Your uncle has $300,000 invested at 7.5%, and he now wants to retire. He wants to withdraw $35,000 at the end of each year, beginning at the end of this year. He also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. What is the maximum number of $35,000 withdrawals that he can make and still have at least $25,000 left in the account? (Hint: If your solution for N is not an integer, round down to the nearest whole number.)
A. 12
B. 13
C. 14
D. 15
E. 16
Answer: B
You might also like to view...
Unsecured creditors may seize any asset of the borrower once they have a debt collection judgment.
Answer the following statement true (T) or false (F)
Suppose that a book publisher sells a textbook for $150 each to its domestic distributor
The same publisher sells the same edition of the textbook to a distributor in Thailand for $85 since the affordable prices by Thai students may be much less than in the domestic market. The textbook finds its way back into the domestic market since the Thai distributor sold it back to another marketer who sells in the domestic market for $85. What is this type of pricing known as, and what are the consequences of such transactions to global marketers, if any?
Answer the following statements true (T) or false (F)
1. Franchisees are not considered by some to be real entrepreneurs or intrapreneurs. 2. A new venture is a new business or a new line of business. 3. There has been a decrease in the number of colleges teaching students how to be entrepreneurial. 4. Approximately half of new businesses survive less than five years.
How do managers benefit from conducting a SWOT analysis?
What will be an ideal response?