Answers
Answer:
13.82 years
Explanation:
The computation of the number of years taken for reaching the goal is as follows:
Given that
PV is $34,977.24
PMT is $4,000
FV is $240,000
RATE is 14%
The formula is shown below:
=NPER(RATE,PMT,PV,-FV,TYPE)
AFter applying the above formula, the number of years is 13.82 years
Related Questions
Jose is subject to the top marginal Federal income tax rates. Carlita is considering establishing a trust in which Jose would be an income beneficiary. Considering only income tax consequences, Jose should be designated as:
Answers
Answer:
Second tier beneficiary
Explanation:
Since Jose probably doesn't need the money right now, he would probably benefit from being a second tier beneficiary since the distributions for second tier beneficiaries are discretional, meaning that they can happen or not depending on the circumstances. For example, if Jose doesn't need the money this year, he can postpone the cash payment.
Consider the telecommunications, networking, and wireless technologies you use today as a consumer and student. Does your comfort level with changes in these technologies in your personal life influence how comfortable you would be with adapting to new technologies in the workplace? Why or why not?
Answers
Answer:
Yes, people´s comfort level with changes in technology in their personal lives has a great influence over how comfortable they can be with adapting to new technologies in the workplace.
Explanation:
Telecommunications, networking, and wireless technologies are used regularly by most students, as those who are in studying years have grown with those technologies already developed. However, the rapid changes in technology that are common these days can become quite overwhelming, as they require users to constantly readapt to them. For example, our use of email has changed so much in the past years, with so many new lines of communication and new softwares that one has to learn how to use. And the more we get used to readapting, the more comfortable we can be when those changes become part of the workplace. It´s important to be prepared and to have the proper training to ensure the effective use of technology in such a fast-paced technological era.
Uncertainties in the supply chain can lead to: _____________
a. strategic changes in production plans
b. increases in inventory across all tiers
c. declines in production
d. a reduction in safety stocks
e. the bullwhip effect
Answers
Answer:
e. the bullwhip effect
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers.
Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
Therefore, the fundamental principle on which supply chain management is reliant on, is the complete collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing producer), a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
However, uncertainties or fluctuations in the supply chain can lead to the bullwhip effect.
The bullwhip effect is also referred to as the Forrester effect and it can be defined as the increasing inefficient allocation of resources or inventory fluctuations (distortions) due to changes in demand with respect to the upward movement in supply chain i.e from the retailer to wholesaler and to the manufacturer. Thus, this inaccurate assessment of the demands of consumers leads to uncertainties or fluctuations in the supply chain, especially a decrease in the accuracy of the forecast made by a manufacturer (supplier).
A company has fixed costs of $90,000. Its contribution margin ratio is 30% and the product sells for $75 per unit. What is the company's break-even point in dollar sales
Answers
Answer:
the break-even point in dollar sales is $300,000
Explanation:
The computation of the break-even point in dollar sales is shown below:
= Fixed cost ÷ contribution margin ratio
= $90,000 ÷ 0.30
= $300,000
by dividing the fixed cost from the contribution margin ratio we can get the break even point in dollars
hence, the break-even point in dollar sales is $300,000
Brockney Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The variable overhead rate is $1.70 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $95,460 per month, which includes depreciation of $19,850. All other fixed manufacturing overhead costs represent current cash flows. The July direct labor budget indicates that 8,600 direct labor-hours will be required in that month.
a. Determine the cash disbursements for manufacturing overhead for July.
b. Determine the pre-determined overhead rate for July.
Answers
Answer:
Results are below.
Explanation:
Giving the following information:
The variable overhead rate is $1.70 per direct labor hour.
Budgeted fixed manufacturing overhead= $95,460 (depreciation of $19,850)
The July direct labor budget indicates that 8,600 direct labor hours will be required in that month.
