Answer:
Explanation:
REVENUE JOURNAL
DATE. DES. NO. DR. CR
3 Oct. Palace 622. $2,890
8 Oct Sunny. 623. $1,940
18 Oct Amex. 624. $2,970
28 Oct Wayfarer 625. $900
30 Oct. Rogers. . $120
Total revenue. $8,820
Less pmt in the month $3,010
Amount receivable. $5,810
Account receivable
Date. Description. Dr. Cr
1 Oct. Bal b/f. $2,510
3 Oct. Palace $2,890
5 Oct. Champion. $1,060
8 Oct Sunny. $1,940
12 Oct. Wayfare. $1,450
18 Oct Amex. $2,970
23 Oct. Palace. $2,890
28 Oct Wayfarer $900
Balance c/d. $5,810
Why is price directly related to quantity supplied? As price rises, suppliers rearrange their activities to supply more of a substitute good in order to take advantage of the higher price. As price rises, suppliers rearrange their activities to supply more of that good in order to take advantage of the higher price. As price rises, consumers substitute other goods whose price has not risen. As price falls, suppliers rearrange their activities to supply more of that good in order to take advantage of the lower price.
Answer:
Based on the law of supply in Microeconomics,as the price of any good or service increases,the suppliers or sellers will also increase the supply of that particular good or service.Hence,the correct answer is the second option given in the answer choices.Explanation:
Law of supply states that quantity supplied of any commodity or service has a direct or positive relationship with the price of that particular commodity or service.It basically implies that both commodity or service price and its market supply move in the same direction.Therefore,as the market price of any product or service increases,it s supply level in the market also rises as the sellers or suppliers will rearrange their production activities to increase supply attracted by the prospect of higher potential sales revenue due to higher price.Hence,possibilities to earn higher revenue from each unit of output sold due to price hike of any particular product or service,the sellers or suppliers will increase the supply of that product/service in the market.
Suppose a person has declared that it is their desire to go on a whale watching tour before they die. With this in mind, they donate money to a "Save the Whales" campaign. This is an example of:_______.A. Consumptive use value.B. Existence value.C. Option value.D. Non-Consumptive use value.
Answer:
Option "C" is the correct answer to the following statement.
Explanation:
Option value reflects the notion that people might still believe that some benefit from getting connections to the community offered services, even though they are not confident if they will use them.
In this case, a man wanted to see whales in his life so he takes a risk to donate money in the campaign with the hope that the campaign will help him to see whales in the future.
Wall Corporation exchanges old equipment for new equipment. The original cost of the old equipment was $100,000, and its accumulated depreciation at the date of exchange was $60,000. The new asset received had a fair value of $80,000 and a book value of $65,000. The journal entry to record this exchange will include which of the following entries? 1. Credit gain on exchange of asset $4000 2. Credit equipment $100,000 3. Debit accumulated depreciation $60,000 4. Debit equipment $80,000 5. Debit equipment $65,000 6. Credit equipment $80,000 7. Credit accumulated depreciation $60,000
Answer:
2. Credit equipment $100,000
3. Debit accumulated depreciation $60,000
Explanation:
When a company trades with another pieces of equipment gain or losses are recognized when there is commercia lsubstance. If not, then the trade-in equipment is posted as the net book value of the old equipment
In both cases, the old equipment is write-off thus:
credit equipment for 100,000
and debit accumualted overhead for 60,000
Now, we look at the option that matches this. The information about the new assets is insuficient as we aren't given information about whether or not thre is commercial substance
Please match each term with the correct definition. The difference between the amount the government collects and how much it spends is known as the When the preceding term is combined with all of the privately held savings from across the country, it is known as the If the government spends more money than it takes in through taxes, it will experience a The net amount of funds coming into a country is the Answer Bank badget surplus national savings capital inflow budget deficit bdect balance If the government spends less money than it takes in through taxes, it will experience a The fundamental relationship between savings and investment spending is that O savings will decrease as investment spending increases O savings will increase as investment spending decreases O investment spending promises higher financial returns than O investment spending and savings are always equal.
