Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals
Answers
Daniel can make these withdrawals for 19 months.
To answer the given question, we need to use the formula below;
A=P(1+r/n)^(nt)
Where;
A = Amount after time t
P = Principal
r = Annual interest rate
n = number of times the interest is compounded per year
t = time in years.
Substituting the given values into the formula above,
P= $20,000r
= 6% per year
n = 4, because it is compounded quarterly
t = (x/12), where x is the number of months in which the withdrawals were made.
The interest rate, 6%, is to be divided by 4 to get the quarterly interest rate.
The formula becomes:
A = 20,000(1 + 0.06/4)^(4t/12)A
= 20,000(1 + 0.015)^tA
= 20,000(1.015)^t
After the first withdrawal, the account's new balance will be $20,000 plus the interest it has earned.
Since we are withdrawing $400 per month, the interest it has earned must be at least $400.400/20,000 = 0.02 or 2%.
This implies that the account's quarterly interest rate must be at least 2% to yield the required $400 each month. So, 2% is the new interest rate.
Substituting this value into the formula above, we get:
1.02^t > (1/20,000) (400)((1.02^t) - 1) / 0.02 ≥ 400/20,000t≥18.39.
Since the question asks for the number of months, we round 18.39 up to 19 months.
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To determine how many months Daniel can make withdrawals of $400, we need to calculate the future value of his initial deposit. However, the equation cannot be solved since Daniel cannot make withdrawals indefinitely.
Explanation:To determine how many months Daniel can make withdrawals of $400, we need to calculate the future value of his initial deposit. The formula to calculate future value is:
FV = P(1 + r/n)nt
Where:
FV is the future value of the investmentP is the principal amount (the initial deposit)r is the annual interest rate (in decimal form)n is the number of times interest is compounded per yeart is the number of yearsIn this case, Daniel's principal amount is $20,000, the interest rate is 6% (or 0.06), and interest is compounded quarterly (n = 4). We need to solve for t, the number of years it takes for the future value to reach $0 (since Daniel wants to make withdrawals until the account is empty).
Let's set up the equation:
$0 = $20,000(1 + 0.06/4)4t
Now, we can solve for t by isolating it:
$0 = (1 + 0.015)4t
Using logarithms, we can solve for t
log(1 + 0.015)4t = log(0)
Since log(0) is undefined, it means the equation is not possible to solve. Therefore, Daniel cannot make withdrawals of $400 indefinitely. There must be an end point to the withdrawals.
Answer: Daniel cannot make these withdrawals indefinitely.
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Related Questions
Marta is interviewing candidates for a position in the Human Resources department at her company. She is deciding who to interview by going through resumés and looking at the subject areas in which each candidate studied. Which four candidates would be the best choice for Marta to interview?
Answers
Answer:
C). Marisol, who studied communications and business
Explanation:
Marisol would be the best candidate to be interviewed for the position in the HR department as she has studies business and communications which is critical to ensure effective communication between the employee and the business. The HR professionals primarily function as the link between the two and help in maintaining healthy employee relations. They act as the leaders in the organization and with their efficient organization, decision-making, and management skills, they ensure the smooth functioning of the organization. Since Marisol has studied business and communications, she must possess these skills which would be the most suitable for the position. Hence, option C is the correct answer.
Answer:
B: Michelle, who studied communications and business
A chord of a circle is l cm long. The distance of the chord to the center of the circle is h cm and the radius of the circle is r cm. express r in terms of l and h
Answers
Answer:
http://www.mrbartonmaths.com/resources/GCSE%20Revision/GCSE%20Maths%20Takeaway/4.%20Grades%20B%20to%20A-star/107.pdf
Explanation:
THis is published by me....
This institution has historically served as the principal vehicle through which the money supply of the United States is expanded or contracted. This practice continues today.
Answers
Answer:
Commercial Bank
Explanation:
Commercial banks are the institutions that deal with the finances. They provide loans, and accepts deposits as savings. These financial institutions are a means of financial assistance to the public. Financial services and assistance helps in the growth and establishment of the economy. The process of commercial banking is intended towards growth and the earning of profit altogether.
The advantages of using a franchising strategy to pursue opportunities in foreign markets include:.
Answers
The advantages of using a franchising strategy to pursue opportunities in foreign markets include : Having franchisees bear most of the costs and risks of establishing foreign locations and requiring the franchisor to expend only the resources to recruit, train, and support and monitor franchisees.
