Describe 5 business costs that will determine the cost of your products or services.
Answers
5 business costs that will determine the cost of your products or services are raw materials, labor, overhead, marketing and research and development costs.
1. Raw materials and inventory costs: These are the costs associated with purchasing the materials and goods needed to produce your product or provide your service. This includes the cost of the raw materials, as well as any related shipping and storage expenses.
2. Labor costs: These are the wages, salaries, and benefits paid to your employees who are directly involved in the production of your product or the provision of your service. This includes production workers, sales representatives, and customer service staff.
3. Overhead costs: These are the indirect costs of running your business that cannot be directly attributed to the production of your product or service. Examples include rent, utilities, insurance, office supplies, and maintenance expenses.
4. Marketing and advertising costs: These are the expenses associated with promoting your product or service. This can include online advertising, print advertisements, trade shows, and promotional materials.
5. Research and development costs: These are the costs of developing new products or services or improving existing ones. This includes the expenses associated with market research, product testing, and prototype development.
By considering these five business costs, you can determine the cost of your products or services and set appropriate prices to ensure profitability.
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Related Questions
Kent works in the public relations department of his company. He sends a news release about a new product offering to several newspapers and television stations. Kent knows from past experience that even when the media use his news releases, they often release the information at inopportune times. They will also sometimes cut out what Kevin believes are the most important points to make the news fit. However, Kent accepts these disadvantages because free publicity offers the advantage of
Answers
Answer:
The answer is "credibility".
Explanation:
In this scenario, free advertising offers a reputation benefit. When this journal advertises openly, it's also considered reliable by the targeted customers like, it is in news form while charging something. Therefore, Kent finds that improper transmission of time information to be a drawback since it recognizes that its product and company would still be credible.
People are known to have different qualities. Kent accepts these disadvantages because free publicity offers the advantage of Credibility.
Credibility is known to be a characteristic of an individual who is said to be noted by others to be a trusted advisor, believable, and confident as they tend to show a high level of expertise in a specific field.A lot of traits are said to be of influential behaviors are known to be linked with with high credibility. Kent acceptance shows that free publicity gives some measure of Credibility.
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Put the following events from computer history in the order they happened:
Drag
Drop
Drag events here with oldest at top
The World Wide Web becomes available to the public
Scientists at Bell Laboratories invent the transistor
Apple releases the iPhone
Herman Hollerith develops electronic tabulating machine
International Business Machines, or IBM, is formed
The Apple Il is released for home consumers
Jack Kilby invents the microchip
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The sequencing of the following events with respect to computer history is as follows:
In 1890, Herman Hollerith introduced a machine of electronic tabulation.In 1911, IBM or an International business machine should be developed.In 1947, The scientist invented the transistor at Bell Laboratories.In 1958, Microchip was invented by Jack Kilby.In 1977, Home consumers should be released by the Apple II.In 1993, WWW or World wide web could be accessed by the public.In 2007, iPhone should be introduced by Apple.In this way, the above events should be ordered.
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Answer:
Answer in image
Explanation:
Components Personal consumption expenditures (C) $9,224.5 Gross private domestic investment (I) $2,209.2 Government consumption expenditures and gross investment (G) $2,523 Exports (X) $1,467.6 Imports (M) $2,229.6 Net exports of goods and services (NX) $ Gross domestic product (GDP) $ This method of calculating GDP, which involves summing the , is called the approach.
Answers
Answer:
Net Exports = $-762GDP = $13,194.70Expenditure approach.Explanation:
The Gross Domestic Product (GDP) is the value of the final goods and services produced in a country in a given period (usually a year).
It can be calculated by the formula;
= C + I + G + (X - M)
= Consumption + Investment + Government Spending + Net Exports
Net Exports = Exports - Imports
= 1,467.60 - 2,229.60
= -$762
GDP = 9,224.5 + 2,209.2 + 2,523 - 762
= $13,194.70
This method of calculating GDP is called the EXPENDITURE METHOD because it calculates the amount spent on gods and services in the country because the logic is that the final goods and services produced in the country were spent on by economic agent.