1)The difference between the amount the government collects and how much it spends is known as the budget balance
Explanation:
1)The difference between the amount the government collects and how much it spends is known as the budget balance
2)When the preceding term is combined with all of the privately held savings from across the country, it is known as the national savings
3) If the government spends more money than it takes in through taxes, it will experience budget surplus
4) The net amount of funds coming into a country is the capital inflow
5) If the government spends less money than it takes in through taxes, it will experience Budget Deficit
6)The fundamental relationship between savings and investment spending is that investment spending and savings are always equal
Martina wants to expand her business. She will need to buy a larger facility and equip it with additional machinery. She should look into the SBA loan program that provides long-term financing for small businesses to acquire real estate or machinery and equipment called the _________.
Answer:
Certified Development Company 504 Loan Program
Explanation:
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which also means real estate, buildings and machinery, at a price below the normal market rate. Its mission involve boosting the development of various businesses. The SBA offers a number of different loan programs linked to a particular capital need of growing businesses. The 504 program works by sharing the loan among three parties. The business owner puts in a minimum of 10%, a conventional lender which is the bank puts up 50%, and Certified Development Company (CDC) puts up the remaining 40%.
Consumer demand for personal computers or smart devices ultimately determines the demand for the parts and materials involved in the manufacture of each product. This is an example of _________.a. Channel management
b. Price elasticity of demand
c. Derived demand
d. B2B demand
e. None of the above
Answer:
The correct answer is c. Derived demand .
Explanation:
Derived demand is the demand for goods and services that is generated as a result of the demand for other goods and services. This type of demand usually corresponds to the demand for factors or products, since the demand for a good or service may be related to the process necessary to produce another good or service, although it can affect both producers and consumers.
Derived demand can sometimes lead to an increase in the price of a marginal product, since the demand for the resources needed to produce a physical product also increases.
What will be the value of discountRate after the following statements are executed? double discountRate = 0.0; int purchase = 1250; char cust = 'N'; if (purchase > 1000) if (cust == 'Y') discountRate = 0.05; else discountRate = 0.04; else if (purchase > 750) if (cust == 'Y') discountRate = 0.04; else discountRate = 0.03; else discountRate = 0.0;
Answer:
The question is incomplete, the options include:
a. 0.03
b. 0.05
c. 0.04 is Correct
d. 0.0
Explanation:
Seeing that the Purchase is = 1250,
in other words, purchase > 1000 is valid and therefore the first if block is executed.
And cust = ' N ' and,
if implemented and discountRate fixed to 0.04, cust = = ' Y ' is false, and else within first.
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
Answer:
Target Marketing
Explanation:
Candy's Clothes is engaging in target marketing because it is tailoring its marketing strategy (and its products) to a specific, narrowly-defined group of people, which can be thought of as the firm's niche.
This strategy is useful when companies have a clear idea of what demographic group they want to sell. Other firms have products with a broader appeal, and therefore, are better off using other marketing strategies that can reach a larger group of people.
Groupthink is more likely to occur in a highly cohesive group that is insulated from others and has no established procedure for systematically defining problems and exploring alternatives.a.trueb.false
Answer: True
Explanation:
Groupthink is most likely to occur under the following reasons : (a) The group is insulated from others with different views, (b) The group leader starts by expressing a great liking for a particular decision, (c) The group has no established procedure for systematically defining problems and exploring alternatives, and (d) Group members have close backdrops and experiences.
When consumers consider all types of household cleaners, they are considering the _____ of household cleaners. When consumers limit their choice of household cleaner to only those that come in spray bottles. they are considering a __________ of household cleaners.a. product class; product brandb. product group; product brandc. product class; product formd. product line; product mixe. product mix; product line
Answer:
c. product class; product form
Explanation:
Since in the question it is talking about the types of householder cleaners that reflect the product class or we can say types of product or product category
and if the consumers want to limit their choices so it is to be come under the product form that reflects the different forms of product
Like the vegetables is a product class and its form can be in terms of fresh, frozen, etc
A researcher administers a survey on issues related to the U.S. health care system to a sample consisting of 60% medical doctors, 30% economists, and 10% lawyers. One of those people surveyed was William, who is 50 years old, wears a shirt and tie, and is good with numbers. William is concerned that the expense of our current health care system will ultimately cause it to collapse. Which statement MOST likely describes William's occupation?
