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babunello [35]
3 years ago
9

Melissa invests $37,000 today in a savings account that pays 4 percent interest compounded annually. She wants to know the total

balance in her account seven years from today. Identify the correct keystrokes to be used in a financial calculator to determine the total balance.a. N = 7, I/Y = 4, PV = -37,000b. N = 7, I/Y = 4%, PV = -37,000c. N = 7, I/Y = 4, PV = 37,000d. N = 7, I/Y = 4%, PV = 37,000
Business
1 answer:
MissTica3 years ago
7 0

Answer:

a. N = 7, I/Y = 4, PV = -37,000

Explanation:

In financial calculator % is already written in the calculator so we have to write only number in calculator.

Option b incorrect because it has included a number with % ( 4% ) sign that we dint do usually in calculator.

Option c is incorrect because it has taken pv as positive

Option d is incorrect because it has written 4% that we don't put in calculator as well as it has inserted positive pv which is also wrong.

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At a dinner, the meal cost $22.00 and a sales tax of $1.87 was added to the bill. What is the tax rate for meals in this city
guajiro [1.7K]

Answer:

1.87/22 = 0.085 = 8.5%

Explanation:

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4 0
2 years ago
A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The ann
Rashid [163]

Answer:

$353.05

Explanation:

To calculate this, the loan amortization formula is employed as follwow:

P = {A × [r(1 + r)^n]} ÷ {[(1+r)^n]-1} .................................... (1)

Where,

P = Monthly required payment = ?

A = Loan amount = $7,500

r = monthly interest rate = (0.12 ÷ 12) = 0.01

n = number of payment period = 24 months

Substituting all the figures into equation (1), we have:

P = {7,500 × [0.01(1 + 0.01)^24]} ÷ {[(1 + 0.01)^24]-1} = $353.05

Therefore, the amount of monthly payments is $353.05.

5 0
3 years ago
Omnimenium, an automobile company, incurred a debt of $20 million for the fiscal year of 2016. The company used that money with
Mrrafil [7]

Answer:

<u>Leverage Ratios</u>

Explanation:

Leverage ratios signify the proportion of debt. The purpose behind calculating such ratios and their interpretation being to assess an entity's reliance on debt for raising long term capital.

Debt to investments ratio would be the proportion of debt used in the total investment made by a company.

Debt to investments ratio is computed as : \frac{Amount\ of \ debt\ used}{Total\ investments }

In the given case, the company utilized it's funds from debt to the tune of $20 million for it's investments in buying out another company.

Total investments = $ 20 million in debt + $20 million own funds i.e retained profits = $40 million

Out of $40 million, $20 million has been financed by debt.

Thus, Debt to investments ratio is 0.5.

Lower the debt to investment ratio, better it is for the company since lower will be interest and principal repayment obligations.

3 0
3 years ago
Soundgarden Company sold 200 color laser copiers on July 10, 2020, for $4,000 apiece, together with a 1-year warranty. Maintenan
ziro4ka [17]

Answer:

Soundgarden Company

Journal Entries:

July 10, 2020:

Debit Cash Account (or Accounts Receivable) $800,000

Credit Sales Revenue $800,000

To record the sale of 200 copiers at $4,000 apiece.

July 10, 2020:

Debit Warranty Expense $66,000

Credit Warranty Liability $66,000

To record the estimated warranty maintenance on copiers sold.

December 31:

Debit Warranty Liability $17,000

Credit Inventory $17,000

To record actual warranty costs incurred.

Explanation:

Soundgarden should record these transactions according to the matching principle, whereby warranty expense is recognized in the period that matches the sale so that all expenses related to sales are recognized when the sales are recognized.  This is achieved by creating a warranty liability account after the sales and recording a warranty expense as the debit entry.  When actual warranty costs are incurred, the Soundgarden Company will debit the warranty liability and credit the inventory actual for the actual costs.

7 0
3 years ago
Adolescent group members may share information too soon or even reveal inappropriate information about themselves, for which of
dusya [7]

Answer:

Question: Adolescent group members may share information too soon or even reveal inappropriate information about themselves, for which of the following purposes?

Answer: To impress other members

Explanation:

There are various reasons why it can be said that adolescent/teen may share too much information about themselves: it can be as a result of i) peer pressure; ii) need to outshine other members of the group and gain a certain level of reputation within the group: iii) it may also be just for fun.

3 0
3 years ago
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