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

please help ASAP! thank you

A female fish may lay thousands of eggs at once. Which additional statement about fish is most useful for explaining how fish species can evolve by natural sele

Explain how the mantle's convection currents move the Earth's plates?

the energy in fossil fuels comes from

Read the passage. Your assignment is to use your science journal to keep track of the moon over the course of four weeks. Keeping daily moon journals will help

What is the first step when examining a data set Calculate the mean Calculate the median Put the data in order from least to greatest.

Two jogger run 8 miles north and then 5 miles west. What is the shortest distance, to the nearest tenth of a mile, they must travel to return to their starting

Milan bought 4 CDs that were each the same price. Including sales tax, he paid a total of $52.40. Of that total, $4.80 was tax. What was the price of each CD be

Help me with this please!!!!

What did Daniel Shays and his men protest in 1786 A) the death penalty B) the use of debtors’ prisons C) federal control of the judicial system D) high taxes a