A) It is equally likely that William is a doctor or an economist, but unlikely that he is a lawyer.
B) William is probably a doctor.
C) William is probably a lawyer.
D) William is probably an economist.
Answer:
Option B William is probably a doctor
Explanation:
The reason is that he is specifically pointing out the health care system with no specific judgement and hasn't based his views on authentic information neither he has used any numerical values in his statement. The doctors might think that the expenses are high enough but the economist compares the government spending on health care with a number of different countries and considers its value generation on a number of variables. For example, the statistical data that the economist uses are based on the spending of US to recover a unit patient from accidents, etc. So William is most likely a doctor.
Answer:
D) William is probably an economist.
Explanation:
Statistically there is a 60% chance of William being a doctor, 30% of him being an economist and only 10% for him being a lawyer.
Using my own life experience and probably prejudice, I would say that he is not a doctor. My father was a doctor and so are 4 or 5 extended family members, and I never saw them working with a shirt and tie only. Usually doctors either wear an apron or a suit when they are managers. I don't recall ever seeing a doctor dress like that, at least while working.
Many people think that doctors do not like numbers, but it is not true. When talking about health care doctors are extremely specific about budget problems and each one has a solution for it. Some will tell you that lawsuits are too expensive, therefore professional insurance is expensive and that drives costs too high. Others will blame pharmaceutical companies, etc. But they are all very specific, since they live it everyday. So definitely he isn't a doctor.
So that leaves only two options, lawyers and economists. Since there is a 3 to 1 chance of William being an economist I will go for it. Lawyers tend o argue about the good and bad consequences of actions, but not generally their cost.
Steve was wrongfully terminated by Sam, his former boss at Big Flop, Inc., falsely stating that Steve embezzled money. When Steve was asked why he was no longer employed at Big Flop, Steve had to tell his new prospective employer. Under this scenario, regarding a possible claim of defamation, in a state that recognizes compelled self-publication, Sam and Big Flop:__________
(A) are not liable since they are protected under the law.
(B) are not liable even though they lied because it was their opinion.
(c) are not liable because Steve did not have any injury to his reputation.
(D) are likely liable under the theory of compelled self-publication.
Answer:
D. Are likely liable under the theory of compelled self-publication
Explanation:
Considering that Steve was terminated in a state that recognizes compelled self-publication, a defamatory claim will be premised on the assumption that Big Flop, Inc. are liable for the actions of their representative, Sam, who terminated Steve on the basis of unfounded allegations of embezzlement, which Steve was forced to reveal when it became a sticking point liable to derail his next job offer.
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy's ownership interest is
Answer:
a life estate
Explanation:
Note the following privileges Patsy possesses;
the right to use the property..., for liferight to lease the land for a period not to exceed her lifeBased of the mentioned privileges Patsy's ownership interest is a life estate which grants ownership of land for the duration of a person's life according to common law and statutory law.
As the television industry has changed in the last few decades from just three major networks to a multiplicity of networks, one of the major aspects of business strategy for the newer networks is a(n) __________ than the traditional networks.
Answer:
Narrower competitive scope.
Explanation:
Competition is defined as the efforts that is made by different players in a market to secure market share where product offerings are similar to what other competitors are selling.
In a very competitive market, in order to stay relevant it is necessary to adopt a narrow competitive scope. Focusing on a few key features and specialising in them is an effective competitive strategy.
While in a market where competition is less intense it is possible to adopt a broad competitive scope with wide range of competencies and still survive
Burger King licenses its brand name to foreign firms as long as they agree to run their restaurants on exactly the same lines as Burger King restaurants elsewhere in the world. In return, the foreign firms have to pay Burger King a percentage of their profits. This is an example of:______.a. exporting.b. entering a strategic alliance.c. franchising.d. undertaking a greenfield investment.e. offshoring.
