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Erika and Kitty, who are twins, just received $10,000 each for their 22th birthdays. They both have aspirations to become millionaires. Each plans to make a $5,000 annual contribution to her "early retirement fund" on her birthday, beginning a year from today. Erika opened an account with the Safety First Bond Fund, a mutual fund that invests in high quality bonds whose investors have earned 8% per year in the past. Kitty invested in the New Issue Bio-Tech Fund, which invests in small, newly issued bio-tech stocks and whose investors on average have earned 13% per year in the fund's relatively short history. Round all answers to the nearest hundredth
a. If Erika's funds earn the same returns in the future as in the past, how old will she be when she becomes a millionaire?
b. If Kitty's funds earn the same returns in the future as in the past, how old will she be when she becomes a millionaire?
c. How large would Erika's annual contributions have to be for her to become a millionaire at the same age as Kitty, assuming their expected returns are realized?
You are considering an annuity which costs $127,392 today. The annuity pays $7,700 a year at an annual interest rate of 4.5 percent. What is the length of the annuity time period?
Corporation A and B are two identical corporation with equal asset values of $50 million. Corporation A is financed by equity only and has 100,000 shares outstanding.
Diploma Mills has $38 million in earnings, pays $4.80 million in interest to bondholders, and $2.90 million in dividends to preferred stockholders.
Firm x has sales of 10 million per year, all on credit terms calling for payment within 30 days; and its accounts receivable is two million. Determine the company's DSO,
checking accounts $850, savings account $3,500, credit card balance $300, jewelry $1,600, real estate valued at $78,000, a mortgage on the real estate of $23,000. What is the total of Darlene's assets? What actions could she take to increase her n..
The bank is willing to lend the company enough to finance its working capital needs under a $10 million revolving credit arrangement at a base rate of 12 percent with a 3/8 percent commitment fee on the unused balance.
Wayne Terrago, controller for Robbin Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him-advertising.
The Thompson Company projects an increase in sales from $18 million to $25 million, but it needs an additional $500,000 of current assets to support this expansion.
Suppose you plan to start saving for your son's college education. He will begin college when he turns eighteen years old and will need $4,000 at that time and in each of the following three years.
Asset B will have a useful life of 6 years and cost $1.3 million; it will have installation costs of $180,000 and a salvage or residual value of $300,000. Which asset will have a greater annual straight-line depreciation?
What advantages might a socialist system have in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January.
Thus, the trader receives a net credit of $200 when entering the spread position. If the stock rises to $50, then what is the trader's profit?
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