Brummitt Corporation is evaluating a new 4-year project. The equipment necessary for the project will cost $2,300,000 and can be sold for $293,000 at the end of the project. The asset is in the 5-year MACRS class. The depreciation percentage each year is 20.00 percent, 32.00 percent, 19.20 percent, 11.52 percent, and 11.52 percent, respectively. The company's tax rate is 21 percent. What is the aftertax salvage value of the equipment? Multiple Choice O O O $193,380 $293,000 $238,423 $314,932 $271,068
Answers
The company's tax rate is 21 percent. The after tax salvage value of the equipment is $271,068.
Calculation:
The after tax salvage value of the equipment is
Book value = $2,300,000 (.1152 + .0576)
Book value = $397,440
Tax refund (due) = ($397,440 − 293,000)(.21)
Tax refund (due) = $21,932
After tax salvage value = $293,000− 21,932
After tax salvage value = $271,068
What is After tax salvage value ?
The price that a good is sold for is recorded on the statement as an income and is consequently subject to tax. The value or sum that remains after the tax is referred to as the after-tax salvage value.
After-tax Asset sales price less tax paid on the gap between asset sales price and asset book value is the asset's salvage value.
The amount a business might anticipate getting for an asset at the end of its useful life is known as the salvage value.
To calculate the portion of an asset's cost that will be amortised, it is deducted from the cost of the fixed asset. Salvage value is therefore included in the depreciation process.
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Related Questions
Why are economic systems needed? Respond to the question below with a minimum of 5 sentences.
Answers
Answer:
Explanation:Since economic resources are scarce, they must be used efficiently. We want to produce as much goods and services as we can, and in the process, produce the goods and services needed the most. There are five functions an economic system performs in producing goods and services for consumption.
ivit has been given the task of calculating the predetermined overhead rate for Eden Enterprises. In order to calculate the rate, Divit must know A, the actual overhead costs for the period and the actual quantity of the overhead allocation base. B. the actual overhead costs for the period and the estimated quantity of the overhead allocation base. C· the estimated overhead costs for the period and the actual quantity of the overhead allocation base.
D. the estimated overhead costs for the period and the estimated quantity of the overhead allocation base.
Answers
To calculate the predetermined overhead rate for Eden Enterprises, Divit must know the estimated overhead costs for the period and the estimated quantity of the overhead allocation base. The correct option is D
The predetermined overhead rate is determined by dividing the estimated overhead costs by the estimated quantity of the overhead allocation base.
This rate is used to allocate overhead costs to products or services, based on the chosen allocation base (such as direct labor hours or machine hours).
By using estimated values, the predetermined overhead rate helps companies establish a consistent rate for allocating overhead throughout the accounting period, rather than dealing with fluctuations in actual overhead costs and allocation base quantities.
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a firm finds that as it adds workers, each worker is adding less and less output to the production process. what must be true about average cost?
Answers
Average cost is increasing must be true about average cost .
What does "average cost" mean?
In economics, average cost or unit cost is determined by dividing the total cost (TC) by the quantity of a good produced (the output Q). The choice of how much to charge for commodities by businesses is strongly influenced by average cost.What is an example of typical cost?
The weighted-average cost is calculated by dividing the total inventory purchased during the quarter ($113,300) by the total inventory count from that quarter (100), yielding an average cost per unit of $1,133.
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a weekly business magazine offers a 1-year subscription for $24.99 and a 4-year subscription for $85. if you thought you would read the magazine for at least the next 4 years, and consider 18% as a minimum rate of return, which way would you purchase the magazine: with four 1-year subscriptions or a single 4-year subscription?
Answers
Considering the 18% discount, it is more affordable to purchase four 1-year memberships. This is accurate provided that the cost of a 1-year subscription stays set at $24.99.
consisting of four 1-year memberships
Four 1-year memberships at current value:
= 24.99 + 24.99/(1.18) + 24.99/(1.18) (1.18)
^2 + 24.99/(1.18)^3
= 24.99 + 21.18 + 17.95 + 15.21
= $79.33
One four-year subscription's current worth equals $85
What does the term "business Organizations" mean?
A successful business is a legal structure created to do business. A framework of law controlling contract and trade, property ownership, and incorporating is the foundation for this kind of organization.
Which three sorts of trade groups are there?
There are three main business structures: the private limited, the partnerships, and also the corporate, each of which comes with benefits as well as drawbacks of its own.