Answer:
franchising
Explanation:
As Burger King will provide their brand and know-how to the franchisee This is a franchising business. The restaurant will operate in a certain way and offering the same products and even, using the same suppliers as the oher Burger King restaurant their degree of liberty will be low but, they will only pay a fixed or percentage of the gains the remainder will be for the owners of the franchise.
A firm sells some products to a foreign country. The foreign country pays the firm in dollars, but in exchange, the firm agrees to spend some of the proceeds from the sale on textiles produced by the foreign country. In which of the following types of countertrade arrangement are the two parties engaged?
A. Switch trading
B. Buyback
C. Counterpurchase
D. Barter
E. Compensation
Answer:
C. Counterpurchase
Explanation:
Counter purchase is a particular type of countertrade arrangement whereby an exporter of goods agrees to buy a certain number of goods from the country it exports to, in exchange for the product the country would buy from the exporter. This is commonly used in international business arrangements and the goods that are being sold by the two different parties are usually unrelated to each other but could be of equal value.
Answer:
C. Counterpurchase
Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's __________ must recognize that its competencies give it an advantage over the competition.
a. management
b. target markets
c. shareholders
d. employees
e. strategic partners
Answer: B- target market
The firm'sTarget market_ must recognize that its competencies give it an advantage over the competition.
Explanation:Target Market:This Is a group of customers that the business directs it's production and marketing efforts on.
it is necessary for establishments to know the consumers purchasing from the company and how to continually cater for thier needs because Companies and manufacturers have competitors who can compete with them with thier target market
A company must be willing and able to have an edge over it's competitors by improving the benefits they provide to their target market , This is by knowing who buys from the company, thier wants and needs and prospective/intending consumers by implementing strategies essential for the business to thrive or have a competitive advantage over it's competitors.
Answer:
B) target markets
Explanation:
I'm not sure if you remember the Pepsi challenge where allegedly "ordinary" people were blindfolded and they were given both Pepsi and Coke and they had to choose their favorite. That challenge started in 1975, and the results were supposedly favorable towards Pepsi. Theoretically way over 50% of the people liked Pepsi more than Coke. But if this is true why do Coke sales keep increasing while Pepsi sales keep diving?
At the beginning, the challenge had a significant impact in increasing Pepsi sales, but after a short time things were back as usual. For example, the latest update on Coke v. Pepsi sales are Coke sales increasing world wide from 17.3% to 17.8% of the total soda world market, while Pepsi's market share continues to fall from 10.3% to 8.4%. This represents 2018 sales, there are no new updates yet for 2019.
Back to the question. If better flavor was Pepsi's core competency over Coke, why aren't they number 1? Pepsi is always a few cents cheaper than Coke, so the price is not an issue for them. The answer is simple, either customers refused to agree with their core competency or the core competency never existed. Anyway, at least in western countries, the market is king, and a tyrant also. A company cannot impose a core competency, the market decides who has it or not. Pepsi is not even number 2 in the US, Diet Coke is number 2 (Coke is number 1).
What makes the managerial task of executing strategy so challenging and demanding is the trial-and-error experimentation that is required to come up with a workable organizational structure. the demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along. the time and effort it takes to build core competencies. the time, training, and creative effort it takes to empower employees and teach them responsible decision-making. the supervisory requirements associated with getting company personnel to do things the right way.
Answer:
The demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along.
Explanation:
What makes the managerial task of executing strategy so challenging and demanding is the demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along.
Change management s one of the most difficult tasks of strategic management because employees of the organisation and even some of the managers are opposed to change. They themselves become change barriers that stops the organization from advancing.
Kolker Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 150 comma 000, and management estimates 4% will be uncollectible. Kolker Company's balance of Allowance for Uncollectible Accounts after adjustments, was $ 4 comma 000. The following year, Kolker Company wrote off $ 3 comma 000 of old receivables as uncollectible. What is the balance in the Allowance account now?
Answer:
$7,000
Explanation:
The previous balance of the allowance for uncollectible accounts was $4,000, then $3,000 were written off, so the new balance = $4,000 - $3,000 = $1,000
if current sales are estimated at $150,000 and 4% will be uncollectible, then you should add $150,000 x 4% = $6,000 to the allowance for uncollectible accounts.