Cash disbursement July:
Fixed overhead= 95,460 - 19,850= $75,610
Variable overhead=) 1.7*8,600= $14,620
Total cash disbursement= $90,230
Now, the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (95,460/8,600) + 1.7
Predetermined manufacturing overhead rate= $12.8 per direct labor hour
Ruby Company produces a chair that requires 7 yards of material per unit. The standard price of one yard of material is $14.40. During the month, 6,500 chairs were manufactured, using 44,600 yards at a cost of $15.12 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. $fill in the blank 1 (b) Determine the quantity variance. $fill in the blank 3 (c) Determine the cost variance. $fill in the blank 5
Answers
Answer:
See below
Explanation:
a. Price variance
= (Actual price - Standard price) × Actual material
= ($15.12 - $14.40) × 44,600
= $0.72 × 44,600
= $32,112 Unfavourable
b. Quantity variance
= (Actual quantity - Standard quantity) × Standard price
= [44,600 - (6,500 × 7) ] × $14.40
= (44,600 - 45,500) × $14.40
= -900 × $14.40
= $12,960 Favourable
C. Cost variance
= Actual cost - Standard cost
= (44,600 × $15.12) - (7 × 6,500 × $14.40)
= $674,352 - $655,200
= $19,152Unfavourable
What is an example of an interest leading to a career choice
Answers
Answer:
Making music leading to becoming a musician, basketball leading to wanting to be in the nba, etc.
Explanation:
Use your knowledge of group performance factors to complete the following sentences
The forces that create__________ are attraction to the group, resistance to leaving the group, and motivation to remain a member of the group. Your group members _________ have dressed more professionally for the client presentation. What group performance factor is this an example of?
Answers
Answer:
1. Group Cohesiveness
2. Representative
3. Norms
Explanation:
1. The forces that create GROUP COHESIVENESS are an attraction to the group, resistance to leaving the group, and motivation to remain a member of the group.
Group Cohesiveness is a term that defines the level at which group members strive to ensure the group stays together and remains successful.
2. Your group members REPRESENTATIVES have dressed more professionally for the client presentation.
3. The type of group performance factor that this is an example of is "Norm"
Group Norm is a form of rules or guidelines in which a group follows to maintain the group members' actions or behaviors.
The type of income statement that reports a series of subtotals such as gross profit, operating income, and income before taxes is a ______ income statement.
A. multiple-step
B. classified
C. single-step
D. current
Answers
Answer:
A. multiple-step
Explanation:
The Multiple-Step Income statement is used to reports a series of subtotals such as gross profit, operating income, and income before taxes. This allows the users to identify income generated form Primary and Secondary Activity of the Business.
Ravelo Corporation has provided the following data from its activity-based costing system:
Activity Cost Pools Estimated Overhead Cost Expected Activity Assembly
$ 498,520 44,000
machine-hours Processing orders $ 54,263 1,100
orders Inspection $ 77,589 1,110
inspection-hours Data concerning the company's product L19B appear below:
Annual unit production and sales 430
Annual machine-hours 990
Annual number of orders 70
Annual inspection hours 20
Direct materials cost $ 37.74 per unit
Direct labor cost $ 10.45 per unit
According to the activity-based costing system, the unit product cost of product L19B is closest to:_________
(Round your intermediate calculations to 2 decimal places.)