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In order to leverage social media ads, where you choose to advertise your product/service should also be based on your target audience and what is __________ amongst that audience.
Answers
In order to leverage social media ads, where you choose to advertise your product/service should also be based on your target audience and what is relevant and engaging to them.
By analyzing their demographics, interests, and online behaviors, you can identify the social media platforms or channels that align with their preferences. This ensures that your ads are seen by the right people, in the right context, maximizing their relevance and impact.
Additionally, staying attuned to trending topics, popular hashtags, and viral content within your target audience's online communities allows you to tap into what is currently captivating their attention.
By combining audience insights with relevant content, you can create compelling ad campaigns that drive engagement, increase brand visibility, and ultimately yield positive results.
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The level of environmental protection enacted typically depends on _______. a. the perceived benefit of the action b. the support of the community c. pressure from foreign governments d. all of the above
Answers
The level of environmental protection enacted typically depends on the perceived benefit of the action (Option a).
What is environmental protection?The expression 'environmental protection' makes reference to the laws and norms promulged to protect a given area or ecosystem.
Environmental protection is fundamental for maintaining the well-being of societies and their natural resources.In conclusion, the level of environmental protection enacted typically depends on the perceived benefit of the action (Option a).
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Federally-funded grants require the student to...
earn above average grades.
have a membership in a high school club.
perform volunteer work for a local community
agency.
have financial need only.
Answers
Answer:
Explanation:
have financial need only
Federally-funded grants typically require students to have financial need only, as they are designed to provide financial assistance to students who may not have the means to pay for their education. Therefore, option D is correct.
Federally-funded grants are financial assistance programs provided by the government to support students in pursuing their education. These grants are typically awarded based on financial need, considering factors such as income, family size, and assets.
They aim to ensure that students from low-income backgrounds have access to higher education opportunities. Unlike loans, grants do not need to be repaid, making them an attractive form of aid.
Federal grants include programs like the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG), among others.
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Below you will find the closing stock prices for eBay over a three-week period. Calculate the simple three-day and five-day moving averages for the stock. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)Date Close4/23/2012 $ 37.834/24/2012 37.654/25/2012 37.254/26/2012 37.514/27/2012 36.774/30/2012 36.945/1/2012 37.015/2/2012 37.055/3/2012 37.745/4/2012 37.845/7/2012 37.775/8/2012 37.935/9/2012 38.265/10/2012 38.415/11/2012 38.243-day 5-day4/23/2012 4/24/2012 4/25/2012 $ 4/26/2012 4/27/2012 $4/30/2012 5/1/2012 5/2/2012 5/3/2012 5/4/2012 5/7/2012 5/8/2012 5/9/2012 5/10/2012 5/11/2012
Answers
To calculate the simple three-day and five-day moving averages for eBay's stock prices, we add up the closing prices for the number of days in the moving average and divide by the number of days.
The simple three-day moving averages are:
April 25th: ($37.83 + $37.65 + $37.25) / 3 = $37.58
April 26th: ($37.65 + $37.25 + $37.51) / 3 = $37.47
April 27th: ($37.25 + $37.51 + $36.77) / 3 = $37.18
April 30th: ($37.51 + $36.77 + $36.94) / 3 = $37.07
May 1st: ($36.77 + $36.94 + $37.01) / 3 = $36.91
May 2nd: ($36.94 + $37.01 + $37.05) / 3 = $37.00
May 3rd: ($37.01 + $37.05 + $37.74) / 3 = $37.27
May 4th: ($37.05 + $37.74 + $37.84) / 3 = $37.54
May 7th: ($37.74 + $37.84 + $37.77) / 3 = $37.78
May 8th: ($37.84 + $37.77 + $37.93) / 3 = $37.85
May 9th: ($37.77 + $37.93 + $38.26) / 3 = $37.98
May 10th: ($37.93 + $38.26 + $38.41) / 3 = $38.20
May 11th: ($38.26 + $38.41 + $38.24) / 3 = $38.30
The simple five-day moving averages are:April 27th: ($37.83 + $37.65 + $37.25 + $37.51 + $36.77) / 5 = $37.20
April 30th: ($37.65 + $37.25 + $37.51 + $36.77 + $36.94) / 5 = $37.14
May 1st: ($37.25 + $37.51 + $36.77 + $36.94 + $37.01) / 5 = $37.10
May 2nd: ($37.51 + $36.77 + $36.94 + $37.01 + $37.05) / 5 = $37.06
May 3rd: ($36.77 + $36.94 + $37.01 + $37.05 + $37.74) / 5 = $37.10
May 4th: ($36.94 + $37.01 + $37.05 + $37.74 + $37.84) / 5 = $37.32
May 7th: ($37.01 + $37.05 + $37.74 + $37.84 + $37.77) / 5 = $37.48
May 8th: ($37.05 + $37.74 + $37.84 + $37.77 + $37.93) / 5 = $37.87
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what happens when the government runs out of money?