The current account balance should be $1,000 + $6,000 = $7,000
A spherical container has a radius of 9 centimeters. It is filled with a solution that costs $2.10 per cubic centimeters.What is the total value of the solution in the container?Use 3.14 for π .Enter your answer in the box to the nearest cent.
Answer:
$6,409.37
Explanation:
If a spherical container has a radius of 9 centimeters and It is filled with a solution that costs $2.10 per cubic centimeters.
The total value of the solution in the container will be derived by finding the volume of the spherical container
Formula for volume of a sphere V=4 /3 x π x r^3 = 4/3 x 3.14 x 9^3 = 3052 cm3
If It is filled with a solution that costs $2.10 per cubic centimeters then the total value of the solution in the container will be: 3052cm3 x $2.1 = $6,409.37
An ideal prospect for a universal life insurance policy is someone who foresees a possible future need to adjust the amount of the death benefit and/or the premium for the policy. Also, the prospect should understand all of the following key terms of such a policy EXCEPT:_______.1. The policy holder does not control investment in policy and hence no investment risk.2. The cash value accrue based on credited interest that changes annually but subject to a minimum credit rate. 3. The death values may only adjusted up and down at certain times stated in the policy.4. The premium payments are deposited into separate account of the life insurance company.
Answer:
The correct answer is 4
Explanation:
Universal life insurance is the insurance which is an element of the investment savings and the low premiums such as the term life insurance. These policies have a option of the flexible premium and however, some of the policies require fixed premiums or the single premium.
So, the ideal prospect of the policy states that the premium payments are deposited into the General account of the life insurance company not in the separate account. These policy control the investment not the policyholders.
Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as:____________.
a. an indicator of the variety.
b. an indicator of quality.
c. a measure of scarcity.
d. a reflection of status quo pricing. e. a measure of the income effect.
Answer:
The correct option is B, an indicator of quality
Explanation:
Premium brands are highly priced goods that command leadership status in their market segments because they are perceived to offer basic brand's benefits as well as additional benefits to consumers.
In identifying these type of brands, their prices could be a signal to their high-end status.
Option A is wrong because high price tells nothing about the variety of a brand.
Option C, a measure of scarcity , is also a deviation from the point,as price does not give any information concerning scarcity of an item,especially when item is a luxury brand and not a basic necessity.
5. For a diversified firm, a corporate-level strategy is concerned with: a) operating each individual business under the corporate umbrella. b) determining how each functional department of the firm will operate. c) determining the businesses in which the company intends to compete as well as how to manage its different businesses. d) coordinating the vision and mission of each subsidiary firm.
Answer:
c) determining the businesses in which the company intends to compete as well as how to manage its different businesses.
Explanation:
For a diversified form, the corporates level strategy is when a business has to make a decision that impacts the whole company finance and management and human resource was the product is sold. This strategy is of the three types as the cost-cutting and the selling assets and also the raising the price of the product and are classified into the four major types stability strategy, the Expansion Strategy, the Retrenchment Strategy, and the Combination Strategy.Based on scientific theory of social influence, researchers tested the prediction that a threat to self-esteem increases conformity to peer pressure. The prediction that was tested best illustrates :_______________.
Answer:
The answer is Hypothesis.
Explanation:
Scientists when conducting an investigation propose different assumptions to check which are known as hypotheses. Hypotheses are assumptions that are confirmed or discarded during the investigation.
For example, in the case of the scientific theory of social influence, the researchers proposed different hypotheses about the relationship of self-esteem and compliance with group pressure, in which the hypothesis proposed was approved through the study.
I hope this information can help you.
Which of the following are true about productive efficiency? I. All available resources are employed in production. II. Workers are well-paid. III. Points on the PPF curve are the only ones that achieve "productive efficiency". IV. The mix of goods produced and their distribution to consumers maximizes customer satisfaction.
Answer:
III. Points on the PPF curve are the only ones that achieve "productive efficiency"
Explanation:
What is true about productive efficiency is that Points on the PPF curve are the only ones that achieve "productive efficiency".