What is franchising?Franchising is a marketing concept in which when adopted by an organization, can be used as a strategy for business expansion.
The Franchisor is the original business owner who sells the right, intellectual property and use of its business model to use its business name and idea.
Basically, franchise provides the opportunity to buy into a successful business model which has track record, solid supply chain and expert technical support.
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Why might a person assume the Mr. White could be doing well financially
Answers
\(\huge\color{purple}{\mathbb{ANSWER:}}\)
Mr. White was the third and final owner of the talisman in W. W. Jacobs' short story "The Monkey's Paw." He plucked it from the fireplace when the previous owner, Sergeant Major Morris, tossed it there to burn and end the chain of misfortune that came with it. He is motivated mostly by curiosity, since he seems happy with his life and is financially secure.
Mr. White took the paw from his pocket and eyed it dubiously. "I don't know what to wish for, and that's a fact," he said slowly. "It seems to me I've got all I want."
Hope it helps!!20. One way the federal government can control inflation is to increase
A) the money supply.
B) public spending.
C) the tax rate.
D) bank regulation
Answers
One way the federal government can control inflation is to increase public spending.
Therefore, Option B is the correct option.
What is Inflation?In the field of economics, inflation is the broad term for a rise in the cost of goods and services across an economy. Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
In conclusion, inflation is the term used to describe a long-term, widespread increase in the cost of goods and services throughout the economy, which reduces both consumer and company purchasing power. In other words, a dollar (or whatever currency you choose to pay with) will not buy as much today as it did yesterday.
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which scrum values are exhibited by not building product backlog items that have low business value
Answers
The Scrum values exhibited by not building product backlog items that have low business value are focus and courage.
Scrum is an agile framework for managing and delivering complex projects. It is guided by five core values: focus, courage, openness, commitment, and respect. In the context of not building product backlog items with low business value, two specific values are relevant:
1. Focus: By not building low-value items, the team demonstrates a focus on delivering maximum value to the customer and achieving the project's objectives. This value emphasizes prioritization and concentrating efforts on the most important and valuable tasks.
2. Courage: It takes courage for the team to make decisions and avoid building low-value backlog items. It requires the team to challenge assumptions, speak up, and make difficult choices that align with the project's goals and customer needs.
While other Scrum values, such as openness, commitment, and respect, may also play a role in this context, the emphasis on focus and courage is particularly notable when it comes to not building low-value product backlog items.
Hence, the Scrum values exhibited by not building product backlog items that have low business value are focus and courage.
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Dotty's is a high fashion boutique, owned by entrepreneur Daisy Smith. The
business has been open a year, and specialises in designer outfits for women.
Daisy made the decision to set up the business after working in a high street
chain for five years.
Which of the following does NOT analyse how entrepreneurial skills will enable
Daisy's business to be more financially successful?
Answers
Answer: By being organized, Daisy will be abke to ensure that her business runs more smoothly and that she has stock in the shop when is is needed and the suppliers are paid on time. This could lower the levels of stress experienced by Daisy and lead to her enjoying a better work life balance.
Explanation:
The option that doesn't analyse how entrepreneurial skills will enable
Daisy's business to be more financially successful is that "By being organized, Daisy will be abke to ensure that her business runs more smoothly and that she has stock in the shop when is is needed and the suppliers are paid on time. This could lower the levels of stress experienced by Daisy and lead to her enjoying a better work life balance".
We should note that while other options shows that there will be an increase in customer, increase in sales and lead her to be more financially successful, this particular option only relates to her work-life balance and not have an impact on her financial stability.
You work in a company that has snacks in the kitchen. You realize that a coworker never brings their own food or eats out, but instead eats 5-6 snacks each day. You’re aware that other employees help themselves to snacks, but limit themselves to 1 snack per day.
Answers
In case you worry about your colleague's frequent munching tendencies, try initiating a cordial and objective dialogue without any hint of criticism. Voice your concern regarding their welfare and enquire on how to assist them in choosing healthier snacks.
How should you treat this situation?Additionally, it may be plausible that this coworker has an underlying medical condition or dietary limitation prompting he requires more snack breaks than what is perceived as normal practice. In such cases, supportive understanding will go a long way in the person's psychology boosting.
Furthermore, for workers who only snack once each day, disparities impact different dietary necessities and lifestyle preferences aside from health aspects. Hence, gauging an individual in line with someone else proves futile due to numerous factors at play.
