Jeremy denham plans to save $5,693 every year for the next eight years, starting today. at the end of eight years, jeremy will turn 30 years old and plans to use his savings toward the down payment on a house. if his investment in a mutual fund will earn him 11.7 percent annually, how much will he have saved in eight years when he buys his house?

Answers

Answer 1

The detailed answer explains how to calculate the amount Jeremy will have saved after 8 years for a house down payment, considering his annual savings and interest rate.

Jeremy Denham plans to save $5,693 annually for 8 years, starting today, with an 11.7% annual interest rate. To calculate his savings after 8 years, we can use the formula for compound interest:

Future Value = P*(1 + r)^n, where P is the annual savings, r is the interest rate per period, and n is the number of periods.

Plugging in the values, Future Value = $5,693*(1 + 0.117)^8 = $15,107.37. Therefore, Jeremy will have saved $15,107.37 for the down payment on his house after 8 years.

Answer 2

The future value of Jeremy's savings after eight years, when he buys his house, would be approximately $80,531.57.

Jeremy Denham plans to save $5,693 every year for the next eight years, starting today. At the end of eight years, Jeremy will turn 30 years old and plans to use his savings toward the down payment on a house.

If his investment in a mutual fund will earn him 11.7 percent annually, we can calculate the future value of his savings using the future value of an annuity formula.

The future value of an annuity formula is:

FV = P * ((1 + r)ⁿ⁻¹) / r

Where:

FV is the future value of the annuity

P is the periodic payment (annual savings)

r is the annual interest rate (in decimal form)

n is the number of periods (number of years)

Step-by-step calculation:

Calculate 1 + r:

1 + r = 1 + 0.117 = 1.117

Calculate (1 + r)ⁿ:

(1.117)^8 = 2.482

Calculate (1.117)ⁿ⁻¹:

2.482 - 1 = 1.482

Calculate the fraction (1.117)ⁿ⁻¹/ r:

1.482 / 0.117 = 12.667

Calculate the future value factor for an annuity due by multiplying by (1 + r):

12.667 * 1.117 = 14.147

Finally, multiply by the annual contribution (PMT) to get the future value:

FV_due = 5,693 * 14.147 = 80,531.57

So, the amount Jeremy will have saved in eight years when he buys his house is approximately $80,531.57.


Related Questions

Q 7.8: why do companies often use the gross method of recording cash discounts if the net method is theoretically more correct?

Answers

Using the gross method of recording cash discounts, one will record the transaction at full amount without the discount applied yet. If the customer avails the discount, then another entry will include the discount. This is the more preferred method of recording cash discounts because it allows you to see the details of discounts and monitor the costs that the company has incurred with the discounts. 

The debt-to-asset ratio is classified under _____ ratios.

Answers

The debt-to-asset ratio is classified under Financial Leverage Ratios. Financial leverage ratios indicate the firm's solvency if it is long-term or not. Debt-to-asset ratio provides the percentage of the total assets financed by liabilities, creditors, and debt. It is calculated by dividing the total liabilities by the total assets. 

Top management should not be involved in diversity training.
a. True
b. False

Answers

False. I believe that top management should be involved with diversity training because it allows them to receive better insight about how certain ethnic groups react to situations happening in society. It would also give them insight of how to market other ethnic groups.

Samantha works for an organization that is hierarchical and has a division of labor, written rules, communications, and records. this organization's administration treats workers impersonally. based on these characteristics, we can conclude that samantha works for a(n) ________.

Answers

government hope this helps


Allen tutors in his spare time for extra income. buyers of his service are willing to pay $40 per hour for as many hours allen is willing to tutor. on a particular day, he is willing to tutor the first hour for $10, the second hour for $18, the third hour for $28, and the fourth hour for $40. assume allen is rational in deciding how many hours to tutor. his producer surplus is

Answers

Allen's producer surplus, calculated as the difference between what buyers are willing to pay and what he is willing to accept for each hour tutored, is $64.

The subject of this question is producer surplus, which is a concept in economics related to the benefits that producers receive from selling a good or service. In Allen's case, his producer surplus is the difference between what he is willing to accept for his tutoring services and what the buyers are willing to pay. Allen is willing to tutor for $10 in the first hour, $18 in the second, $28 in the third, and $40 in the fourth. Buyers are willing to pay $40 per hour. To calculate the producer surplus, we subtract Allen's willingness to accept from the buyers' willingness to pay for each hour he tutors.

First hour surplus: $40 - $10 = $30Second hour surplus: $40 - $18 = $22Third hour surplus: $40 - $28 = $12Fourth hour surplus: $40 - $40 = $0 (no surplus as his willingness to accept equals the market price)

Adding these up gives us Allen's total producer surplus: $30 + $22 + $12 + $0 = $64.