Answers
Answer:
$85.56 per unit
Explanation:
Assembly = $498,520 / 44,000 Machine hours
Assembly = $11.33 per machine hour
Processing orders = $54,263 / 1,100 Orders
Processing orders = $49.33 per processing orders
Inspection = $77,589 / 1,100 Inspections
Inspection = $70.54 per inspections
Total Overhead Costs = [990*$11.33] + [70*$49.33] + [20*$70.54]
Total Overhead Costs = $11,217 + $3,453 + $1,411
Total Overhead Costs = $16,081
Overhead Cost per unit = Total Overhead cost / Number of units produced
Overhead Cost per unit = $16,081 / 430 Units
Overhead Cost per unit = $37.37 Per unit
Step-3, Average cost of product L19B
Unit cost of product L19B = Direct Material cost per unit + Direct Labor cost per unit + Overhead costs per unit
Unit cost of product L19B = $37.74 + $10.45 + $37.37
Unit cost of product L19B = $85.56 per unit
One year ago, Peyton purchased 7,200 shares of Broncos stock for $329,640. Today, he sold those shares for $58.92 a share. What is the total return on this investment if the dividend yield is 2.2 percent
Answers
Answer:
30.90%
Explanation:
total return = dividend yield + price appreciation
price appreciation = (current price per share / previous price per share) - 1
Previous price per share = $329,640 / 7,200 = $45.78
price appreciation = ( $58.92 / $45.78) - 1 = 0.287 = 28.70%
total return = 28.70% + 2.2% = 30.90%
Burnham Brothers, Inc. has no retained earnings since it has always paid out all of its earnings as dividends This same situation is expected to persist in the future. The company uses CAPM to calculate its cost of equity and its target capital structure consists of common stock, preferred stock, and debt. Which of the following events would reduce its WACC?
a. The flotation costs associated with issuing new common stock increase.
b. The company's beta increases.
c. Expected inflation increases.
d. The market risk premium declines.
Answers
Answer: d. The market risk premium declines.
Explanation:
The Weighted Average Cost of Capital (WACC) takes into account the cost of equity and debt which means that if either of these costs increase, the WACC will increase as well and if any decrease, WACC will follow suit.
Market risk premium is used in the calculation of the cost of equity when using CAPM in the following manner:
= Risk free rate + Beta * Market risk premium
As can be inferred from the above formula, if the market risk premium declines, a lower cost of equity will result which would then reduce the WACC as well.
2. Compare the performance of East Coast Yachts to the industry as a whole. For each ratio, comment on why it might be viewed as positive or negative relative to the industry. Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How would you interpret this ratio
Answers
Answer: hello your question has some missing data attached below is the missing data
answer :
i) The current ratio is higher than lower quartile and this signifies good liquidity position
The Quick ratio is higher than the lower quartile and also higher than the median but it is lower than the upper quartile and this signifies that the value of inventory is been deducted from the current assets. to show solvency position.
ii) Inventory Turnover Ratio is higher when compared to the industry ratios
Explanation:
i) Based on each ratio
The current ratio is higher than lower quartile and this signifies good liquidity position for east coast yachts but the value of the lower quartile been lower than the median and upper quartile represents a position of lower solvency
The Quick ratio is higher than the lower quartile and also higher than the median but it is lower than the upper quartile and this signifies that the value of inventory is been deducted from the current assets to show solvency position of the company.
ii) The ratio can be interpreted as
Inventory Turnover Ratio is higher when compared to the industry ratios i.e. Inventory is been turned into cash by maximum times/as many times as possible per year.
Pharoah Industries collected $106,000 from customers in 2019. Of the amount collected, $24,200 was for services performed in 2018. In addition, Pharoah performed services worth $39,400 in 2019, which will not be collected until 2020. Pharoah Industries also paid $72,800 for expenses in 2019. Of the amount paid, $29,100 was for expenses incurred on account in 2018. In addition, Pharoah incurred $41,500 of expenses in 2019, which will not be paid until 2020.
Required:
a. Compute 2018 cash-basis net income.
b. Compute 2018 accrual-basis net income.
Answers
Answer:
A. $33,200
B. $35,000
Explanation:
A. Computation for 2018 cash-basis net income
2018 cash-basis net income = $106,000 - $73,800
2018 cash-basis net income= $33,200
Therefore 2018 cash-basis net income is $33,200
(b) Computation for 2018 accrual-basis net income
2018 accrual-basis net income = ($106,000 - $24,200 + $39,400) - ( $73,800 - $29,100 + $41,500))
2018 accrual-basis net income= $121,200 - $86,200
2018 accrual-basis net income= $35,000
Therefore 2018 accrual-basis net income is $35,000
Can explain to me what are the financial sector of Japan?
