Mary Kay has a child who will start college in 10 years. She plans to set aside $2,400 per year for her child's education during this period and estimates she will earn an annual rate of 8%
How much will Mary Kay have available for her child's education in 10 years?
A) $24,000
B) $27,446
C) $34,769
D) $29,971
Answer: C
Explanation: C) FVIFA, 8%, 10 years: 14.487 × $2,400 = $34,769
You might also like to view...
Employees' conclusions about equity depend on
A. how much money they think the company CEO makes. B. what level of income they believe they should be at by this point in their lives. C. what they choose as a standard of comparison. D. what benefits they receive. E. if they think they can bargain for a higher rate of pay.
Both the NEO Personality Inventory and the DISC measure conscientiousness.
Answer the following statement true (T) or false (F)
Belkin Co. provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees' $250,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period?
A. $250 B. $100 C. $25,000 D. $25 E. $12,500
Outsourcing has few risks, since production is being turned over to another company
Indicate whether the statement is true or false