Which option is the best way to organize a document into topics?
A. Using bold font
B. Using headers
C. Using bullet points
D. Using a numbered list

Answers

The best way to organize a document or research being written into topics is by B. Using headers.

What is the purpose of headers?

In word software, headers are used to make topics stand out from the rest of the text by changing their size and color (sometimes).

This allows for the document to be easily organized by topics because the topics will stand out easily and demarcate the document in doing so.

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Final answer:

To organize a document into topics, the most effective method is using headers. Headers divide the document into clear sections and provide a brief overview of each section's content, aiding in easy navigation.

Explanation:

The best method to organize a document into topics is Option B: Using headers. Headers break the document into clear, manageable sections and give a brief summary of what each section is about. It helps the reader to navigate through the document easily. On the other hand, bold fonts are generally used to bring attention to important points within sections, bullet points are used for listing items or ideas, and a numbered list is used when the order of items matters.

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As a help desk technician, list four good detective questions to ask if a user calls to say, "my computer won't boot."

Answers

the four questions are:
- Is the power on in your building?
- Is the machine turned on? Do you see the light on?
-Have you made any changes to the hardware recently?
- Are the cables plugged in tight?

This questions will eliminate external technical factors that could cause the computer to not booting. If the answers of all the questions above is no, then the help desk technician could definitely conclude that the problems relies on the software.

Four good detective questions that is asked when a user calls of having their computer to be booted are the following;

-          Is your computer plugged on the socket?

-          Have you tried turning on your CPU or monitor?

-          Are all cables in your computer placed in their rightful positions?

-          Are you certain that there are no lose cables or plugs in your computer?

The annual output and prices of a 3-good economy are shown in the table below. instructions: enter your answers as whole numbers.
a. what was gdp in year 1? $ .
b. what was gdp in year 2? $

Answers

In getting the GDP or Gross Domestic Product for year 1 and year 2, you should multiply the price to the quantity of goods sold and add them all up.

 

For GDP Year 1

 

Given:

 

Quarts of Ice Cream with a price of $6 and 4 quantity of goods.

 

Bottle of Shampoo with a price of $5 and 2 quantity of goods.

 

Jars of Peanut butter with a price of $3 and 4 quantity of goods.

 

= (6 x 4) + (5 x 2) + (3 x 4)

 

= $46

 

For GDP Year 2, the same products with different price and quantity.

 

= (6 x 6) + (5 x 3) + (3 x 3)

 

= $60


Larimer Mfg. has placed all the die cast machines in one​ area, the machining centers into a different​ area, and the finished goods in a warehouse room. Larimer is using​ ______________ departmentalization.

Answers

The answer is functional departmentalization. In practical departmentalization, an association is composed into divisions in light of the particular capacities each performs for the association. For instance, an assembling organization may make a generation office, deals, and showcasing division, a bookkeeping office, and a HR office.

Lairimer Mfg. is using a functional departmentalization. This type of departmentalization focuses in having departments to be arranged or organized base on their given roles or functions in the group or the organization that they are involved in—in which the way they arrange the area in their company base on their functions is a way of depicting functional departmentalization.

During its first year of operations, mack's plumbing supply co. had sales of $630,000, wrote off $10,100 of accounts as uncollectible using the direct write-off method, and reported net income of $69,300. determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible.

Answers

Final answer:

The net income for Mack's Plumbing Supply Co. would have been $68,375 if it had used the allowance method, estimating 1.75% of sales as uncollectible instead of using the direct write-off method, which resulted in a reported net income of $69,300.

Explanation:

The student is asking how to calculate the net income for Mack's Plumbing Supply Co. if it had used the allowance method for accounting for uncollectible accounts rather than the direct write-off method. In the scenario provided, the company's sales were $630,000, and it wrote off $10,100 as uncollectible using the direct write-off method. The reported net income was $69,300. Under the allowance method, the company would estimate future uncollectible accounts as a percentage of sales, which is given as 1 3/4% or 1.75%.

To calculate the net income under the allowance method, first, we need to compute the estimated uncollectible amount: $630,000 × 0.0175 = $11,025. This amount would be recorded as a bad debt expense. The net income would then be adjusted as follows: Original net income of $69,300 minus the difference between the allowance method's expense and the direct write-off amount ($11,025 minus $10,100 = $925). So, the adjusted net income would be $69,300 minus $925, or $68,375.

Why is segmentation recommended for network design? that is, what makes it better to have a separate network segment for web servers, one for the back-end office processing, one for testing new code, and one for system management?

Answers

Segmentation is recommended for network design because it enforces physical separation, where test code could bring down the whole corporate network, which would cause far more damage and chaos than just crashing the testing LAN if there was no physical separation. Example scenario would be: If the testing network is completely isolated, it is not possible for a piece of test code to accidentally affect the management LAN or back-end processing LAN. It might affect the whole testing network, but it will be isolated to that one segment.