To maximize profit, a monopolist will produce and sell a quantity such that for the last unit sold, marginal revenue equals marginal cost, and charges a price given by the demand curve at that output level.
a. True
b. False
Answers
Answer:
True.
Explanation:
True, the statement given is true because the profit maximization condition of the monopolist is “MR=MC” and it charges the price that is derived from the demand curve. For a monopolist, the demand curve and the marginal revenue (MR) curve is downward sloping. Therefore, the point where the marginal cost (MC) curve cuts the marginal revenue (MR) curve is the profit-maximizing point.
When does information become a liability for an organization? a. when it is not managed properly b. when there are fewer people to collect information c. when information is not stored in paper documents d. when information is not stored in electronic documents
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Information becomes a liability for the firm when it is not managed properly. Hence, option A is the correct answer.
Liabilities encompass all current and future debts owed by your company. Loans, legal debts, and other obligations incurred through normal company activities fall under this category. The loans are frequently utilized to fund business operations, as well as to pay for expansions and new equipment.
You need to establish a contingent liability account in order to record how much you estimate the exposure to be when information becomes harmful to you, say during litigation.
A contingent liability is a debt or possible loss that might materialize in the future depending on how a certain event plays out. Contingent liability can take the form of pending investigations, product warranties, and potential litigation.
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ge sells its large appliances directly to home and apartment builders but uses retail stores like lowe's to sell to consumers, in a strategy known as .
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GE sells its large product directly to home and apartment builders but uses retail stores like Lowe's to sell to consumers, in a strategy known as indirect channel. Companies obtain a major competitive advantage through indirect distribution.
They gain access to a larger consumer base without having to worry about getting the buyer through the door. This gives them more time to focus on their product, their customer base, and broadening their target consumer group. You would be using a direct sales channel if you went to a Nike store or the Nike website to buy a pair of their sneakers.
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Blossom sells a learning system that helps preschool and elementary students learn basic math facts and concepts. The company’s income statement from last month is as follows:
Total Per Unit
Sales revenue $675,000 $50
Variable expenses 236,250 17.50
Contribution margin 438,750 $32.50
Fixed expenses 279,500 Operating income $ 159,250 (a) What is Blossom’s contribution margin ratio? Its variable cost ratio? (Round ratios to 2 percentage places, e.g. 0.38 = 38%.)
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Blossom's contribution margin ratio is 65.00% and its variable cost ratio is 35.00%
Contribution Margin Ratio = Contribution Margin / Sales Revenue
Contribution Margin Ratio = $438,750 / $675,000
Contribution Margin Ratio = 0.65 or 65%
Variable Cost Ratio = Variable Expenses / Sales Revenue
Variable Cost Ratio = $236,250 / $675,000
Variable Cost Ratio = 0.35 or 35%
The contribution margin ratio is a key financial metric used to assess a company's profitability.It measures the percentage of sales revenue that is left over after accounting for variable expenses.A higher contribution margin ratio indicates that a company has more money available to cover its fixed expenses and generate profit.On the other hand, a lower contribution margin ratio suggests that a company may struggle to cover its fixed costs and may need to cut expenses or increase sales to improve profitability.The contribution margin ratio is particularly useful in analyzing the impact of changes in sales volume on a company's profitability.
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When you or someone else buys clothing or items produced in a foreign country, who benefits?
Explain your answer.
Answers
Step 3: Creating a Balanced Family Budget
a) Search for a "family budget estimator" and calculate the monthly expenses for a family living
in your city.
Insert a screenshot of the calculator you used, as well as all of the information you entered
into it. If you are unable to insert a screenshot, then list the information below. (10 points)
b) State the minimum monthly income and hourly wage per worker needed to cover monthly
expenses for the family you used in part a. Then, explain how to calculate the hourly wage
Show we’re u found your information
Answers
The family budget calculator use is attached accordingly. See relevant definition below.
What is the minimum monthly income and hourly wage per worker required to cover the monthly expenses indicated in the budget?The total budget indicated is $7,304. Hence to cover for the above expenses, one would need to work for at least 8 hours per day, and 5 days a week at the minimum income wage of $50 dollars/Hour.
