How much will the gonzales first royalty payment be

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Reference no: EM131931584

Question

Peter and Ann Gibson want to save enough money so that in five years they can purchase a cleaning service franchise. How much will they need to save each year if the franchise fee is $19,500 and startup costs are $15,200?

(Do not consider interest earned on savings when calculating your answer.)

If the company earns $24,700 in profits the first year, and the royalty fee is 6 percent, how much will the Gonzales' first royalty payment be?

Reference no: EM131931584

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