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Answer:
Annual interest rate = 8.23%
Explanation:
The annual interest rate i must have earn over the last 8 years to accomplish this goal is:
= ((25650/(9000*(1+6.1%)^7))^(1/8))-1
= ((25650/(9000*1.513588))^(1/8)) - 1
= ((25650/13622.29)^(1/8) - 1
= 1.882943323038931^(1/8) - 1
= 1.08231743862 - 1
= 0.08231743862
= 8.231743862%
= 8.23%
Answer:
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- <u><em>Option C. $105,608.11</em></u>
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Explanation:
Basis:
- Interest compounded monthly
- rate = 0.021/12 = 0.00175
1. Year 1:
All the figures in dollars.
- Initial balance: 0
- Initial balance + interest = 0
- Deposit at the end of the year: 23,500
- Final balance: 23,500
2. Year 2:
All the figures in dollars.
- Initial balance: 23,500
- Initial balance + interest: 23,500 (1 + 0.00175)¹² = 23,998.28
- Deposit at the end of the year: 24,500
- Final balance: 24,500 + 23,998.28 = 48,498.28
3. Year 3:
All the figures in dollars.
- Initial balance: 48,498.28
- Initial balance + interest: 48,498.28(1 + 0.00175)¹² = 49,526.60
- Deposit at the end of the year: 26,500
- Final balance: 26,500 + 49,526.60 = 76,026.60
4. Year 4:
All the figures in dollars.
- Initial balance: 76,026.60
- Initial balance + interest: 76,026.60(1 + 0.00175)¹² = 77,638.62
- Deposit at the end of the year: 28,000
- Final balance: 28,000 + 77,638.62 = 105,638.62
Assuming differences in rounding intermediate values, the answer is the option C.
Answer and Explanation:
The journal entries are shown below:
On Oct 15
cash Dr $21,000
Service charge expense Dr (3% of $30,000) $9,000
To Account receivable $30,000
(being the cash is recorded)
On Oct 25
cash Dr $882
Service charge expense Dr (2% of $900) $18
To Sales $900
(being the cash is recorded)
These two entries should be recorded
