Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags

Question:

Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags to her friends, “I’m going to be a millionaire by the time I’m 40,” but seems to spend money as fast as it comes in.

a. If interest rates are currently 9%, how much should Evie set aside today to guarantee her millionaire status by 40?

b. How much should Evie set aside if she decides she wants to reach millionaire status by 30 instead of 40?

c. Does the amount Evie must set aside double when she decides she needs to achieve millionaire status twice as quickly?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Microeconomics

ISBN: 9781319105563

3rd Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

See More Books

Question Posted: Feb 21, 2020 12:12 PM

See More Questions

Find the amount that should be set aside today to yield the desired future amount. The present value formula? Future amount needed I, $20,000 . $9,800 Future amount needed 5 EXCEL 2. $8,000 12 EXCEL...
Find the amount that should be set aside today to yield the desired future amount; use Table 13 - 3 (See Example 2) or the appropriate formula (See Examples 3 and 4). Future amount needed 1. $4,000...
Find the amount that should be set aside today to yield the desired future amount. Use table 13 - 3 or the present value formula? Future amount needed Interest rate 6% 3% Future amount needed 5 EXCEL...
Examples using activity-based costing generally show that traditional costing systems ________ high-volume, less complex products and ________ low-volume, complex products undercost; overcost...
Find the solution to the following differential equations: (a) dv / dt + 2v = 0, v(0) = -1v (b) 2 di / dt + 3i = 0, i(0) = 2
Compare performance appraisal system from multisource performance feedback approaches.
The type of model building used by Pauling and by Watson and Crick involved the use of ball-and-stick units. Model building can now be done with computer software. Even though you may not be familiar...
John, Jake, and Joe are partners with capital accounts of $90,000, $78,000, and $64,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate,...
Figure shows the spring-mass damper system of two degree of freedom with free vibrations. If m = m, m = 2.5m, c =C2=C3 = 2c, k = k, k = 2.5k and k3 = 3k. a) Draw the free body diagram & derive the...
On Monday, a certain stock closed at $10 per share. On Tuesday, you expect the stock to close at $9, $10, or $11 per share, with respective probabilities 0.3, 0.3, and 0.4. On Wednesday, you expect...
Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags to her friends, Im going to be a millionaire by the time Im 40, but seems to spend money as...
The federal government would like everyone to have access to health insurance. Currently, the government allows insurance companies to test an applicants smoking status (they can test a blood sample...
Describe how to find the derivative of a function using the limit process.
Explain how the Fed creates a lower and upper bound for the federal funds rate and the incentives that drive financial institutions to move the federal funds market to that target.
If a subsidiary sells equipment to its parent in the current year at a loss because the value of the equipment is impaired, which of the following is true? (a) A consolidation adjustment to reverse...
In general and in regards to that situation, to what extent are you held back from exploring by feelings of fear or a need for security?
Is your mission formulated in terms of what you and your organization contribute to the good of the community? Does your organization focus on human flourishing, or does it ignore its social and...
A friend of yours argues that federal government spending is out of control and significant cuts in spending are needed to reduce the size of the government. Your friend tells you that if we cut...
Visit a Sears and a Target store. What was your overall impression as to their strengths and weaknesses?
Represent each of the following combination of units in the correct SI form using an appropriate prefix: (a) m/ms, (b) k m, (c) k s /mg, and (d) k m N.
Harry is dating Sally. Because he is devastated at the thought of being dumped, he spends considerable resources making himself attractive to her: expensive haircuts, ballroom dancing classes, a gym...
Consider the graph below, which demonstrates the costs and benefits of theft-proofing one's home. The marginal costs increase as more precaution is taken: It's cheap to install good locks, but more...
A woman plans to divorce her philandering husband. If she can prove he cheated on her, she will receive a $500,000 cash settlement. If she cannot, her settlement will be $250,000. Her lawyer offers...
Explore the intricate interplay between the host immune system and microbial pathogens, highlighting the strategies employed by pathogens to evade detection and mount successful infections.
1. Write SQL Statements to insert at least three rows of data into each of these above tables. Assume that any surrogate key value will be supplied by the DBMS as described above. 2. Write a SQL...
Use " Kickstarter.accdb " Access file to answer the questions. I want to confirm that I did this correctly. I need the following or steps to go about doing them correctly 1. the data type for...

Evie is a 20-year-old social media influencer who earns lots of income from her YouTubechannel. She brags

Question:

Step by Step Answer:

a The value of the publishers future payments is b Considering the second of...View the full answer

Microeconomics

Students also viewed these Business questions