Answers
Answer:
cdtdtuky ue ysruosixsyxsiysc
no one will get paid any money
the type of ownership in which each restaurant is the same in the ownership of each restaurant is the same as known as which of the following?
A. food service cooperation
B. Food service franchise
C. Independent food service operation
D. Food service chain
Answers
Answer:
D. Food service chain
Explanation:
In business ownership, a chain of restaurants refers to several restaurants owned by one organization. In other words, in a food service chain, the owner(s) will have many branches located in different locations. Because the restaurant belongs to one entity, they are similar in appearance and operations.
A chain of business is different from a franchise business. In a franchise, the branches are identical but have different owners.
what is the approximate present value of receiving $5,000 per year for 10 years if the first receipt is 7 years from today and interest is discounted at 5% annually?
Answers
The approximate present value of receiving $5,000 per year for 10 years, with the first receipt 7 years from today and interest discounted at 5% annually, is $33,585.
Calculate the present value of each of the 10 annual payments using the formula for present value of an annuity.
PV = C × [(1 - (1 + r)^-n) / r]
where PV is the present value, C is the annual payment, r is the discount rate, and n is the number of periods.
In this case, C = $5,000, r = 5%, and n = 10.
Using the formula, the present value of each annual payment is:
PV = $5,000 × [(1 - (1 + 0.05)^-10) / 0.05] = $35,487.67
Calculate the present value of the annuity starting in year 7 by discounting each of the 10 annual payments to its present value at year 7.
To discount each annual payment to its present value at year 7, we need to use the formula for present value of a single amount:
PV = FV / (1 + r)^n
where FV is the future value, r is the discount rate, and n is the number of periods.
In this case, n is the number of years from the year of the payment to year 7.
The present value of each annual payment at year 7 is:
PV = $35,487.67 / (1 + 0.05)^7 = $22,281.73
Calculate the total present value by summing the present values of all 10 annual payments.
Since there are 10 annual payments, the total present value is:
Total PV = $22,281.73 × 10 = $222,817.33
However, this value is in year 7 dollars, so we need to convert it to present value in today's dollars by discounting it by 5% for 7 years using the same formula for present value of a single amount.
The present value in today's dollars is:
Present Value = $222,817.33 / (1 + 0.05)^7 = $33,585.08
Therefore, the approximate present value of receiving $5,000 per year for 10 years, with the first receipt 7 years from today and interest discounted at 5% annually, is $33,585.
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According to the video, what are general and operations managers expected to provide for a company? select two options. funding special events a vision leadership
Answers
Option c and d: A vision and leadership. The general and operations managers expected to provide for a company a vision and leadership.
A general manager is a high-level executive responsible for overseeing the day-to-day operations of an organization. They are typically responsible for the organization's overall financial performance, setting and achieving goals, developing strategy, and providing leadership and guidance to employees.
Operations managers are the people responsible for the day-to-day operations of a company or organization. Responsible for managing staff, overseeing the budget, making decisions, and ensuring that the organization operates efficiently and effectively.
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Complete question:
According to the video, what are general, and operations managers expected to provide for a company? select two options.
a: funding
b: special events
c: a vision
d: leadership
Answer:c and d
Explanation:took test on edge
A stock is expected to pay a dividend of R1 per share in 2-months and 5-months. The stock price is R50 and the risk-free rate is 8% per annum (continuously compounded). An investor has a short position in a 6-month forward contract on the stock. (a) What is the forward price? [3] (b) Describe the profit from the following: a long forward contract on an asset and a long European put option on the asset with the same maturity as the forward contract and a strike price that is equal to the forward price of the asset at the on set of the portfolio. [5] (c) 3-months later, the price of the stock is R48 and the risk-free rate is still 8% per annum. What are the forward price and the value of the forward contract?