This translates to:
50 x 8 x 20
= $8,000
What exactly is a family budget?A family budget is a plan for your household's incoming and outgoing funds for a specific time period, such as a month or year.
What is the definition of a Family Budget Calculator?The Family Budget Calculator calculates the amount of money required for a family to maintain a modest but decent level of life.
The budgets project community-specific expenses for ten different family types (one or two adults with zero to four children) across all counties and metro regions in the United States.
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During 2020 Came Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2021. Nolan then used the inventory as collateral to borrow from Norwalk Bank remitting the proceeds to Carne. In 2021 when Carne repurchased the inventory, Nolan used the proceeds to repay its bank loan. On whose books should the cost of the inventory appear at the December 31, 2020 balance sheet date?
A) Came Corporation
B) Nolan Corporation
C) Norwalk Bank
D) Nolan Corporation, with Came making appropriate note disclosure of the transaction
Answers
Answer:
A) Came Corporation
Explanation:
This type of transaction is called a product financing arrangement by which one company (Came Corporation) facilitates inventory to another company for the purpose of the second company using it as collateral for a bank loan. Came should include the inventory cost in its balance sheet since it gave it Nolan but promised to repurchase it back.
I
In which book of original entry would you enter the following?
(a) Sales invoice
(b) Debit note-
(c) Cash sale-
(d) Purchase invoice-
(e) Credit note-
Answers
Which problem is more likely to affect a partnership than a corporation?
O A. It is overly expensive and complicated to get started.
O B. Shareholders may remove the owners from the company.
O C. There are too many legal regulations controlling the business.
O D. The business may end if one owner chooses to leave.
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Answer:
D.The buisness may end...
Explanation:
Have an amazing day :)
The answer is Option D.
What is the main difference between a corporation and a partnership?In a partnership, co-owners report their share of the business's income and losses on their personal tax returns. A corporation, which is formed by filing articles of incorporation, is a legally separate business entity owned by shareholders. An elected board and board-appointed officers manage the corporation.
What is a disadvantage of a corporation compared to a partnership?Corporations cost more to set up and run than a sole proprietorship or partnership. For example, there are the initial formation fees, filing fees, and annual state fees. These costs are partially offset by lower insurance costs. Formal organization and corporate formalities.
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stock bonus plans, profit sharing plans, and 401(k) retirement plans are examples of a(n):
Answers
Stock bonus plans, profit sharing plans, and 401(k) retirement plans are examples of employee benefit plans that are offered by companies to their employees.
These plans are designed to provide additional financial security to employees beyond their regular salaries or wages. Stock bonus plans provide employees with shares of company stock as a form of incentive and compensation, while profit sharing plans distribute a portion of the company's profits to eligible employees.
401(k) retirement plans, on the other hand, allow employees to contribute a portion of their income to a retirement account on a tax-deferred basis, and employers may also make matching contributions. These plans are intended to help employees save for retirement and provide financial stability after their working years.
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how long does an insurance company appointment remain in force
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An insurance company appointment typically remains in force until it is terminated by either party.
This means that as long as the insurance company and the agent maintain a mutually beneficial relationship, the appointment will remain active. However, there are certain circumstances that may lead to the termination of an appointment. For instance, an agent may choose to resign or retire, while an insurance company may terminate an appointment for reasons such as non-compliance with regulations or ethical violations. It's important to note that some states have regulations regarding the length of time an appointment can remain in force, such as requiring renewal every two years. Ultimately, the length of time an appointment remains in force is determined by the agreement between the insurance company and the agent, as well as any regulatory requirements that apply.
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An insurance company appointment remains in force until canceled by either the insurance company or the agent. Its longevity usually depends on the agent's continuous fulfillment of the company's requirements.
Explanation:In the context of insurance agencies, an insurance company appointment is a formal authorization that allows an insurance agent or broker to sell policies on behalf of the insurance company. Once an agent is appointed by an insurance company, the appointment remains in force until it is canceled by either party.
The specifics can vary, but generally, appointments are in effect for as long as the agent continues to meet the company's requirements, such as minimum sales volumes, ethical standards, and licensing regulations.
