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ella [17]
1 year ago
7

Which descriptions about simple interest and yearly compounded interest are true? Check all that apply.

Business
1 answer:
garik1379 [7]1 year ago
3 0

Descriptions about simple interest and yearly compounded interest are true are :

  • Only compound interest has an exponent in its formula.
  • Simple interest is only earned on the original principal investment.
  • Compound interest is earned on principal and interest.

<h3>What is  simple interest and compound interest?</h3>

Simple interest is the one that the calculation is based on principal, or  of a loan.

Compound interest is base on  principal amount as well as the accumulated interest of previous periods.

Learn more about  simple interest at:

brainly.com/question/20690803

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At the end of the day, the cash register tape shows $1,300 in cash sales, but the count of cash in the register is $1,385. The p
kherson [118]

Answer:

C. Debit Cash $1, 385: credit sales $1, 300: credit Cash Over and Short $85.

Explanation:

Based on the information given The proper entry to account for this excess is:

Debit Cash $1,385

Credit Sales $1,300

Credit Cash Over and Short $85

($1,385-$1,300)

5 0
2 years ago
Suppose Congress passes legislation that offers subsidies to orange farmers. The impact on the market for orange juice will be a
Dmitrij [34]

Answer:

<u>the supply curve</u>

Explanation:

Remember the supply curve shows the relationship between the amount of a commodity that a producer (or orange farmer) is <em>willing </em>to offer and at a particular price at any given time.

Because of the subsidies to orange farmers we expect the price of orange to become lesser in the future. Therefore the rightward shift occurs in supply curve for oranges due to favorable changes such as the new legislation which may lead to:

  1. Reduction in tax,
  2. Reduction in cost of factor of production,
  3. Expectation of fall in price in future,

3 0
3 years ago
s has decided that he wants to build enough retirement wealth that, if invested at 7 percent per year, will provide him with $3,
Crank

Answer:

Annual deposit= $26,344.36

Explanation:

Giving the following information:

The interest rate is 7 percent per year.

He wants to have enough money to provide him with $3,000 of monthly income for 30 years. To date, he has saved nothing, but he still has 20 years until he retires.

First, we need to calculate the total amount of money required:

Final value= 3,000* (30*12)= $1,080,000

Now, we can calculate the annual deposit:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

FV= 1,080,000

i= 0.07

n= 20

A= (1,080,000*0.07) / [(1.07^20) - 1]= $26,344.36

7 0
3 years ago
Ben owns an ice cream shop. Last quarter's income was $9,000; his cost of goods was $575, and his total expenses were $5,000. Wh
rewona [7]

Answer:

$3,425

Explanation:

took the test

7 0
2 years ago
MacKenzie Company sold $620 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% serv
amid [387]

Answer:

DR Cash $589  

DR Credit Card expense $31

CR Sales  $620

<em>(To record sales via credit card)</em>

<u>Working</u>

Cash

= 620 * ( 1 - 5%)

= $589

Credit Card Expense

= 620 * 5%

= $31

4 0
3 years ago
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