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1 year ago

about how many years will it take for $100,000 placed in a bank account at 7% interest rate compounded annually to double?

Business

1 answer:

Leni [432]1 year ago

4 0

10.24 years

Compound interest, which is when interest is added to a loan rather than paid off or collected from the borrower, is what causes it. for the purpose of generating interest on the principal amount and any accumulated interest throughout the following period. Interest is a typical occurrence in compound interest economics and finance.

In contrast to simple interest, which doesn't compound because past interest isn't added to the principle for the current period, there is compounding with compound interest.

The simple annual interest rate is equal to the period of interest multiplied by the number of periods in a year. The simple annual interest rate is also known as the nominal interest rate.

To learn more about Compound interest from the given link:

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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:

valentinak56 [21]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $40,000

To Common stock $2,000

To Additional paid in capital $38,000

(Being issue of common stock is recorded)

2. Accounts receivables Dr, $18,800

To Service revenue $18,800

(Being service revenue is recorded)

3. Supplies Dr, $6,500

To Accounts payable $6,500

(Being supplies is recorded)

4. Treasury stock Dr, $20,900

[1,100 × $19]

To Cash $20,900

(Being treasury stock is recorded)

5, Accounts payable Dr, $18,100

To Cash $18,100

(Being cash paid is recorded)

6. Cash Dr, $50,700

To Service revenue $50,700

(Being cash received is recorded)

7. Cash Dr, $18,200

To Accounts receivables $18,200

(Being cash received is recorded)

8. Dividends Dr, $3,380

(16,000 + 2000 - 1,100) × $0.20

To dividends payable $3,380

(Being dividends declared is recorded)

9. Cash Dr, $14,700

[700 × $21]

To Treasury stock $13,300

[700 × $19]

To Additional paid in capital $1,400

(Being cash is recorded)

10. Salaries expense Dr, $43,600

To cash $43,600

(Being salary expenses is recorded)

11. Utilities expense Dr, $7800

To utilities payable $7800

(Being utilities expense is recorded)

12. Supplies expense Dr, $8,900

[$9,100 + $6,500 - $6,700]

To supplies $8,900

(Being supplies expenses is recorded)

13. Depreciation expense Dr, $1,900

[$80,000 - $11,600] ÷ 3 × 1 ÷ 12

To Accumulated depreciation $1,900

(Being depreciation expense is recorded)

14. Income tax expense $2,700

To Income tax payable $2,700

(Being income tax expenses is recorded)

6 0

3 years ago

Can anyone help me with this? I've looked for the answers but I can't seem to find them (that's not unusual, my school is online

Law Incorporation [45]

Before you give your hard earned cash to just any Internet bank, make sure they are legitimate. Check and re-check all of the institutions' contact information. Contact them. Ask questions. Make sure they are real! There also should be an “about us” section on the site. This should tell businesses detail. How long have they existed? Who is the CFO? Who is the parent company, if any? This is your money you are entrusting to them. Make sure it is safe! Go to the FDIC web-site. Look for information about the Internet bank you are considering. If they are insured, their information will be available.
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For more information:

Read more: <span>http://www.finweb.com/banking-credit/is-your-internet-bank-legitimate-how-to-tell.html#ixzz4PKL0rVJ8

I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
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4 0

3 years ago

____ helps individuals, groups, and organizations store useful information, such as a list of tasks to complete or a list of nam

Gnoma [55]

Answer:

The correct answer here is Personal information managers.

Explanation:

PIM or personal information manager is a software application which is used by individual, groups and organizations to manage contacts, calendar, reminders, alerts, notes , making appointments, project management etc through its PIM tools and these tools can vary according to the need. So it can be said that this personal information manager acts as a personal organizer.

7 0

3 years ago

What is the benefit of employing an ethics officer?

Lyrx [107]

Answer:

A. This professional serves as a law-enforcement officer, with the authority to arrest employees who do not abide by the ethics code.

Explanation:

3 0

3 years ago

Which type of marketing channel arrangement is especially good for a firm to use in global marketing where the creation of marke

Rudik [331]

C. Strategic channel alliance is a marketing channel arrangement is especially good for a firm to use in global marketing where the creation of marketing channel relationships is expensive and time consuming.

When you are in a strategic alliance or strategic partnership, you have an agreement between one another for objectives to be accomplished but still operating as independent entities. When one company partners with another company, knowledge and resources are usually gained to where one or both parties benefit.

5 0

3 years ago