Upon seeing the fraser's spiral, most people must carefully trace one of the circles to confirm what is "real" in the design. this is an example of

Answers

the answer to this question is Reality testing
In business term, Reality testing refers to the process to separate our emotion to see the actual situation that revolves around us.
By doing this, we will keep ourselves from relying on negative emotions to make a decision and start to use objective measures to predict the outcome.

Colleges and universities often make loans to students. how would these loans be reported on the financial statements?

Answers

they report them as student loans

Generally with bond ratings, the higher the rating, the ________ the interest rate an investor will receive and the ________ the the risk that the issuer of the bond will default.

Answers

Higher bond ratings mean a lower interest rate and lower default risk for investors. Below investment grade bonds, or junk bonds, appear at higher yields above the Baa line on a risk structure graph due to higher default risk. Bond prices and interest rates are inversely related, and investors demand higher returns for taking on more risk.

Generally with bond ratings, the higher the rating, the lower the interest rate an investor will receive and the lower the risk that the issuer of the bond will default. Corporate bond ratings, which range down to C (for Moody's) or D (for Standard & Poor's), identify the risk level associated with bonds. Bonds with such ratings, also known as B.I.G. or below investment grade bonds, would have higher yields due to their higher default risk, similar tax treatment, and potential for less liquidity. As such, if plotted on a risk structure of interest rates graph, like Figure 6.1 'The risk structure of interest rates in the United States, 1919-2008,' these bonds would land above the Baa line.

Moreover, a typical bond issues payments over time based on the interest rate at issuance by the financial institution and when the borrower repays it. High-yield or junk bonds offer high rates of return but also a higher chance of default. As interest rates for the broader economy change, bonds issued at lower rates become less attractive, thereby causing the investor to suffer an opportunity loss due to being locked into the low rate.

Given that higher bond ratings imply lower default risk, investors need a premium, either through a higher yield or a lower purchase price, to take on the risk of holding lower-rated or longer-term bonds. Therefore, lower credit ratings equate to higher yields for investors as compensation for undertaking additional risk.

A midwestern city negotiates a deal with a company to operate its parking meter system. the city will receive a lump sum payment of several million​ dollars, and the company will have the rights to​ operate, maintain, and collect the revenue from the parking meters. this is an example of​ _______.
a. privatization
b. socialism
c. a planned economy
d. monopolistic competition
e. perfect competition

Answers

That is an example of privatization. The transfer of possession, assets or commerce from the government to the private sector is called privatization. The government ends to be the owner of the entity or business. The development in which a publicly-traded corporation is taken over by a few individuals is also called privatization.

When using acronyms , if there is any chance that your reader may not understand the initials?

Answers

Hello!

The correct answer would be: Yes, your reader may sometimes have trouble understanding certain acronyms and initials.

I hope my answer benefited you! :)

A manufacturer of luxury yachts would use which type of costing​ system?
a. job costing
b. process costing
c. neither job or process
d. both job and process

Answers

The answer is Job costing. Because Job costing is used for small production of unique products such as yachts.

Suppose government imposed a minimum wage above the equilibrium wage.
a. assuming nothing else changes, what do you expect to happen to the resulting shortage of jobs as time progresses?

Answers

An increased minimum wage could result in an increased job shortage as employers struggle to make ends meet. Eventually workers with those higher paying jobs will achieve savings or debt goals and return money to the economy, thereby adding new jobs.

Becky wants to buy a new cell phone. she asks her friends who are technologically savvy to recommend a good, lightweight phone that is easy to use. in this scenario, becky is obtaining information using a(n) _____.
a. nonmarketing-controlled information source
b. internal information search
c. marketing-controlled information source
d. external information search

Answers

d. external information search Becky asked others for their opinions, they aren't marketing controlled necessarily but are certainly marketing influenced. If they are savvy then they read a fair amount on the subject from magazines, websites, etc. which would be classified as marketing-controlled.

The majority of private sector employment in the u.s. economy is in the

Answers

Final answer:

The majority of private sector employment in the U.S. economy is in the service industries/tertiary sector.

Explanation:

In the U.S. economy, the majority of private sector employment is in the service industries or the tertiary sector,. According to the U.S. Bureau of Labor Statistics, almost 80 percent of the workforce in the United States is employed in the tertiary sector, which includes services such as education, financial services, and business and professional services.

This growth in the service sector has led to a shift in the American economy, with manufacturing jobs being replaced by service sector jobs. While some service sector jobs are well-paying, others are not, leading to a widening gap between the upper class and the working poor.

Metrics frequently measure items such as time to answer, number of calls per hour, number of complaints per employee, as well as traditional financial metrics. these metrics are types of _____ controls.

