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

Write a function rule for the table. f(x) = –4x f(x) = x + 4 f(x) = 4x f(x) = x – 4

I need some help on this question please

How many grams of SO2 would you need to dissolve in 100g of 40 degree water to make a saturated solution? If you heated the solution to 90 degrees would the ne

Work out the equation of the line which has a gradient of -2 and passes through the point (4, 8).

Which statement correctly describes 1 mole of iodine (I₂) A) its mass is 126.9g B) its mass is 380.7 g C) it contains 6.02*10^23 atoms D)it contains 6.02*10^23

20 points pppppplease help me!!!!!

9. The figure below is made up of a rectangle and a semicircle. What is the area, in square feet, of the figure? (Use = 3.14) 54 68.13 72.84 92.76

Compare these two societies based on their population pyramids. Which of the following statements are true? Check all that apply. A. Puerto Rico has more people

1. ¿Dónde está Rubén? 2. ¿Qué piensan hacer por la tarde él y sus amigos? 3. ¿Qué quiere hacer Rubén? 4. ¿Qué van a hacer este fin de semana? 5. ¿Adónde va a es

What are 2 reasons a species might evolve to become a new species?