Answers
(a) To calculate the forward price, we need to consider the cost of carrying the stock , which includes the dividends. the value of the forward contract can be calculated by subtracting the initial forward price from the new forward price and multiplying it by the number of shares covered by the contract.
The forward price can be calculated using the formula:
Forward price = (Spot price - Present value of dividends)
In this case, the dividends are R1 and R1, and they will be paid in 2 months and 5 months, respectively. The risk-free rate is 8% per annum (continuously compounded).
Present value of dividends = (R1 * e⁽⁻ʳ * ᵗ¹⁾) + (R1 * e⁽⁻ʳ * ᵗ²⁾)
Where:r = risk-free rate
t1 = time to first dividend paymentt2 = time to second dividend payment
Using the given values:
r = 8% = 0.08t1 = 2 months = 2/12 = 1/6 years
t2 = 5 months = 5/12 = 5/12 years
Present value of dividends = (R1 * e⁽⁻⁰.⁰⁸ * ¹⁶⁾) + (R1 * e⁽⁻⁰.⁰⁸ * ⁵¹²⁾)
Calculate the present value of dividends and subtract it from the spot price to find the forward price.
(b) When comparing the profit from a long forward contract and a long European put on the asset with the same maturity as the forward contract and a strike price equal to the forward price, consider the following scenarios:
- Long forward contract: The profit from a long forward contract is determined by the difference between the spot price at expiration and the forward price. If the spot price is higher than the forward price, there is a profit. If the spot price is lower, there is a loss.
- Long European put : The profit from a long European put is determined by the difference between the strike price and the spot price at expiration. If the spot price is lower than the strike price, the is in the money and there is a profit. If the spot price is higher, the expires worthless and there is a loss.
(c) To determine the new forward price and the value of the forward contract 3 months later, we need to consider the change in the spot price and the time elapsed. Given that the stock price is now R48 and the risk-free rate is still 8% per annum, we can use the same approach as in part (a) to calculate the new forward price.
Additionally, the value of the forward contract can be calculated by subtracting the initial forward price from the new forward price and multiplying it by the number of shares covered by the contract.
Please note that the specific calculations for parts (a) and (c) require the use of mathematical equations and formulas.
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Type the correct answer in the box. Spell all words correctly.
Which quality helps a leader cooperate with team members?
_____ is a quality that helps a leader cooperate with the team on important matters to achieve company goals.
Answers
Answer:
agreeableness
Explanation:
I got the right answer on edmentum
Why is it common for producers of services to sell through short distribution channels directly to the end user
Answers
Answer: “The people providing the service often fo so by interacting directly with the user”
Explanation: just took the quiz
Answer: B. The people providing the service often fo so by interacting directly with the user
Explanation: I just took the quiz and the answer was correct
Summarize what is a stock?
Answers
in the absence of externalities, which market structure produces the socially optimal quantity?
Answers
In the absence of externalities, which marketplace shape produces the socially greatest quantity of Perfect competition.
The required details about Perfect competition are mentioned below paragraph.
The paragraph that follows provides the necessary information regarding the Perfect competition.
Numerous buyers and suppliers compete fiercely, and prices reflect calls for and deliveries. Companies merely make enough money to support their business operations and nothing more. Different businesses may enter the market and drive down prices if they were to make more money. Perfect competition is a standard or the best kind to which actual market structures can be contrasted. Theoretically, perfect competition is the antithesis of a monopoly, in which only one company provides a good or service, and that company can charge whatever price it pleases because customers have no other options and it is difficult for potential competitors to enter the market.
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Skeletal muscle fibers are very unusual because they may be . have intercalated discs (gap junctions) devoid of striations and spindle-shaped with a single nucleus a foot or more in length, and each cell contains hundreds of nuclei subject to the activity of pacemaker cells, which establish contraction rate capable of division, unlike smooth muscle cells
Answers
Skeletal muscle fibers are very unusual because they may be: B. a foot or more in length, and each cell contains hundreds of nuclei.
What is a skeletal muscle?Skeletal muscle is also referred to as voluntary muscle and it can be defined as a type of muscle that's connected with the skeleton by tendons, so as to form a mechanical system that enables the movement of the limbs and other body parts with respect to another.
Generally, skeletal muscle fibers are considered to be very unusual because they may be a foot or more in terms of length, and each cell typically contains hundreds of nuclei.
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HELP MEE THIS IS DUE TODAY!!