Answers

Metrics are part of the operational control in business management. Operational controls ensure the business is within the set standard. These controls are set to manage the daily operations of the business output in relation to product specification, program, and value.
Final answer:

The methods described are types of quantitative controls utilized in business contexts. These provide crucial numerical data for statistical analysis and performance assessment, often sourced from tools like questionnaires.

Explanation:

The metrics which measure items such as time to answer, number of calls per hour, and number of complaints per employee, along with traditional financial metrics, are types of quantitative controls. Quantitative controls are used in businesses to systematically measure and compare performance. They provide numerical data, which can be statistically analyzed and utilized to identify gaps in performance, streamline operations, and drive strategic business decisions. As illustrated by the reference information, a common method of gathering this data is through questionnaires, where subjects answer a series of yes-or-no or multiple-choice questions. This collected data, being in numerical form, allows researchers to calculate metrics like percentages, facilitating further analysis and problem-solving.

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"list the major characteristics of a normal probability distribution"

Answers

“Bell shaped” and the mean, median, and mode are all equal and are located in the center of distribution.
Final answer:

The major characteristics of a normal probability distribution are bell-shaped and symmetric about the mean, with the mean, median, and mode all located at the same point. The total area under the curve is one, and the shape of the curve can be influenced by the standard deviation. A special distribution called the standard normal distribution has a mean of zero and a standard deviation of one.

Explanation:

The major characteristics of a normal probability distribution are as follows:

The normal distribution is bell-shaped and symmetric about the mean.The mean, median, and mode of the distribution are all located at the same point.The total area under the curve is equal to one.The shape of the curve can be influenced by the standard deviation, with a larger standard deviation resulting in a wider curve.There are an infinite number of normal probability distributions, but a special distribution called the standard normal distribution has a mean of zero and a standard deviation of one.

When a salesperson asks the buyer "do you see how this product will benefit your organization?" he or she is using a(n) _____.​?

Answers

He or she is using a Trial Commitment. It is otherwise known as trial close. It is a sales method in which the sales staff uses convinced variation of questions and explanations using which they then try to discover out the mood of the buyer concerning the product, whether he is attracted in buying the product or otherwise.

What is the "heart" of the eight work characteristics for sales success

Answers

What is the "heart" of the eight work characteristics for sales success answer:love of selling

Bags of​ free-range dog biscuits every year. the fixed ordering cost is

Answers

The fixed ordering cost would be:
The total amount of ordering cost - The total variable costs that incurred on the orders.
The fixed cost in this context refers to the type of cost that wouldn't be affected by the amount og goods/materials that being ordered in the transacitons.

All that blooms provides environmentally friendly lawn services for homeowners. its operating costs are as follows. depreciation $ 1,500 per month advertising $ 2,671 per month insurance $ 1,700 per month weed and feed materials $ 16 per lawn direct labor $ 13 per lawn fuel $ 3 per lawn all that blooms charges $ 89 per treatment for the average single-family lawn. collapse question part (a) determine the company's break-even point in number of lawns serviced per month.

Answers

To get the break-even point, the Total Cost must equal to the Total Revenue or Profit. The Total Cost is the sum of Fixed Costs and Incremental Costs. Fixed costs are depreciation, advertising and insurance which is equal to $5,871 per month. Incremental Costs are weed and feed materials, direct labor, and fuel which is equal to $32 per lawn. The Marginal Revenue is equal to $89 per lawn. Letting “N” to be the break-even point in number of lawns, the break-even equation becomes: $5,871 + $32N = $89N. Then calculating N, the break-even number of lawns is equal to 103.

Some organizational factors increase a project's likelihood of success. identify these "facilitators" for the green project.

Answers

The facilitators for the Green Project are the following:

1. The CIO, Brian Smith, since the Green Project is under him.

2. The PM of the Green Project, Werner McCann

3. The Usability Expert, Linda Perkins.

These persons are the ones who will facilitate the Green Project.

The amount of energy absorbed by a vehicle in an impact is related to __________

Answers

The speed and weight of the vehicle, and whether the object it impacted absorbed any energy.
Absorbed might be a poor word as a vehicle can only absorb so much energy, some will change the direction of movement, and so on.
The things we need to look at are:
the speed of the impact (this is the answer you are looking for)
The speed and direction of the vehicle after impact

Ron shaich talks about how important it is to work with people at the franchisee level, vendors, suppliers, and customers. the idea he is describing (making sure that the objectives of all of these stakeholders align from the top down) is known as _________.

Answers

Ron Schaich is known for his planning and controlling cycle. The said idea tackles that in every company, the top management should see to it that each of their member or people will also observe the same objectives that they set for the company. And that the company's objectives also support the objectives of the stakeholders with whom the company is also working with.

. If you approach a railroad track where the gate has come down or lights are flashing, you should stop __________
A. before you are 50 feet from the track.
B. between 15-50 feet from the track.
C. within 6 feet of the track

Answers

You're answer is going to be B
i think the answer is b
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