Productive efficiency is an economic term that is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.
For it to be said that an economy is productively efficient means the economy must be producing on its production possibility frontier
Hence productive efficiency happens when production is reportedly occurring along a production possibility frontier (PPF).
In the Baldrige assessment, _____ refers to how a company refines the approach through cycles of evaluation and improvement, encourages breakthrough change to the approach through innovation, and shares refinements with other relevant work units in the organization.
Answer: The correct answer is "Deployment".
Explanation: In the Baldrige assessment, deployment refers to how a company seeks to refine the approach with the implementation of evaluation and improvement cycles, promotes radical changes through innovation and shares these refinements with other units of work of great importance within the organization.
Jon is planning to invest $15,000 at a 6% interest rate. He needs $25,000 in total for a purchase he plans to make. With his original investment and interest rate, it will take _____ years to accumulate the desired amount.
Answer:
It will take 8 years and 281 days.
Explanation:
Giving the following information:
Jon is planning to invest $15,000 at a 6% interest rate. He needs $25,000 in total for a purchase he plans to make.
To calculate the time required to reach the goal, we need to isolate the number of years from the final value formula:
FV= PV*(1+i)^n
Isolating n:
n=[ln(FV/PV)]/ln(1+r)
n= [ln(25,000/15,000) / ln(1+0.06)
n= 8.77 years
To bo more accurate:
0.77*365= 281
It will take 8 years and 281 days.
Folger Company recognizes an unrealized holding gain for debt investments that are classified as AFS. If the company had classified the investments as trading securities, its total shareholders' equity would be
Answer: Share holders Equity = equity stock + Fair Value of Trading securities
Explanation:
Trading Securities are securities purchased by a business with the sole purpose of gaining profits,Trading Securities are purchased when the company speculates short term profits.
Trading Securities are recognized as current Assets in the statement of financial position. They are recognised at their Fair Value and they will be offset in the Shareholders equity as Proceeds from sale of short term investments.
Shareholders Equity will include the Fair Value (Balances) of Trading Assets. When Fair Value changes, The change in the Fair Value will be recognised in the income statement as Unrealized Gains on short term investments.
If an oligopolistic industry organizes itself as a cooperative cartel, it will produce a quantity of output that is ________ the competitive level and ________ the monopoly level.
Answer:
Less than, equal to
Under cooperative cartel, an oligopolistic industry behaves like a monopolist, producing output lower than competitive level and equal to the monopoly level.
Explanation:When an oligopolistic industry organizes itself as a cooperative cartel, it will aim to maximize profits by behaving like a monopolist. This implies that it will produce a quantity of output that is less than the competitive level and equal to the monopoly level.
The cartel limits the total output and each firm is assigned a portion of the total output. This decision leads to a higher market price, hence, their output level is lower than what it would be in a perfectly competitive market.
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Finding the required interest rate: Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds? excel formula
Answer:
i= 8% annual compunded
Explanation:
Giving the following information:
Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement.
We need to calculate the interest rate required to reach the $1 million goal in 18 years without any additional deposit.
FV= PV*(1+i)^n
Isolating i:
i= [(FV/PV)^(1/n)] - 1
i= [(1,00,000/250,000)^(1/18)] - 1= 0.08
i= 8% annual compunded
The parents need to use the Excel RATE function to determine the annual interest rate needed to grow their current savings to their retirement goal in 18 years. The formula is =RATE(18,0,-250000,1000000,1), and the output should be converted to a percentage by multiplying by 100.
Explanation:In order to determine the interest rate that your parents need to achieve their retirement goal, you can use Excel's RATE function. The RATE function calculates the interest rate required to turn a present amount into a future amount within a specific period of time.
In this case, the present value (PV) is $250,000, the future value (FV) is $1,000,000, and the time period (Nper) is 18 years. The formula in excel would be: =RATE(18,0,-250000,1000000,1). This will give the annual interest rate your parents need to meet their goal, assuming no additional savings. Just remember to convert the output to a percentage rate by multiplying by 100.
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