Answers
Answer:
1.1 Core Functions of the Financial Sector
Although they are often thought of as recent phenomena, financial and payment systems have evolved over several thousand years. The manner in which transactions occur has changed remarkably over that time, but the underlying objectives have not. The economic functions performed by the first modern banks of Renaissance Italy, for instance, still apply today (Freixas and Rochet 2008).
At least four core functions can be identified.[1] The financial sector should provide the following services:
Value exchange: a way of making payments.
Intermediation: a way of transferring resources between savers and borrowers.
Risk transfer: a means for pricing and allocating certain risks.
Liquidity: a means of converting assets into cash without undue loss of value.
These are all valuable tools for a community to have. The modern economy could not have developed without the financial sector also developing these capabilities. Moreover, these core functions require the financial sector to have certain supporting capabilities, such as the ability to screen and monitor borrowers. In principle, each of these functions could be performed by individuals. But there are efficiency benefits from having institutions perform them, particularly in addressing some of the informational asymmetries that arise in financial transactions.
The provision of these core functions can overlap and interact in important ways. For example, some financial products, such as deposits, combine value exchange, intermediation, risk transfer and liquidity services. With these interactions in mind, each core function is considered in more detail below.
Apocalyptica Corp. pays a constant $4.82 dividend on its stock. The company will maintain this dividend for the next 6 years and will then cease paying dividends forever. If the required return on this stock is 11 percent, what is the current share price? Answer with 2 decimals (e.g. 45.45).
Answers
Answer:
the current share price is $20.39
Explanation:
The computation of the current share price is as follows:
The current share price is
= dividend per share × PVIFA factor for 11% at 6 years
= $4.82 × 4.2305
= $20.39
hence, the current share price is $20.39
we simply applied the above formula so that the correct value could come
Both Bond Sam and Bond Dave have 10 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has three years to maturity, whereas Bond Dave has 18 years to maturity. a. If interest rates suddenly rise by 2 percent, what is the percentage change in the price of Bond Sam and Bond Dave
Answers
Answer:
The percentage change in the price of Bond Sam is -4.917%
and
The percentage change in the price of Bond Dave is -14.621%
Explanation:
As both bonds are priced at par, hence the existing interest rate is equal to the coupon rate of 10%
Now increase the interest rate by 2%
Interest rate = 10% + 2% = 12%
Now use 12% to calculate the prices of both bonds by using the following formula
P = [ C x ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Bond Sam
F = Face value = $1,000
C = Periodic coupon payment = $1,000 x 10% x 6/12 = $50
r = Periodic interest rate = 12% x 6/12 = 6%
n = Numbers of periods = 3 years x 12/6 = 6 periods
Placing values in the formula
P = [ $50 x ( 1 - ( 1 + 6% )^-6 ) / 6% ] + [ $1,000 / ( 1 + 6% )^6 ]
P = $245.87 + $704.96
P = $950.83
Bond Dave
F = Face value = $1,000
C = Periodic coupon payment = $1,000 x 10% x 6/12 = $50
r = Periodic interest rate = 12% x 6/12 = 6%
n = Numbers of periods = 18 years x 12/6 = 36 periods
Placing values in the formula
P = [ $50 x ( 1 - ( 1 + 6% )^-36 ) / 6% ] + [ $1,000 / ( 1 + 6% )^36 ]
P = $731.05 + $122.74
P = $853.79
Now calculate the percentage change
Bond Sam
Percentage Change = [ ( $950.83 - $1,000 ) / $1,000 ] x 100 = -4.917%
Bond Dave
Percentage Change = [ ( $853.79 - $1,000 ) / $1,000 ] x 100 = -14.621%
Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 3,100 client-visits, but its actual level of activity was 3,080 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 35.10 Personnel expenses $ 27,100 $ 11.10 Medical supplies 1,100 5.10 Occupancy expenses 10,100 1.00 Administrative expenses 6,100 0.20 Total expenses $ 44,400 $ 17.40 Actual results for January: Revenue $ 124,660 Personnel expenses $ 72,010 Medical supplies $ 22,702 Occupancy expenses $ 14,610 Administrative expenses $ 8,115 The activity variance for net operating income in January would be closest to:
Answers
Answer:
$354 Favorable
Explanation:
Net Operating Income in Planned budget = Revenue - Total Expense
Net Operating Income in Planned budget = (3,100*$35.10) - (3,100*$17.40 + $44,400)
Net Operating Income in Planned budget = $108,810 - $98,340
Net Operating Income in Planned budget = $10,470
Net Operating Income in Flexible budget = Revenue - Total Expense
Net Operating Income in Flexible budget = (3,080*$35.10) - (3,080*$17.40 + $44,400)
Net Operating Income in Flexible budget = $108,108 - $97,992
Net Operating Income in Flexible budget = $10,116
Activity variance for net operating income = Net Operating Income in Planned budget - Net Operating Income in Flexible budget
Activity variance for net operating income = $10,470 - $10,116
Activity variance for net operating income = $354 Favorable
Find the present value of $7,000 in 7 months at 9% interest
Answers
Answer:
[tex] = principle \times rate \times time \\ = 7000 \times \frac{9}{100} \times 7 \\ = 4410 \: dollars[/tex]
The total compound interest is $375.87.
