Suppose that you are the manager of a newly formed retirement fund. You are to set up a series of semiannual payments to accumulate a sum of $1,000,000 in ten years. You assume that the appropriate interest rate for the period is 6 percent annual, compounded semiannually. The first payment into the fund will be made six months from today and the last payment will be at the end of the tenth year. Required:
a. What is the required semiannual payment, to the nearest dollar?
b. Suppose that immediately after the 4th payment is made at the end of the second year, interest rates have risen and you believe that the appropriate rate for the remainder of the period is now 8 percent annual. Assume that you can earn that rate on funds already accumulated and the 16 future payments. Interest is to be compounded semiannually on all funds. Calculate the revised payment that will allow you to reach your investment goal of $1M.

Accounting! will give five star the bixby co. had the following transactions involving the purchase of merchandise. prepare the necessary general journal entries. any applicable freight costs are prepaid by the seller. the perpetual inventory method is in use. june 16 purchased merchandise having a price of 6,000 from the shelby manufacturing co. on account with credit terms 2/10, n/30. transportation terms fob destination. june 16 purchased merchandise having a price of 9,000 from the ajax supply house on account with credit terms 2/10, n/30. transportation terms fob shipping point. the freight costs were 175. june 17 received the goods from shelby june 17 received the goods from ajax june 20 returned for credit merchandise with an invoice price of 800 to ajax june 25 paid shelby the amount owed june 28 paid ajax the amount owed june 30 returned for cash, merchandise with an invoice price of 400 to shelby questions: prepare the necessary general journal entry for june 16, purchased merchandise having a price of 6000 from shelby manufacturing co prepare the necessary general journal entry for june 17, received goods from shelby merchandise inventory 6000 prepare the necessary general journal entry for june 25 prepare the necessary general journal entry for june 28