You deposited $500 each month into your new ira account at the beginning of each month. there was no previous balance. you were fortunate to have earned 5.2% (apr) the entire time, and your account balance grew to $247,014! for how many years did you make the payments?

Answers

Answer 1
Let n =  the number of years that payments were made.

Assume that the compounding interval is 12 (monthly).
The 1st payment acquires the value
[tex]500(1+ \frac{0.052}{12} )^{12n} = 500(1.00433)^{12n}[/tex]
The 2nd payment acquires the value
[tex]500(1.00433)^{12n-1}[/tex]
and so on.

The value of the payments forms a geometric series
[tex]500(1.00433),\, 500(1.00433)^{2},\, 500(1.00433)^{3} , \, ... \, 500(1.00433)^{12n}[/tex]

The sum of the geometric series is 247014, therefore
[tex] \frac{500*1.00433(1 - 1.00433^{12n})}{1-1.00433}=247014 \\\\ 1-1.00433^{12n} = -2.1316 \\\\ 1.00433^{12n} = 3.1316 \\\\ 12n = \frac{ln(3.1316)}{ln(1.00433)} =264 \\\\ n = 22[/tex]

Answer: 22 years

Answer 2
This question would be solved using a BA II plus calculator as no educational institution would require a manual evaluation, keystrokes on calculator are as follows: [2ND] PMT [2ND] ENTER ***These 4 keystrokes set the device to beginning of period compounding instead of end of period. We do this because the question states that the $500 deposits are made at the beginning of the month and therefore are entitled to the entire months worth of interest compounding. If done correctly, you will see the letters BGN across the top right of the display. Keystrokes continue as follows: PV 0 PMT 500 FV -247014 VERY IMPORTANT TO ENTER FV AS NEGATIVE NUMBER I/Y 5.2 / 12 Because its a monthly payment, the annual apr given is divided by 12 CPT N DISPLAY WILL READ 264. This means 264 monthly payments were made. To express this in years we simply divide this number by 12 to get: 264/12 = 22. We report that we made payments for 22 years.

Related Questions

The practice of lobbying is protected by

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Lobbying campaign occurs when an interest group mobilizes its members and their families throughout the country to write their representatives in support of the group's position.The practice of lobbying is protected by the first amendment. The first amendment guarantees all of us the right to lobby.
Final answer:

The practice of lobbying is protected by the First Amendment, but is regulated by a number of federal laws including the 'Lobbying Disclosure Act' and 'Honest Leadership and Open Government Act'. State laws also regulate lobbying. Despite this protection, violations come with penalties like fines or prison sentences.

Explanation:

The practice of lobbying, an essential part of the U.S. political process, is protected by the First Amendment of the U.S. Constitution which guarantees the right to 'petition the government for redress of grievances'. This protection enables individuals or groups to influence decisions within governmental institutions. Regardless of these constitutional protections, laws and regulations are in place to define and govern the practice of lobbying, such as the 'Lobbying Disclosure Act' of 1995 and 'Honest Leadership and Open Government Act' of 2007. These acts require lobbyists to register with the federal government and regulate actions such as gift giving to lawmakers and the 'cooling-off' period for government officials leaving office.

Each State may also have its own regulations for lobbying, and there are penalties in place for violating these laws, such as fines, prohibitions on lobbying, or prison sentences. The lobbying practice is increasingly professional and comprehensive, with lobbyists representing a wide range of interest groups, and even foreign entities, subject to the same registration requirements.

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_____ holds data when the computer is off or during the course of a program's operation.

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The word to fill the blank space is "Secondary Memory".
Complete sentence will be as below:

Secondary memory holds data at a time when the computer is not on an/or at a time when a program is operating its functions.
This part also serves as archival storage, it is used when someone needs to store huge amount of data and for a longer period of time.

The main goal when setting insurance goals is to

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The main goal when setting insurance goals is having to come up with the problems by asking important questions in means of having to create an insurance goal. One example that is needed to be asked when creating an insurance goal is by having t ask what is needed to be insure.

Final answer:

The main goal when setting insurance goals is to ensure that the average person's payment into insurance over time covers the average person's claims, the costs of running the company, and leaves room for the firm's profits.

Explanation:

The main goal when setting insurance goals is to ensure that the average person's payment into insurance over time covers the average person's claims, the costs of running the company, and leaves room for the firm's profits.

For example, a life insurance company's primary purpose is to provide financial protection for survivors of the insured. After insurance policies have been paid out, the company may have a great deal of cash on hand, which can be lent to others or used for policy loans.