Your engineering team improved one of your core products, in the context of this course you should immediately:
a. File for patent protection.
b. Consider the market
c. Perform some due dilgence to make sure you remain in compliance with the laws, rules, and regulations.
d. Begin looking at the Institutional views of the Host location.
e. Start analyzing the Resurces and capabilities needed in the Host.
Answers
Answer:
sorry bro i need the points
Explanation:
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The spread is the difference between the bid and ask prices difference between the purchase and sale prices commission charged by the broker difference between the commissions charged by full:________
Answers
Answer:
The difference between the commissions charged by Full service brokers , Discount brokers and Online brokers are is about 60% higher for Full service Brokers
Explanation:
The difference between the commissions charged by Full service brokers , Discount brokers and Online brokers are is about 60% higher for Full service Brokers
Full service brokers perform a lot of services like providing investment advice and analyzing the market on behalf of the investor therefore commissions charged by full service broker is usually higher
The current population of a small town is 2262 2262 people. It is believed that town's population is tripling every 12 12 years. Approximate the population of the town 8 8 years from now.
Answers
Answer:
5,278
Explanation:
The computation of the population of the town after 8 years from now is as follows;
After 12 years, the total population is
= 2262 × 3
= 6,786
increment in the population is
= 6,786 - 2262
= 4,524
Per year increment is
= 4,524 ÷ 12
= 377
Now after 8 years it should be
= 2,262 + 377 × 8
= 5,278
On September 1, 2015, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on the note due at maturity. Refer to the information above. The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015, is: Group of answer choices
Answers
Answer:
B. $624,000
Explanation:
Calculation to determine The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015
Current liability=$600,000 + ($600,000 *12% *4/12)
Current liability=$600,000 + $24,000
Current liability = $624,000
(September 1 2015 to December 31 2015=4 months)
Therefore The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015 is $624,000
Australia has only one firm that makes aircraft. Without assistance from the government, that firm has lost most of its business to imports from the United States and Europe. Which policies would be most costly for the Australian nation as a whole, and which would be least costly?
Answers
Answer:
The least costly option for the Australian government would be providing a loan to the aircraft maker without protecting against imports.
In this way, the aircraft would be responsable to invest the money from the loan in an efficient way in order to become more competitive. In either case, Australian consumers would benefit, either from more American imports if the Australian firm fails to invest the loan well, or from more Australian aircraft if if manages to become more competitive.
The costliest option would be imposing a tariff or an import quota. In either case, the government would be benefiting the Australian aircraft maker against the interests of Australian consumers, who would now be prevented from buying American aircraft either due to higher prices (the tariff), or by restrictions in the quantity they can purchase (the import quota).
Discuss the intellectual debates by contemporary scholars surrounding issues of development
Answers
Answer:
Intellectual scholar discuss the issues of development as something arising out of differences between the nature and nurturing given to an individual. They also talk about relative importance of early experiences versus experiences occurring at a later stage in life.