Why might an individual Persue a career in education and training career cluster.
A. They love to work with others and help them learn new things.
B. They want to earn a bachelor’s degree.
C. They want a career that does not require on job training.
D. They want a career that does not require certification.
Answers
Answer:
A) They love to work with others and help them learn new things.
Explanation:
When I was in school, elementary school to be exact, a lot of teachers in training found themselves practicing in my class, so they can be teachers in the near future. This means on the job training is required, especially if you are going to be in charge of the education and temporary needs of your students.
B is wrong because you don't just become a teacher right away, without the proper credentials just to earn a bachelor's degree, that's what trainings are for.
D is also wrong because, as I mentioned before, no one is just going to allow any old person around a bunch of kids to teach them, and especially if they don't have the proper certification. I should know because that's why I had to change teachers in 3rd grade because the teacher I had didn't have the proper certification to work with my type of IEP (Individual Education Plan).
A
Because they love to work with other and help
Click this link to view O*NET’s Work Activities section for Registered Nurses. Note that common activities are listed toward the top, and less common activities are listed toward the bottom. According to O*NET, what are some common work activities performed by Registered Nurses? Select four options.
communicating with supervisors, peers, or subordinates
making decisions and solving problems
repairing and maintaining mechanical equipment
drafting technical devices
assisting and caring for others
documenting/recording information
Answers
Some common work activities performed by Registered Nurses are:-
Making decisions and solving problems.Assisting and Nurses for others.Communicating with supervisors, peers, or subordinates.Drafting technical devices.Evaluating, Nurses watching, and conversing with patients keeping a record of the symptoms, medical history, and state of health of the patient. Patient Care preparation for examinations and treatment. administering medications and therapies, then keeping track of patients' reactions and negative effects.
Usually, Nurses EMTs and paramedics do the following tasks: Respond to 911 calls for emergency medical help, such as doing CPR or bandaging a care wound. Typically, bioengineers and biomedical engineers do the following tasks: Create tools and gadgets, such as synthetic internal organs, body part replacements.
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Tell me why you wished you were born rich and why
Answers
Answer:
I wished I was born rich just for the fact that everything would be so much easier you could get what you wanted and people would be more appreciate of me
Answer:
Well I didn't to born rich,because money is like everywhere,I would rather be born with simple family than rich because SIMPLE IS BETTER.
Explanation:
HAHAHAAHAHAH I hate my answer
Why is creating an entrepreneurial team a good idea?
Answers
Objectives and functions of NCERT,UGC,AICTE,ICMR
Answers
Answer:
It undertakes educational research, training and developmental activities. It provides assistance to the government in educational matters. It co-ordinates, determines and maintains the standards of university education in the country. It is a national-level council for technical education.
Given that bearclaws chooses the profit-maximizing price and quantity, what profit level will it obtain? a. $980. B. $490. C. $700. D. $280
Answers
Given that bearclaws chooses the profit-maximizing price and quantity, yhe profit level will it obtain is D. $280
How to calculate the amountA monopoly maximizes its profit at the quantity where marginal revenue (MR) = marginal cost (MC). As shown in the diagram, the MR curve intersects the MC curve at Q* = 70. The total revenue is calculated as follows: TR = P × Q. At Q* = 70, the price that Bearclaws can charge is P = $14.
Hence, the total revenue at the quantity where Bearclaw maximizes profit is given by: TR = 14 × 70
= $980.
The total cost is calculated as follows: TC = ATC × Q. At Q* = 70, we can see on the diagram that it is where average total cost (ATC) = $10 (draw a straight line from ATC curve at Q = 70 to the P axis to see this value). Hence, the total cost at the quantity where Bearclaw maximizes profit is given by: TC = 10 × 70 = $700.
The profit is calculated as follows:
Profit = TR - TC = 980 - 700
= $280.
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suppose that in the market for computer memory chips, the equilibrium price is $50 per chip. if the current price is $55 per chip, then there will be of memory chips.
Answers
In this situation, there will be a surplus of memory chips because the current price ($55 per chip) is higher than the equilibrium price ($50 per chip).
