A letter to the editor of a local newspaper complain that $775,000 "wasted" on a useless"economic development study could have been better used. The writer claims that "if the moneyhad been invested on 4% interest, it could have provided enough money to keep an additionalcop on the streets for the next 20 years!" assuming a level cost per year over the next 20 years, what is the writer assuming it costs to pay a police officer for a year?

The answer is $40,300

Explanation:

In order to calculate this, we will first of all calculate the interest earned on the invested amount, and this is done as follows:

principal = $775,000

rate = 4% = 0.04

∴ Interest earned = 0.04 × 775,000 = $31,000

Therefore final value of the invested amount = 31000 + 775000 = $806,000

Next we are asked to calculate how much it will take to pay a police officer for 20 years, at a level cost per year. This is done by dividing the final value of the invested amount by 20, and it is shown as follows:

cost per year = final value ÷ number of years

= 806,000 ÷ 20 = $40,300

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.