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

question 63

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:

Sensory Input

Information that is perceived by the senses (sight, hearing, smell, taste, and touch) and transmitted to the brain for processing.

Pain Endurance

The capacity or ability of an individual to tolerate pain or hardship, often in the context of physical or psychological challenges.

Hypnosis

A mental state of heightened suggestibility, induced by a hypnotic induction, which can facilitate therapeutic changes.

Dissociation

A psychological condition in which there is a disconnection or lack of continuity between thoughts, memories, surroundings, actions, and identity.