Paul Adams owns a health club in downtown Los Angeles. He charges his customers an annual fee Show more Paul Adams owns a health club in downtown Los Angeles.
Paul Adams owns a health club in downtown Los Angeles. He charges his customers an annual fee Show more Paul Adams owns a health club in downtown Los Angeles.
He charges his customers an annual fee of $550 and has an existing customer base of 700. Paul plans to raise the annual fee by 6.2 percent every year and expects the club membership to grow at a constant rate of 2.3 percent for the next five years. The overall expenses of running the health club are $73400 a year and are expected to grow at the inflation rate of 2.4 percent annually. After five years Paul plans to buy a luxury boat for $481000 close the health club and travel the world in his boat for the rest of his life. Required: What is the annual amount that Paul can spend while on his world tour if he will have no money left in the bank when he dies? Assume Paul has a remaining life of 17 years and earns 8.6 percent on his savings. (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g. 32.16)) Show less
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