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Which best describes the business, management, and administration career cluster?
Answers
Answer:
are careers that are focused on running businesses.
Explanation:
The Business, Management, and Administration career cluster includes business skills essential to efficient, productive operations for any company (Administrative and information support, Business analysis, Business, financial management and accounting, Human resources, Management..) The Business, Management, and Administration career cluster is best described with the following: These are careers that are focused on running businesses.
Correct answer: A
tourism windfalls for mega events are often overstated – during the 2006 world cup in germany, despite large numbers of visitors (in line with expectations), hotel occupancy rates during the world cup actually dropped.
Answers
Tourism windfalls for mega events are often overstated, as seen during the 2006 World Cup in Germany. overstatement of tourism windfalls for mega events, specifically citing the example of the 2006 World Cup in Germany where hotel occupancy rates dropped despite large numbers of visitors.
Tourism windfalls for mega events are often overstated, as seen during the 2006 World Cup in Germany. Despite the expected large numbers of visitors, hotel occupancy rates actually dropped. This indicates that the initial projections and expectations regarding the boost in tourism were not met. There could be various reasons for this, such as high hotel prices, inadequate marketing strategies, or alternative accommodation options chosen by visitors. The drop in hotel occupancy rates during the World Cup suggests that the actual impact of mega events on tourism might not always align with optimistic predictions.
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this capacity strategy is where capacity strikes a balance between the lead and lag capacity strategies by avoiding periods of high under-or-overutilization.
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A performance Matching strategy is a performance strategy that balances leading and lagging performance strategies and avoids ages of high underutilization or high overutilization.
The matching strategy takes into account both current demand and prospects of unborn demand. It's a happy middle ground between the former two strategies.
rather of adding resource capacity in advance or staying for being coffers to be exhausted, make small changes grounded on real- time demand. A set of tools, strategies and ways used to estimate the quantum of product demanded to meet read demand in the short, medium and long term.
The benefit of using a matching strategy is that it more effectively matches factual performance to conditions.
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a mental rotation task is focused on the ________ aspect of imagery. group of answer choices
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A mental rotation task is focused on the spatial transformation aspect of imagery. Mental rotation refers to the cognitive process of mentally manipulating and rotating visual images or objects in the mind.
In a mental rotation task, individuals are typically presented with two or more objects or images that are slightly different in orientation, and they are required to mentally rotate one of the objects to match the other.
The focus of mental rotation tasks is on the spatial transformation aspect of imagery. It involves mentally manipulating and transforming the spatial representation of objects in order to compare their orientations or determine if they are the same. This task requires individuals to mentally rotate the objects in their minds, mentally visualizing and manipulating them to assess their spatial relationships.
By engaging in mental rotation tasks, individuals can gain insights into their spatial abilities, such as their ability to mentally manipulate and transform visual information. These tasks are often used in cognitive psychology research to study spatial cognition, mental imagery, and the processes involved in mental rotation.
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Complete Question
a mental rotation task is focused on the ________ aspect of imagery.
Complete this paragraph about the impact of trade on American jobs based on the video you just watched.
New Balance manufactures its shoes in
. The Obama administration proposed a trade agreement called the
. It is
to hire Vietnamese workers than American workers. New Balance executives are hoping to avoid their workers losing their
because of the trade agreement.
Answers
Answer:
The radius of the earth is 6371 km and the weight of an object on the earth is 800 N. The weight of the object at an altitude of 6371 km above the surface of the earth
Answer:
New England
Trans-Pacific Partnership
10 times cheaper
Jobs
Explanation:
PLEASE HELP !!
explain why you feel an entrepreneur or business should develop a business plan.
Answers
Answer:
See below...
Explanation:
When an entrepreneur or businessperson begins to develop an idea for a product or for the creation of a business, it is good that they have a plan. When they do not plan, their future does not have specific milestones to acheive. This can make things scary and chaotic, as it is necessary to know when and where you will do things. With a plan, the person has goals set, and they are not as overwhelmed by things that come their way. The plan gives an order to an otherwise chaotic idea.
state three differences between direct and indirect production
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Indirect:
is the production of something like a device, something that can be used to produce another product.
