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Alekssandra [29.7K]
3 years ago
6

According to an old myth, native americans sold the island of manhattan about 400 years ago for $24. if they had invested this a

mount at an interest rate of 7 percent per year, approximately how much would they have had today? $3.6 billion $13.6 trillion $2,030 $10,272
Business
1 answer:
Leya [2.2K]3 years ago
7 0

Answer:

The correct choice from given options is <u>"$13.6 trillion".</u>

Explanation:

Native Americans sold the island of Manhattan about 400 years ago for $24

n = number of years = 400

Amount spent on island = $24

Interest rate of invested amount = 7 percent per year

r = 7% = 0.07

cost today  = ?

By using the formula;

Cost today= (1+r)ⁿ x Amount spent on island

= (1+0.07)⁴⁰⁰ x $24

<u>= $13.6 trillion</u>

<u></u>

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Channel members can help producers by identifying customer complaints, customer preferences, and new competitors in the market.
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Answer:

communication

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communication function of channel intermediaries.

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5 0
2 years ago
Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $13,800 ($1,150/month) in advance
tigry1 [53]

Answer:

1.

Dec 31    Rent expense                   $3450 Dr

                  Prepaid Rent                       $3450 Cr

2.

Oct 1     Prepaid Rent                        $13800 Dr

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3.

Year end balances at 31 December:

Rent Expense = $3450

Prepaid Rent = $10350

Explanation:

Assumption: The year end for the business in on 31 December.

1.

The rent is paid in advance thus it is an asset. On 31 December the adjusting entry will be made under the accrual principle to match the current period's rent expense and record it in the period to which it belongs to. Thus we will credit the rent expense for 3 months i.e. October, November and December. We will credit the asset account that is Prepaid Rent.

2.

The prepayment of rent is creating an asset account in the title of prepaid rent. The entry would be to record the asset prepaid rent by the full amount of the rent prepaid and credit the other asset account through which the payment is being made.

3.

The adjusted year end balance for rent expense will be the rent expense paid for this period that is $1150 * 3 = 3450

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8 0
3 years ago
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I think it would be this answer

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6 0
3 years ago
Planning for capital expenditures is necessary for all of the following reasons except:
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Answer:

The correct answer is (C)

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3 0
3 years ago
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Answer:

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