What is equilibrium price?Equilibrium price is the price at which the supply and demand for a product or service are equal, resulting in no tendency for the price to change. This is a market-driven price that reflects the interaction of buyers and sellers in a competitive market. The equilibrium price is determined by the intersection of the demand and supply curves. It is the price that maximizes the economic welfare of both buyers and sellers. In a competitive market, the equilibrium price is the most efficient price, as it encourages producers to supply goods and services at the lowest possible cost and encourages consumers to buy goods and services at the lowest possible price. Equilibrium price is a key concept in economics, as it explains how markets reach a balance between supply and demand.
This means that the quantity of chips supplied by sellers (supply) is greater than the quantity of chips demanded by buyers (demand). As a result, the market will have an excess supply of memory chips.
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A certificate of deposit pays a higher interest rate than a savings account because the money is
A.) guaranteed by the government.
B.) kept by banks for a longer time period.
C.) loaned to banks by consumers.
D.) immediately available to consumers.
Answers
Answer: The answer is:
B: kept by banks for a longer time period.
Explanation:
Edge 2023
Hope this hel :}
If the amount in supplies expense is the january 31 adjusting entry and $1,100 of supplies was purchased in january, what was the balance in supplies on january 1?
Answers
The balance in supplies on January 1 is $800
Accounting is the process of documenting, compiling, evaluating, and summarising a company's financial activities. In order to offer precise and useful financial information for decision-making, financial reporting, and compliance needs, it entails tracking income, expenses, assets, and liabilities.
Supplies are material goods that a company uses in its operations, including office supplies, cleaning products, or raw ingredients for production. Based on their purchase price and intended use, they are classified as assets and documented in the company's financial accounts.
Supplies 31/01/2020 = Supplies 01/01/2020 + purchases during January 2020 - Supplies Expense
Supplies 01/01/2020 = Supplies 31/01/2020 - purchases during January 2020 + Supplies Expense
Supplies 01/01/2020 = $900-$1000+$900
Supplies 01/01/2020 = $800
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The correct question is: A) If the amount in supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in supplies on January 1?
Supplies debit $900
Prepaid insurance debit 1800
Salaries and wages payable credit $700
Unearned service revenue 750
Supplies expense debit 900
Insurance expense debit 300
Salaries and wages expense debit 2600
Service revenue credit 3400
ACTIVITY 2.
Identify and explain briefly the question below
1 What are the 4P's in marketing plan?Explain each
А__________
B__________
С__________
D__________
Answers
Answer:
A. Product
B. Price.
C. Place.
D. Promotion.
Explanation:
Marketing plan can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing plan is made up of the four (4) Ps and these includes;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
Janyell is the money person. All purchases or any funds needed for business activities have to be sent to her and approved first.
Which Function of Business is Janyell most closely
associated with?
A- accounting
B- sales
C- production
D- finance
Answers
Answer:
B?
Explanation:
jack and jill have just had their first child. if college is expected to cost $ per year in years, how much should the couple begin depositing annually at the end of the next years to accumulate enough funds to pay 1 year of tuition years frm now? assume that they can earn a % annual rate of return on their investment.
Answers
The couple should begin depositing approximately $1,216.38 annually at the end of the next year to accumulate enough funds to pay for one year
To calculate the amount the couple should begin depositing annually at the end of the next year to accumulate enough funds for one year of college tuition years from now, we need the following information:
The expected cost of college tuition per year: $
The number of years until they need the funds: years
The annual rate of return on their investment: %
We can use the future value of an ordinary annuity formula to determine the annual deposits required. The formula is as follows:
Future Value = Payment x [(1 + r)^n - 1] / r
Where:
Payment = Annual deposit
r = Annual interest rate
n = Number of years
In this case, the future value of the annuity should be equal to the expected cost of one year of college tuition.
Let's assume the expected cost of college tuition per year is $40,000, the number of years until they need the funds is 18 years, and the annual rate of return on their investment is 5%.
Using these values in the formula, we can calculate the annual deposit required:
$40,000 = Payment x [(1 + 0.05)^18 - 1] / 0.05
Simplifying the equation:
$40,000 = Payment x (1.05^18 - 1) / 0.05
$40,000 = Payment x (2.6467 - 1) / 0.05
$40,000 = Payment x 1.6467 / 0.05
Dividing both sides of the equation by 1.6467 / 0.05:
Payment = $40,000 / (1.6467 / 0.05)
Payment ≈ $1,216.38
Therefore, the couple should begin depositing approximately $1,216.38 annually at the end of the next year to accumulate enough funds to pay for one year of college tuition 18 years from now, assuming a 5% annual rate of return on their couple.
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