What is the amount of the payments that Ned Winslow must make at the end of each of 8 years to accumulate a fund of $90,000 by the end of the 8th year, if the fund earns 8% interest, compounded annually

Amount to be paid annually by Ned Winslow = $8461.35

Explanation:

Fv = A ( 1 + r)∧n  - 1

              r

90,000   =   A  ( 1 + 0.08)∧8  - 1

                         0.08

90,000 =   A ( 1.8509 - 1)

                       0.08

90,000  =   10.6366A

A =     90,000/10.6366

=   $8,461.35

The amount is $8,461.33

Explanation:

Using the formula future value for an annuity:

FV = Annuity * Interest factor

From the scenario under study, we are basically looking for our annuity - a specific payments made at constant intervals.

It is thus believed that the annuity will be sustained to build up a fund of $90,000. This thus represents our Future Value of an annuity.

Using the formula so enlisted:

Remember, our interest is 8% compounded annually. It is important to obtain our interest factor using the annuity table.

From the annuity table, our interest factor is 10.63663

Hence, FV = n * interest factor

90,000 = n * 10.63663

N = 90,000/10.63663

N = $8,461.326 (where N represents the annuity)

the organization's founders

Explanation:

Based on the information gathered from various businesses, it can be said that the original source of an organization's culture usually reflects the vision and attitudes of the organization's founders. This is because when an organization is created, it's founders create all the guidelines, beliefs, and goals that the organization is hoping to accomplish. All of this makes up the organization's culture.

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