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PLEASE HELP QUICK!!!
Which of the following is an advantage of buying your home over renting?
(1 point)
O You do not have to worry about the housing market in your area.
O The amount you pay each month is set by the terms of your mortgage.
O If something breaks, you have to fix it or pay to have it fixed.
O Your mortgage payments will far exceed the value of your home.
Answers
Answer:
The amount you pay each month is set by the terms of your mortgage.
Explanation:
connexus
What are the production sharing contracts (PSC) and production
sharing agreements (PSA)?
Answers
Production sharing contracts (PSC) and production sharing agreements (PSA) are agreements commonly used in the oil and gas industry. These contracts are typically made between a government or state-owned entity and an oil company.
Under a PSC or PSA, the government grants the oil company the rights to explore, develop, and produce oil and gas reserves in a specified area or block. The oil company bears the financial risks and costs associated with exploration and production activities.
In return for their investment, the oil company is entitled to a share of the produced oil and gas. The terms of the contract determine the percentage of production that the company is entitled to, often referred to as the "profit oil" or "profit gas."
The remaining portion of the production, known as the "cost oil" or "cost gas," is used to recover the costs incurred by the oil company. The government also usually receives taxes, royalties, and other forms of fiscal payments as part of the agreement.
PSCs and PSAs vary in their terms and structures, and the specific details are negotiated between the government and the oil company. These contracts are designed to promote investment in oil and gas exploration and production while ensuring a fair distribution of profits between the parties involved.
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Why is Rent to Own a Rip Off?
Answers
During the 2018 financial year, Foster Manufacturing recorded the following income and expenditure. GST is not considered in this question.
• Sales Revenue of $2,040,000
• Operating Expenses of $322,000
• Income tax Expense $215,000
Charges to Production were:
• Raw Materials issued to Production of $420,000
• Direct labour charged to Production $340,000
• Overheads charged to Production $272,000
• Actual cost of Overheads $265,000
Additional Information:
• Work in Process at the beginning of the period was $102,000
• Work in Process at the end of the period was $110,000
• Finished Goods at the beginning of the period was $234,000
• Finished Goods at the end of the period was $252,000
Required:
Based on the transactions recorded, within Microsoft Excel prepare a:
Income Statement for the year
Answers
Answer:
in 2021 C
Explanation:
c
What are the main measures that the UAE leadership adopts to meet successfully the various existing strategic threats against the nation and the people?
Answers
The UAE leadership employs measures such as strong defense capabilities, international partnerships, diplomacy, and diversification of the economy to address strategic threats.
The United Arab Emirates (UAE) leadership adopts various measures to effectively address strategic threats facing the nation and its people. One key measure is maintaining strong defense capabilities. The UAE invests significantly in its military infrastructure, equipment, and training to ensure the country's security and deter potential threats.
Another measure is building international partnerships. The UAE actively engages in diplomatic relations and alliances with other nations to enhance its security, exchange intelligence, and collaborate on joint defense efforts. These partnerships strengthen the UAE's position in the global security landscape and help address common threats collectively.
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Quarterly taxes are filed:
(1 point)
O every four months.
O by May 15 each year.
O four times a year.
Oon the 25th of each month.
Answers
Quarterly taxes are filed: four times a year. Option C
What is meant by quarterly taxes?Four times a year, the IRS receives estimated tax payments known as quarterly taxes. Based on the filer's stated income for the quarter, estimated tax is a quarterly payment of taxes for the entire year.
Independent contractors, small business owners, and freelancers are typically individuals who must pay taxes quarterly. Unlike ordinary employees, they do not have taxes deducted from their salaries on a regular basis.
Any taxable income that is not subject to withholding can have its taxes estimated.
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An auto dealership is advertising that a new car with a sticker price of $34,128 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $474. Note that 72 payments × $474 per payment = $34,128, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the net present value of the payments = $25,995.)
Answers
Answer:
effective annual rate = 9.77%
monthly rate = 0.78%
Explanation:
we can solve this by using a financial calculator or an excel spreadsheet:
our initial outlay = -25,995
then we have 72 cash flows = 474
I prefer to use excel, since all you need to do is use the IRR formula to determine the interest rate at which the NPV = 0. The interest rate at which NPV = 0 is the effective monthly interest rate. IRR = 0.78% monthly
In order to determine the effective annual rate:
EAR = (1 + 0.0078)¹² - 1 = 1.0977 - 1 = 0.0977 = 9.77%
What did the New Jersey Plan argue for?
