241.07

Answer Link

Otras preguntas

What was an effort by the United States and the Soviet Union to protect themselves from each other by building up military forces.

Would someone please help me with my French? Thank you!

Large-scale fires can lead to a decrease in atmospheric carbon dioxide. Please select the best answer from the choices provided T F

the diagram shows changes of state between solid liquid and gas the atoms of a substance loses energy during a change of state after the change of atoms are clo

The board of directors of a company knows that the probability that carbon emissions from the company’s factory exceed the permissible level is 35%. They hire a

To store a new or existing file with the same name, which button is used?

GGEEOOOMMEETTRRYYYY!!!!

6. Consider a major environmental change such as a change in their primary type of food. . If there are not organisms in a population that have traits that all

Women's rights have historically been restricted by the supreme court's use of:

Express the product of 2x^2+6x-8 and x+3 in standard form