Ultimately, the goal of insurance companies is to balance their income from premiums and investments with their expenses and the need for profitability.

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If someone told you that the nominal gdp increased by 4% in 2004 explain why you would need two additional pieces of information to conclude that the standard of living for the typical person also increased by 4%.

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Final answer:

While a 4% increase in nominal GDP suggests economic growth, two additional pieces of information, inflation and population growth, are vital to assess the impact on the standard of living. Real GDP growth, adjusted for inflation and per capita figures considering population growth, provides a clearer picture. Beyond quantitative measures, qualitative improvements in health, education, environment, and technology also contribute to the standard of living.

Explanation:

When analyzing the implications of a 4% increase in nominal GDP in 2004 for the standard of living, it is essential to consider two additional pieces of information: the rate of inflation and population growth. Nominal GDP does not account for inflation, which means that if the price level increased by, for instance, 2%, the real growth in economic output would only be 2% rather than the nominal 4%. Additionally, if the population grew by 2%, the per capita GDP growth might be negligible, indicating that the standard of living has not improved significantly.

Furthermore, GDP growth alone does not fully embody the overall standard of living. Factors like improved health, increased education, cleaner environment, and technological advancements, which significantly improve the quality of life, are not captured by the GDP measure. As such, these qualitative aspects may lead to a rise in the actual standard of living that surpasses the GDP increase, offering a more comprehensive view of economic welfare.

Field notes represent the information which forms the content of the

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Field notes represent the information which forms the content of the incident report.
Some true concerning field notes are;

- They are more solid than an officers memory 
- Detailed field notes may decrease the need to recontact the gatherings included 
- Field notes can be utilized to protect the uprightness of the episode report 
- Primary data source for setting up the occurrence offense report

When managers organize divisions according to the types of customer to whom they market their products, they are focusing on a product structure?

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When managers organize divisions according to the types of customer to whom they market their products, they are focusing on the product structure: market structure.
The market structure is an organizational structure in which each kind of customer is served by a self-contained structure.

"__________ is part of intel corporation's disclose policy."

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Vulnerability is part of intel corporation's disclosure policy. The corporation actively searches for all the vulnerabilities that it may find in the users product. This is how they avoid breaches that may occur.

Which document allows patients to specify their wishes in regard to four specific dire medical situations by using a 48-item questionnaire?

Answers

The document that allows patients to specify their wishes is the medical directive, also known as an advance healthcare directive. If someone has some health issues, they are able to use this document to specify what they want to happen to them and who is in charge.

The document in question is an advance directive, which allows patients to specify their wishes regarding medical care using a 48-item questionnaire.

The document in question is known as an advance directive. An advance directive allows patients to specify their wishes regarding medical care in scenarios where they might be unable to express their decisions. This particular type of advance directive involves a 48-item questionnaire which assists in detailing patient preferences in four specific dire medical situations.

Advance directives help ensure that a patient's wishes regarding life-sustaining measures are communicated effectively to their family, friends, and healthcare professionals. These documents can include instructions about whether to accept or refuse treatments such as resuscitation, mechanical ventilation, tube feeding, and more.

In summary, by filling out an advance directive, individuals can express their medical care preferences well in advance, providing clarity and avoiding confusion during critical moments.

Mmortalized in the movie rain man, dustin hoffman's character performs mind-boggling feats of mathematical calculations, yet cannot perform the simplest of tasks such as determining how much change he would receive when buying a candy bar. this is known as _____ syndrome.

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This is Savant syndrome. The person has the ability to perform feats that few others can accomplish, but these tend to be relegated to a single area of expertise. Other tasks, many of which would almost be considered rudimentary, seem to elude the person's grasp.

Define osmosis and predict the direction of water movement based on differences in solute concentrations.

Answers

Osmosis is the process by which liquids move through a semi permeable membrane from a lower concentration gradient to an higher one.
During the process of osmosis, water for instance, will move through a semi permeable membrane from a region of lower solute concentration to the region of higher solute concentration. In osmosis, water usually leave the region of low salt solute and move instead to the region of more concentrated solute. The liquid will move until the salt solute concentration is the same at either side of the membrane.

Annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?

Answers

The annuity payout option which allows the policyowner to choose a pre-determined number of benefit payments is known as an "Ă„nnuity Certain". A certain annuity is generally less expensive and provides a better return than a whole life annuity as there is some risk that the policy holder will outlive the payment stream, known as longevity risk.
Final answer:

An annuity payout option allows the policyowner to choose a pre-determined number of benefit payments. It provides flexibility for individuals to tailor their income needs based on their financial goals and circumstances.