Answers
The answer is, William Paterson's New Jersey Plan, the Virginia Plan's rival, aimed to equalize state participation in a unicameral legislature.
How would you define law?Making laws for a nation is the responsibility of the legislative branch of government. In democracies, the citizens of the nation elect individuals known as lawmakers to serve on legislatures.
In a government, what does a legislature do?Legislative. The House and Senate, jointly known as the Congress, make up the legislative branch of government. The legislative branch also has the authority to declare war, create all laws, manage taxation and spending, and regulate interstate and international trade.
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In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ____?
$5,300
$2,000
Not enough information to determine assets
$3,300
Answers
Answer:
5300
Explanation:
assets=equitys +liabilities
As a producer, you are willing to supply the most goods at the highest price. This is because the highest
price earns you the
most demand
highest costs
most profits
Answers
Answer: most profits
Explanation:
Question 19 of 25
Which of the following best explains why the media industry is characterized
by an oligopolistic market structure?
O A. There are many innovative entrepreneurs in the media.
O B. Government licensing allows media companies to have a near
monopoly.
O
C. It is impossible for any company to compete with a local media
company
D. Centralization of ownership has led to an industry controlled by a
few large companies.
Answers
The following is the one that best explains why the media industry is characterized by an oligopolistic market structure:
option D. Centralization of ownership has led to an industry controlled by a few large companies.
Why is media industry characterized by an oligopolistic market structure?The media industry is characterized by an oligopolistic market structure because of the centralization of ownership, where a small number of large media companies dominate the market.
These large organizations control most of the industry's resources, including distribution channels, production facilities, and intellectual property. This ensures difficulty for smaller companies to enter the market and compete with the established players.
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Answer: d
Explanation:
Centralization of ownership has led to an industry controlled by a few large companies
Purchasing & Inventory Control Math Quiz
QUESTION 1 of 10: You begin the week with 30 units of orange juice. You purchase 50 units. Your ending inventory for the week is 30 units.
How many units did you sell?
0000
a) 5
b) 15
c) 49
d) 50
Answers
Towards the end, 50 units had been sold.(option d)
How would you define inventory?The items and supplies that a company keeps on hand with the intention of reselling, producing, or using them are referred to as inventory or stock. The main focus of inventory management is determining the location and shape of stocked commodities. All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory. Example: Only the paper will be regarded as inventory if a paper vendor utilizes a vehicle to distribute newspapers to clients. The car will be considered an asset.
Inventory sold = 30 + 50 - 30 = 50.
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An instrument used to enlarge or reduce a map is known as
Answers
Answer:
pantograph
Explanation:
you can use a pantograph to do this.
What is NOT an advantage of being an entrepreneur?
Answers
Answer: Disadvantages include a lack of guarantee of success and the heightened responsibility of owning a business
Answer:
The advantages of entrepreneurship include the ability to shape one's own business, control of one's own working habits, and significant stock in the venture. Disadvantages include a lack of guarantee of success and the heightened responsibility of owning a business.
Explanation:
The process of making decisions about goals and activities that an organization will pursue in the future is referred to as.
Answers
The process whereby a organization makes decisions about what they will do in the future is known as planning.
What is planning?Planning simply means the process of thinking in order to achieve a desirable goal.
Planning is the process of making decisions about goals and activities that an organization will pursue in the future.
Organizations make plans in order to increase sales, revenue, etc.
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Companies that are employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner. If employees have a financial stake in the company, it is in their interest to work harder. If profit goes primarily to stockholders or a small group of owners, employees have less incentive to work hard. Yet, in a comparison of airline companies, Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.Which of the following, if true, best supports the conclusion that employee-owned companies are more profitable than are non-employee-owned companies?A. Wingspan Airlines has recently initiated routes to New Zealand, Australia, and Tahiti.B. Longflite Airlines has been owned by Martin Pearson for only six months.C. A cosmetics company that is entirely employee-owned has, in the last year, increased its market share by 18 percent.D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.E. The employees of Wingspan Airlines voluntarily took pay cuts to give the company a chance to recover, and the employees of Longflite recently went on strike to protest poor working conditions.
Answers
Answer:
D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.
Explanation:
In the given instance it is stated that Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.
This is in conflict with the fact that employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner.
The option that justifies this in the given instance is if every company is suffering and making losses but Longflite Airlines (which is owned by billionaire Martin Pearson) is making profit from a subsidiary that manufactures plane parts.