Direct:
is the creation of an end product, like in farming producing food.
Major Difference:
The kind of product being produced!
darnell is responsible for reviewing the benefits offered to all employees. he met with several employees individually to get their suggestions, and based on their ideas, developed a package he thought would be most appropriate. which aspect of vroom's decision tree decision-making style did darnell use? a. delegate
Answers
The aspect of vroom's decision tree decision-making style that was used by Darnell is consult individual. Hence, Option B is correct.
What is the meaning of decision-making style?The most effective method of decision-making is directed decision-making. Instead of asking others for more information, their decisions are based on their own knowledge, experience, and justification.
Darnell met with a number of employees one-on-one to get their input, and based on their comments, he created a package he believed would be most suitable. Darnell applied the consult individual component of Vroom's decision-tree decision-making method.
Therefore, Option B is correct.
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The complete question has been attached in text form:
Damell is responsible for reviewing the benefits offered to all employees. He met with several employees individually to get their suggestions, and based on their ideas developed a package he thought would be most appropriate. Which aspect of Vroom's decision tree decision-making style did Damell use?
O achievement oriented
O Consult individual
O Face
O Partidate Delegate
Jennifer was working with some photo-editing software to crop one of her photos when she noticed that the image looked grainy. What MOST LIKELY happened? O A. She didn't crop enough of the image. O B. She wasn't using photo-editing software. OC. She cropped too much of the image and the resolution was reduced. O D. She cropped too much of the image and the resolution was increased.
Answers
Answer:
C. She cropped too much of the image and the resolution was reduced.
Explanation:
When a photo is edited via cropping, it is essentially chopping away "unwanted" pixels from the photo. However, the removal of such pixels may affect the image in a negative way, leading to a lower resolution. Remember, the less pixels the image has, the lower the resolution. The higher the pixel amount, the better the resolution.
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Marketing can occur even if an exchange does not occur. When Sally Rodriguez sold her car, she put an ad in the local newspaper and allowed potential customers to test drive the vehicle. Sally engaged in marketing by _______, even if no one bought her used automobile.
Answers
Sally engaged in marketing by advertising, even when nobody bought her used automobile.
What is advertising?Advertising can be defined as a marketing technique that involves the use of promotional multimedia messages that are designed and developed with the intention of making the products (goods) or services offered by a business firm or an entrepreneur to become known and familiar to all of its customers and potential customers.
In this scenario, Sally Rodriguez put an advertisement in the local newspaper to make it known to potential customers and as such she's engaging in marketing.
In conclusion, Sally engaged in marketing by advertising, even when nobody bought her used automobile.
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Is streaming Business in form 4 Diffult?. Justify your Answer.
Answers
Answer:
money
Explanation:
because when you have a business you are making money
How many manufacturing companies are in the north Georgia area
Answers
Answer:in addition to being a right-to-work state, with low unionization rates (2.5%), our quality workforce is one reason why companies in automotive, machinery, and plastics industries are experiencing high job growth. Whether you are looking for engineering talent to further innovation in products or processes, or a skilled labor force to work on the plant floor, Georgia has the existing and future workforce to fulfill your hiring needs. Georgia is home to many companies with a history of innovation that has impacted their.
Time left All of the following would be entries in assigning costs to the Work In Process Inventory account except: Select one: O a. the purchase of raw materials O b. raw materials are used in production Oc. overhead is applied O d. factory labor is used O e. none of these
Answers
All of the following would be entries in assigning costs to the Work In Process Inventory account except: the purchase of raw materials.
Work in progress (WIP) refers to products that are partially completed and are in various stages of production at a manufacturer or company. These products are not considered to be finished goods or inventory, which are fully produced goods awaiting sale to customers. Cost accounting is used to assign costs to WIP Inventory, and to recognize the revenues generated by the sale of finished goods.
The following would be entries in assigning costs to the Work In Process Inventory account except the purchase of raw materials, as raw materials purchased are first recorded in the Raw Materials Inventory account.