Explanation:Annuity Payout Option



An annuity payout option is a financial product offered by insurance companies that allows the policyowner to choose a pre-determined number of benefit payments. This option is typically available for annuities, which are contracts between an individual and an insurance company that provide regular income payments in exchange for a lump sum or periodic premium payments.



For example, let's say someone purchases an annuity and opts for a 10-year certain and life annuity payout option. This means that the insurance company will make guaranteed payments to the policyowner for 10 years, no matter what happens. After the 10-year period, the payments will continue for as long as the policyowner lives.



Overall, the annuity payout option provides flexibility for individuals to tailor their income needs based on their financial goals and circumstances. It allows them to choose a specific number of payments and structure their retirement income accordingly.

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according to the substitution effect, what are consumers likely to do if the price of the leading brand of orange juice increases?

Answers

Buy a cheaper brand of orange juice, or buy apple juice.

According to the substitution effect, these are the consumers who would like to buy a cheaper brand of orange juice, or buy apple juice, if the price of the leading brand of orange juice increases.

What is a substitution effect?

It is the substitute effect because of which there is a degree in the state of any product. It is attributed to consumers when they switch to a cheaper alternative whenever the price of any particular product increases.

This substitution effect is an important component whenever there is any change in the price. When the price of any product or any good changes, there is a direct impact on the amount of the demand that depends upon the consumers.

Therefore, it also has an effect on the income of the company that is producing that particular product when the price of its product increases.

An image has been attached for better understanding.

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The international illegal trade in wildlife brings in an average of ____.​

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These benefactors would earn around  $600,000 USD per hour. Many poachers often earn a lot from wildlife trade because of its rarity. Many endangered animals like the elephants and rhinos are often hunted because of their ivory tusk which cost around $1,500 USD per pound. The greater the number they get the higher the price they received.

Devante looks at a weekly sales report to find out how much each sales associate and each store sold, compared to sales goals. doing this, devante is fulfilling the __________ function of management.

Answers

This is the controlling function. In this, the manager looks at prior goals, compares the current levels of performance to those goals, and makes sure that everything is working in a way that is meeting or exceeding those predetermined standards. When they are not, the manager looks for ways to correct these shortfalls.

A firm that is certified as meeting both iso 9000 and iso 14000 standards has demonstrated:

Answers

commitment to meeting quality standards (as established through ISO 9000) and more specifically, environmental quality standards (as specified by ISO 14000). The International Organization for Standards is responsible for establishing these standards.

Explain one challenge raised by vint cerf in "the internet is for everyone - but it won't be if…." and give one example of it that you know about.

Answers

The most obvious challenge that I can think of is the topic of censoring the internet. If the internet is truly for everyone then it has to be inclusive to all beliefs, ideas and cultures. Unfortunately for this to happen, some use the internet for destructive purposes.
According to Vint Cerf, "Internet is for everyone - but it won't be if it isn't affordable by all that wish to partake of its services, so we must dedicate ourselves to making the Internet as affordable as other infrastructures so critical to our well-being." This is one of the most obvious challenges of internet consumption. The problem with, let's say oligopolies (wherein only few companies provide the internet such as in some countries in Southeast Asia), internet service can be priced unreasonably or may not be of optimal quality. This is because there is not much competition, which is what makes the few companies confident to manipulate their services for self gain. 

Andrea is a famous rodeo competitor. she contracts with wild ride horse sales to purchase five pedigreed horses, which are designated by their registration numbers. in this contract, identification:

Answers

Final answer:

The question deals with the identification of goods in a sales contract by using specific registration numbers, a key element in contract law central to the transfer of risk and title.

Explanation:

The subject of the question involves the concept of identification in the context of a contract for the purchase of goods. Andrea, being a buyer and a famous rodeo competitor, specifies horses by their registration numbers in her contract with Wild Ride Horse Sales. The mention of these unique identifiers suggests that this is a sale by description, an essential component in business and contract law. Once the seller designates the horses by registration numbers, they are considered to be identified to the contract, which allows further actions such as the passing of risk and possibly title to occur under the specific terms of the contract.

What disagreement led to legal conflicts between the mexican and european-american landowners in the 1880s?