This will give Long life Airlines a clear advantage over other companies including the employee owned Wingspan Airlines.
How did sugarcane contribute to the formation of the atlantic slave trade?a.Slave trading ships were made out of sugarcane stalksb.African slaves were needed to work on sugarcane plantationsc.Only African slaves knew how to grow sugarcaned.Sugarcane was the main currency used in the Atlantic slave trade
Answers
Sugarcane contributed to the formation of the Atlantic slave trade in various ways.
Firstly, slave trading ships were often made out of sugarcane stalks, as the plant was abundant and readily available in the Caribbean. The demand for sugarcane plantations in the Caribbean also created a need for African slaves.
African slaves were necessary for the cultivation and harvesting of sugarcane, as only they knew the most effective methods for growing the crop.
Finally, sugarcane was the main currency used in the Atlantic slave trade. It was used to purchase slaves, goods, and services in the Caribbean. This created an even greater demand for African slaves, which contributed to the growth of the Atlantic slave trade. In short, sugarcane played a large role in the formation of the Atlantic slave trade by providing the materials necessary to build ships, the labor needed to cultivate the crop, and the currency to purchase slaves.
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John F. Kennedy believed that a leader should be _____. A. elected B. successful C. a lifelong student D. in the military
Answers
John F. Kennedy believed that a leader should be successful .
He believes that as one is been elected by the people to be their leader, one should have a passionate vision to be successful. Option b
What was John F. Kennedy Values for a Successful LeadershipJohn F. Kennedy has set series of Values and Rules, that can lead us and give us the insight on how to be a Successful leader.
John F. Kennedy, as the President of the United States, was a high level Charismatic Leader and sets of Values that should mold any Successful Leader which are
The leader should be able to guide and identify the way forward for a better future.A leader should be able to set a high standards what is doing what is need to done at the right time and doing them well.Set high goals and fixed your targetExpress your convictions of value and stick to them.Fight for freedom, rights for the people. Resolve differences. Create a better future.appreciate others for their contribution.Get more information on Successful leader herebrainly.com/question/25996547
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Question 9 of 10
Why is it important to meet people who work in the career you're considering?
A. It's the best way to fully understand what the career involves.
B. It's quicker than actually taking an internship in the field.
C. It's a good way to impress college admissions staff.
D. It ensures that you'll be able to get a good job in the field.
Answers
You are taking a $5000 loan. You will pay it back in four equal amounts, paid every 6 months starting 5 years from now. The interest rate is 12% compounded semiannually. Calculate: The effective interest rate The amount of each semiannual payment The total interest paid
Answers
Answer:
Following are the solution to the given point:
Explanation:
Calculating the value of the effective interest rate:
Formula:
\(\text{Effective interest rate} =\frac{\text{annual nominal rate of interest}}{\text{compound year}}\)
\(=\frac{12}{2} \\\\ =6\%\)
Calculating the value of Effective annual rate of interest:
\(=(1+ \text{The effective rate})^{\text{(compound number )}} -1\)
\(=(1+0.06)^2 -1\\\\=(1.06)^2 -1\\\\=1.1236-1\\\\=0.1236\\\\=12.36 \%\)
Calculating the Amount in each semiannual payment:
\(= 5000 \times (\frac{F}{P}, 6\% ,9) \times (\frac{A}{P}, 6\%,4)\\\\= 5000 \times 1.689479 \times 0.288591\\\\= 2437.85\)
Calculating the value of the total interest paid:
\(= 2437.85 \times 4 - 5000\\\\= 9751.40-5000\\\\ = 4751.40\)
what are some aspects that are important for effective communication in a group?
Answers
Some aspects that are important for effective communication in a group
Language and tone of voice.Questioning and listening skills.Non-verbal communicationCommunication is the process of exchanging information, ideas, or feelings between two or more individuals. It involves the transmission and reception of messages through various channels, such as speech, writing, or non-verbal cues. Effective communication is essential for building relationships, conveying knowledge, and achieving goals in personal and professional contexts.
It can take many forms, including verbal, nonverbal, written, and visual communication, and can be influenced by factors such as cultural differences, language barriers, and technology. Good communication requires active listening, clear expression, and the ability to adapt to different situations and audiences. In today's interconnected world, communication plays a vital role in everyday life, facilitating collaboration, negotiation, and understanding between people from diverse backgrounds and cultures.
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