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tsbrunson13
30.06.2019 •
Business
Selected data for stick's design are given as of december 31, year 1 and year 2 (rounded to the nearest hundredth). year 2 year 1 net credit sales $25,000 $30,000 cost of goods sold 16,000 18,000 net income 2,000 2,800 cash 5,000 900 accounts receivable 3,000 2,000 inventory 2,000 3,600 current liabilities 6,000 5,000
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Ответ:
Value of investment after 15 years will be $159,405.62
(or) $159,405 (rounded off)
Explanation:
value of retirement account after 15 years
Given information's are
His monthly savings = $500
Interest rate = 7%
Period = 15 years
Value of investment = ((P×(1+i)^n) + P),
where P is the principal,
i is the annual interest rate, and
n is the number of periods
Total investment = $500×12×15 = 90,000
Interest earned
= ((P×(1+i)^n) + P) = (6000 × (1-0.07)15) - 6000) = $69,405.62
Value of investment = (6000 × (1-0.07)15) + 6000) = $159,405.62