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victus00 [196]
3 years ago
9

Your grandmother has been putting $1,000 into a savings account on every birthday since your first (that is, when you turned one

). The account pays an interest rate of 4%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday?
Business
1 answer:
lukranit [14]3 years ago
5 0

Answer:

The amount in the account on the  18th birthday = $ 25,645.41

Explanation:

<em>The investment can be described as an ordinary annuity. An ordinary annuity is a series of equal periodic cash flows that  occur for a certain number of years</em>

<em>The amount the invest will accrue principal plus interest is known as the f</em><u><em>uture value</em></u><em> of the annuity</em>

It is determined as follows:

<em>FV = A ×  ( (1+r)^n -1  ) / r</em>

FV - ?,  A = 1000.  r - 4%- 0.04, n - 18

FV = 1,000× ( ( (1.04)^(18) - 1 )/ 0.04

    = 1,000 ×  25.64541288

    = $ 25,645.41

The amount in the account on the  18th birthday = $ 25,645.41

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An American helicopter manufacturer contracted with a foreign hospital located in a severely war-torn region to sell five helico
sergij07 [2.7K]

Answer: Yes, because the helicopter manufacturer assumed the risk of the failure of the contract.

Explanation:

Based on the scenario given in the question, the subcontractor will likely prevail because the helicopter manufacturer assumed the risk of the failure of the contract.

Here, when the helicopter manufacturer entered into the contract with the subcontractor, the manufacturer was aware that the helicopters will be used in the "severely war-torn region.

In this case, the subcontractor wasn't aware of the information that the manufacturer knew of and therefore wasn't able to determine the risk that was involved in the contract.

7 0
3 years ago
A simple economy produces two goods, Bread and Technical Manuals. Price and quantity data are as follows:Production and Prices i
DENIUS [597]

Answer: (1) 120,675

(2) 60,450

Explanation:

(1) Nominal GDP, year 2 ($) = Sum of (Year 2 price × Year 2 quantity)

                                              = 150 × 4.50 + 1,200 × 100

                                              = 675 + 120,000

                                            = 120,675

(2) Real GDP, year 2 ($) = Sum of (Year 1 price x Year 2 quantity)

                                        = 3 × 150 + 50 × 1200

                                       = 450 + 60,000

                                        = 60,450

4 0
3 years ago
Why is it more difficult to get out of debt when only paying the minimum payment?
Artyom0805 [142]

When one keeps paying only the minimum amount, they will find getting out of debt harder because:

  • More interest will accrue on the balance left

When a person pays the minimum balance that they are supposed to pay on a loan, they will be leaving a larger portion of money to be paid back.

This amount will accumulate interest such that the debt will keep increasing because the interest needs to be paid back as well.

In order to get out of debt faster, it is recommended that you pay higher than the minimum because this would reduce the amount that interest is charged on which means that you would owe less interest.

In conclusion, paying the minimum balance leads to more interest accumulating which makes getting out of debt difficult.

<em>Find out more at brainly.com/question/13711677.</em>

7 0
2 years ago
Noncash goods and services that would otherwise have to be paid for in cash by the beneficiary is the definition of
Lapatulllka [165]
These are called in kind benefits or benefits in kind. They are benefits which are given to employees or directors from their company. However, these are not included in their salary wages. They are also called perks or fringe benefits and they include things like company cars, medical insurance, and cheap loans.<span> </span>
7 0
3 years ago
Quintina decided to increase the deduction percentage of her federal income tax rate from 14% to 16%. Quintina’s gross pay per m
lora16 [44]
Since you gave no table,

her federal income in 14 % Rate = 14 % x 2,100
                                                         = $ 294

Her federal tax in 16 % Rate = 16 % x 2,100
                                                 =  $ 336
4 0
3 years ago
Read 2 more answers
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