Answers

The transcontinental railroad was completed in 1869, and railroad companies wanted to expand into land that was tribal land. Settlers also want to claim the land on the frontier. This causes conflict, because American settlers were trying to claim land that, according to Mexican law, belonged to the community of the natives whose families lived there. However according to American law, ownership is through purchasing a deed. This difference of law caused conflict.

A surgical team was operating in a rural hospital without a backup electrical generator. the power went out. to provide light for the surgery, they collected all the cell phones in the hospital and turned them on. the operation was able to proceed because the surgical team avoided ________ and ________ the problem

Answers

"A surgical team was operating in a rural hospital without a backup electrical generator. the power went out. to provide light for the surgery, they collected all the cell phones in the hospital and turned them on. the operation was able to proceed because the surgical team avoided functional fixedness and restructured the problem."

Functional fixedness is the mental process that limits someone's ability to use something in a different way than that it is traditionally used. In this case, the functional fixedness would've been present if the surgical team would not proceed the surgery because of the lack of traditional light.
Restructuring a problem is when the surgical team was able to look at the problem in such a way that they were able to find solutions that would not come to immediate thinking, and require a different insight than the usual.

Quentin operates an ice cream franchise which has shops throughout the united states. coolcream co., the franchisor, supplies the ingredients and formula so that quentin can create the ice cream in his store and sell it fresh to customers. this relationship is known as a:

Answers

I believe that this problem has the following choices:

 

chain style business operation.

joint development enterprise.

distributorship.

manufacturing or processing plant arrangement.

 

The correct answer is:

manufacturing or processing plant arrangement.

 

In a manufacturing style of relationship, there is a continuous in flow of raw materials which is supplied by Quentin’s supplier and outflow of products which is supplied by Quentin itself.

The archeological records of egyptian cities are less detailed due to the

Answers

The archeological records of Egyptian cities are less detailed due to the building materials.

Outpatient care accounts for what percent of gross patient revenue for all us hospitals? 1. 10% 2. 20% 3. 40% 4. 60%\

Answers

Answer: 3. 40%

Outpatient care accounts for 40% of gross patient revenue for all US hospitals. Outpatient primary care services include Physician office and Hospital emergency services. Two primary care services are Inpatient Care Services and Outpatient Care Services.

Outpatient care services are those services including medical tests and procedures that can be done in any medical center without staying overnight in that center or hospital.

What is the approximate minimum time to achieve significant strength gains in a strength-training program?

Answers

A strength training program requires a minimum of 8 consecutive weeks (of training) for significant strength gains to become evident. 

Strength training is a type of physical exercise focused on the use of resistance (weights) to increase (the size of) lean muscle tissue, build strength, decrease body fat and increase (anaerobic) endurance. It also provides other physical and psychological benefits as well. 

A _____ cost occurs when the amount used varies based on the volume of service provided.

Answers

In Accounting there are four types of costs: direct, indirect, fixed, variable and operating costs.
Direct cost is the material, labor, expense, or distribution cost required to produce the product.
Fixed costs are cost of building a factory, insurance and legal bills.
opposite to fixed costs, a variable cost occurs when the amount used varies based on the volume of service provided.

Levio is a company that makes mobile apps and has decided to become a market leader in the field. levio can encourage the development of a culture where workers perceive that new ideas are welcomed by offering challenging work and supervisory encouragement. in other words, the company can create a(n) ____.

Answers

The answer is that  in other words, the company can create a creative work environment.
The environment in which a company works is really matters and there are many dimensions or components that makes the creative work environment like Challenge & Involvement, Freedom & Autonomy, Idea-Time and idea support, trust etc.

Raul, a salesperson for the lovely landscapes landscaping company, is working with a longtime customer who is interested in either cutting back on the services or getting a better price due to the tight economy. raul tells his manager, "i want to take care of the customer with the best value. so what do you think is the best package to offer in this situation?" raul and his manager are trying to utilize the

Answers

The answer is contingency design. It is the sum incorporated into a development spending plan to take care of extra expenses for conceivable outline changes. The measure of possibility fluctuates with the phases of outline. As the plan is finished, the possibility ought to be diminished to almost zero for most school ventures.

Are the people involved in or affected by project activities and include the project sponsor, project team, support staff, customers, users, suppliers, and even project opponents.

Answers

The people who are affected or are involved the activities of the business are termed as stakeholders. A stakeholder is someone who has any kind of interest or his interests are getting affected by the decisions or the activities of the business. The stakeholders can be debtors, creditors, customers, Government, employees, managers, project managers etc.

