James has $1500 to open a checking account. He can maintain a monthly balance of at least $1000. He plans to use the ATM four ti
1 answer:
Based on James's preferences and the conditions offered by the banks, the best checking account for James would be Account A.
<h3>Which account should James pick?</h3>James would be able to use the ATM as many times as he wants with Account A as they have no ATM fees.
He wouldn't have to pay annual fees, online billing fees, and monthly fees because he is using direct debit. There will also be no overdraft fees as he doesn't overdraft his account. Account A is therefore best.
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Answer:
Payback =1.53 years
Explanation:
The annual cash-flow figure that is to be used in this calculation should not include depreciation as depreciation is a non-cash item. Net operating income from the project is $115,000 and to get to annual cash-flows, depreciation should be added back.
Annual cash-flows for each of the 6 years would therefore be:
The scrap value would be expected at the end of the project i.e end of year 6.
Year Cash-flow Balance
0 (225,000) (225,000)
1 147,000 (78,000)
2 147,000 69,000
By end of year 2, the company has already recovered the $225,000 initial investment as seen through the positive cumulative balance
Payback = Years With Negative Cumulative Cash-flow Balance +