They also talk about sequential development stages with age that cause emergence of certain skills in all individuals. They also talk about various theories such as cognitive theory, developmental theory, Psychoanalytic Theories, Abnormal Behavior vs. Differences etc.
Explanation:
Intellectual scholar discuss the issues of development as something arising out of differences between the nature and nurturing given to an individual. They also talk about relative importance of early experiences versus experiences occurring at a later stage in life.
They also talk about sequential development stages with age that cause emergence of certain skills in all individuals. They also talk about various theories such as cognitive theory, developmental theory, Psychoanalytic Theories, Abnormal Behavior vs. Differences etc.
The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identify at least two of these examples. Do you think materiality guidelines should be quantified
Answers
Answer:
Two examples of materiality are:
1.Separate disclosure of balance sheet items - If 10% or more of their immediate category or more than 5% of total assets.
2.Receivables from officers and stockholders - Disclose details of receivables from any officer or principal stockholder if it equals or exceeds $20,000 or 1% of total assets.
Explanation:
Material guidelines indicate the relevance of a specific financial information by creating a set of quantitative materiality guides or criteria that addresses a variety of financial situations and is used as an authoritative support.
The predominant view among FASB is that materiality judgments can properly be made only by those who have all the facts and not relying on a formulated numerical guides.
However, I personally feel that the materiality guidelines should be quantified. Having a formulated set of standards would make it easier for decision makers to analyze the impacts that any material transaction could have on financial statements and the ongoing concerns of the organization. By having such guidelines, the relevance of certain situations would be universally understood with a unified approach.
You consider buying a share of stock at a price of $12. The stock is expected to pay a dividend of $1.60 next year, and your advisory service tells you that you can expect to sell the stock in 1 year for $14. The stock's beta is 1.2, rf is 15%, and E[rm] = 25%. What is the stock's abnormal return?
Answers
Answer:
3%
Explanation:
The computation of the abnormal return of the stock is shown below:
= Rf + Beta (Rm - Rf)
= 15% + 1.2 (25% - 15%)
= 15% + 12%
= 27%
Now actual return is
=[ $1.60 + ($14 - $12)] ÷ $12
= 0.3
= 30%
ANd, finally the abnormal return is
= 30% - 27%
= 3%
Darnell lives in an area where labor is plentiful and locations for startup are relative cheap
Answers
Answer:
The answer is "Entrepreneurship and knowledge".
Explanation:
The situation is based on the research on beginning a firm, there two key production aspects which Darnell needs to succeed would be enterprise and expertise, based on the data supplied inside the question. He needs to learn a way to create, start-up, run a new business and get depth knowledge of both the arts.
Elmer’s utility function is U(x, y) = min{x, y2}. If the price of x is $25 and the price of y is $15 and if Elmer chooses to consume 7 units of y, what must his income be? a.
Answers
Answer:
the income is $1,330
Explanation:
The computation of the income is shown below;
Given that
U(x, y) = min{x, y2}
Price of x is $25
ANd, the prcie of Y is $15
So,
25X + 15Y = M
if Y = 7,
So,
At eqm, X = Y^2 = 49
Then ,
M = 25 × 49 + 15 × 7
= 1225 + 105
= 1330
Hence, the income is $1,330
The same should be relevant and considered too
Carla Willis will invest $34,700 today. She needs $173,500 in 14 years. Click here to view factor tables What annual interest rate must she earn
Answers
Answer:
12.18%
Explanation:
Present value = $34,700
Future Value = $173,500
Time (n) = 14 years
Interest Rate = i
Future Value = Present Value * (1+i)^n
$173,500 = $34,700 * (1 + i)^14
(1 + i)^14 = $173,500/$34,700
(1 + i)^14 = 5
1 + i = 5^(1/14)
1 + i = 1.1218284
i = 1.1218284 - 1
i = 0.1218284
i = 12.18%
So, the annual interest rate she must earn is 12.18%.