The _____ takes into consideration both the direct and indirect global warming effects of refrigerants.

Answers

The total equivalent warming impact (TEWI) takes into consideration both the direct and indirect global warming effects of refrigerants. In addition to the direct impact of the refrigerant (which is conveniently estimated by GWP), any system or process, which requires energy input, indirectly affects the environment. This impact is originated from CO2 emissions from the energy production processes. TEWI can be calculated using the equation below: TEWI = direct emissions + indirect emissions = (GWP×L×N)+(Ea×β×n), where L – annual leakage rate in the system, kg (3% of refrigerant charge annually), N – life of the system, years (15 years), n – system running time, years (based on weather data, 4910 hours), Ea – energy consumption, kWh per year (modelled for each refrigerant), β – carbon dioxide emission factor, CO2-eq. emissions per kWh (165 g CO2/kWh).

A local animal feed company makes its feed by the ton which is 2000 pounds

Answers

Animal feed is a cheap and convenient way for animal caretakers to feed their animals. One of the side effects is that animal feed may not address all of an animals nutritional needs. By creating their feed in bulk they are likely saving money.

Travis invests $10,000 today into a retirement account. he expects to earn 8 percent, compounded annually, on his money for the next 26 years. after that, he wants to be more conservative, so only expects to earn 5 percent, compounded annually. how much money will he have in his account when he retires 38 years from now, assuming this is the only deposit he makes into the account?

Answers

First calculate the future value at the end of 26 years at 8%
The formula is
A=p (1+r)^t
A future value?
P present value 10000
R interest rate 0.08
T time 26 years
A=10,000×(1+0.08)^(26)
A=73,963.532119168

After that use the formula again to calculate the future value for the rest years at 5%
A=73,963.532119168×(1+0.05)^(38−26)
A=132,827.88....answer

Hope it helps!
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From 2003 onward, the number of daily visitors to a website increased by 200% every two years. So, for example, the number of visitors in 2011 was 200% more than the number of visitors in 2009.In what year was the number of daily visitors 800% more than the number of daily visitors in 2003? Find the 55th derivative of y = cos(3x). Read the paragraph. When the Titanic struck the iceberg, some of the watertight compartments ripped open and filled with water. Although the compartments had been designed to prevent the ship from flooding, they unexpectedly did not seal off incoming water. The compartments were not capped at the top, and water continued to enter them as the ship angled down into the water. Other researchers suggest that the rivets (metal fasteners) and the seams of the watertight compartments did not hold together as well as expected. What does this paragraph imply? The Titanics watertight compartments did not function properly. The Titanics construction prevented water from flooding the ship. The Titanics watertight compartments were sealed at the top. The Titanic was the worlds largest steamship of its time. All of the following are true statements about the Triangular Trade, EXCEPT:A.The journey took about six weeks.B.Africans were often chained together.C.The journey was often uncomfortable but seldom brutal.D.Africans were seldom, if ever, allowed above deck for fresh air. need help with some questions please Why would life be impossible without enzymes? Karyn is a second-year college student. the job market in her field has not been very good in recent years, and she is very concerned about being able to find a job after graduation. she thinks a lot about the job market and what she can do to compete effectively in it, and plans her coursework around that. karyn is experiencing ________ about the job market. Why did virginia replace indentured servants with african slaves? What is the equation of a line that passes through the point (8, 2) and is parallel to the line whose equation is 3x + 4y = 15? Enter your answer in the box Im stuck on 5-6. Please help if you could explain the answer also that would be awesome look at the triangle what is the value of tan x? Use a trigonometric ratio to find the length of side ST. Why did Great Britain pass the sugar act , the stamp act , and the townshend acts What is the name of the continental plate that is involved with the andes mountains? When it becomes necessary to enlist the fight-or-flight response, a hormone that is released during the alarm phase of the general adaptation syndrome is? which example characterizes enterohepatic circulation? how many tenths are in 4/5 The amendment to the u.s. constitution that prohibited the states from denying the vote due to race was the How are galaxies organized and distributed within the universe What was a result of investors selling stocks at much lower prices than they bought them, ultimately contributing to the stock market crash?A) People who normally did not invest began buying stocks because they were so cheap. B) Businesses had to buy back their own stocks so investors would not sell them too cheaply. C) Investors who borrowed could not pay back their loans, so people rushed banks to withdraw their savings. D) The investors made a large profit upfront because they were able to sell so quickly; however, they were unable to buy the stocks back. Steam Workshop Downloader