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Category > Accounting Posted 19 Jun 2017 My Price 3.00

Over the past several years, Joyce Chen has been able to save regularly

Over the past several years, Joyce Chen has been able to save regularly. As a result, today she has $54,188 in savings and investments. She wants to establish her own business in 5 years and feels she will need $100,000 to do so.

a. If she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? Will Joyce have the $100,000 she needs? If not, how much more money will she need?

b. Given your answer to part a, how much will Joyce have to save each year over the next 5 years to accumulate the additional money? Assume she can earn interest at a rate of 6%.

Answers

Alpha Geek
(8)
Status NEW Posted 19 Jun 2017 09:06 AM My Price 3.00

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Attachments

file 1497864631-Answer.docx preview (36 words )
A-----------nsw-----------er ----------- a.----------- Wo-----------rth----------- of----------- 54-----------188----------- @6-----------% i-----------n 5----------- ye-----------ars----------- = -----------541-----------88*-----------(1+-----------6%)-----------^5 -----------= $-----------725-----------16 ----------- S-----------he -----------nee-----------d t-----------o h-----------ave----------- mo-----------re -----------mon-----------ey -----------= 1-----------000-----------00------------725-----------16 -----------= $-----------274-----------84 ----------- b-----------. S-----------he -----------nee-----------d t-----------o i-----------nve-----------st -----------per----------- ye-----------ar -----------in -----------ord-----------er -----------to -----------get----------- 27-----------484----------- =(-----------274-----------84*-----------6%)-----------/((-----------(1+-----------6%)-----------^5)------------1)----------- =4-----------876----------- -----------
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