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Self-motivation is a very important quality that employers look for. Being ready to complete assigned tasks without having to be told and working hard are factors in a successful career. Explain why being careful to pick our career path can help us maintain motivation when we enter the work force.
Answers
Answer:
if you pick a job you really dont like you're not gonna go to it clock in none of that picking a job you like and comfortable with you'll want to go everyday and give 110 percent
Answer:
Actually enjoying doing a job can give you a lot more motivation than doing one you hate. Be careful to pick a job you'll actually enjoy so you'll have a reason to work hard for it.
real property/land ownership includes air rights and subsurface materials. group of answer choices true false
Answers
Land proprietorship incorporates the upgrades, air freedoms, and materials of subsurfaces however do exclude individual property. These incorporate the oil, gas, minerals, and so forth through the outer layer of the land. Property is said as the legitimate title or ownership of something. The proprietors of these properties reserve the option to extricate regular assets inside the limits of their territory. The given assertion is true.
Genuine property alludes to the proprietorship freedoms related to realty. Realty alludes to land and everything forever connected. Individual property alludes to proprietorship freedoms related to personality. Personality is all things, unmistakable, immaterial is portable.
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A savings account is paid 6.12% interest compounded monthly. Find the effective interest rate. (3 marks) (b) You plan to set up a fund which you can withdraw RM500 every 3 months for 10 years. The fund receives 3.2% of interest compounded quarterly. Find the amount of money that you should set aside for the fund at the beginning of the plan. (Give your answer to the nearest RM). (3 marks) (c) A firm secures a loan for an amount of RM120,000 for 10 years with 5.4% interest rate per year compounded monthly. How much is the unpaid balance after 4 years of loan instalment? (Give your answer to the nearest RM)
Answers
(a) The effective interest rate is approximately 6.28%.
(b) The amount of money that should be set aside for the fund at the beginning of the plan is approximately RM17,984.79.
(c) The unpaid balance after 4 years of loan installment is approximately RM73,710.28.
Explanation:
(a) The effective interest rate can be calculated using the formula: r = (1 + i/n)^n - 1. Here, i is the annual interest rate and n is the number of times interest is compounded per year. For this case, i is 6.12% and n is 12 (compounded monthly). Therefore:
r = (1 + 0.0612/12)^12 - 1
≈ 6.28%
Hence, the effective interest rate is approximately 6.28%.
(b) To determine the amount of money required for the fund, the formula A = (P(1 + r/n)^(nt) - C((1 + r/n)^(nt) - 1))/(1 + r/n)^nt can be used. Here, A represents the required amount, P is the initial amount, r is the annual interest rate, n is the number of times interest is compounded per year, t is the number of years, and C is the amount withdrawn each period.
In this case, P needs to be determined. The given values are: r = 3.2%, n = 4 (compounded quarterly), t = 10 years, and C = RM500 every 3 months (equivalent to RM2,000 per year).
Therefore, the calculation is as follows:
A = (P(1 + 0.032/4)^(4*10) - 2000((1 + 0.032/4)^(4*10) - 1))/(1 + 0.032/4)^(4*10)
≈ RM17,984.79
Thus, the amount of money that should be set aside for the fund at the beginning of the plan is approximately RM17,984.79.
(c) To find the unpaid balance after 4 years of loan installment, the formula A = P(1 + r/n)^(nt) - [(1 + r/n)^(nt) - 1]/(r/n) * PMT can be used. Here, A represents the unpaid balance, P is the initial loan amount, r is the annual interest rate, n is the number of times interest is compounded per year, t is the number of years, and PMT is the monthly payment.
Given P = RM120,000, r = 5.4%, n = 12 (compounded monthly), t = 10 years, and PMT can be calculated using the present value annuity formula: PMT = P * r/n/(1 - (1 + r/n)^(-nt)) = RM1,271.93 per month.
The calculation is as follows:
A = 120000(1 + 0.054/12)^(12*4) - [(1 + 0.054/12)^(12*4) - 1]/(0.054/12) * 1271.93
≈ RM73,710.28
Therefore, the unpaid balance after 4 years of loan installment is approximately RM73,710.28.
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