Hanson Construction has an operating cycle of 9 months. On December 31, Hanson has the following assets and liabilities: A note receivable in the amount of $1,200 to be collected in 6 months Cash totaling $490 Accounts payable totaling $2,000, all of which will be paid within 2 months Accounts receivable totaling $12,000, including an account for $8,000 that will be paid in 2 months and an account for $4,000 that will be paid in 18 months Construction supplies costing $8,800, all of which will be used in construction within the next 12 months Construction equipment costing $60,000, on which depreciation of $22,400 has accumulated A note payable to the bank in the amount of $7,600 is to be paid within the next year Required:

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?