Jonathan, a Student at Local University, Has Decided to Major

question 37

Essay

Jonathan, a student at Local University, has decided to major in accounting because his goal is to become an FBI agent.Jonathan knows that accounting is one of the entry programs that qualify an applicant for a special agent career.As most students do, Jonathan wants to purchase a nice car when he graduates in five years with his master's degree.Because his expected salary will be good, he wants a high-performance sports car.He has found the car of his dreams for $58,000.Jonathan's parents have promised him a graduation present of $25,000 when he finishes his master's degree.
Required:
a.Calculate how much money Jonathan needs to deposit in his savings account today to be able to pay cash for the car upon graduation, assuming that his parents contribute what Jonathan expects.Jonathan can earn 8% on his deposit, compounded annually.
b.Calculate how much money Jonathan needs to deposit in his savings accountant today to be able to pay cash for the car upon graduation, assuming that his parents contribute what Jonathan expects.Jonathan can earn 8% on his deposit, compounded semi-annually.

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Definitions:

Maintenance Activities

Actions taken by team members that support the emotional life of the group.

Affective Behaviours

Emotional responses or actions that express feelings, attitudes, or expressions of mood.

Task Activities

Involves actions directly related to the completion of objectives and the attainment of goals in an organization.

Group Dynamics

The patterns of interaction and relationships that influence the behavior and effectiveness of a team.