Exact interest method is using 365 days instead of 360.
We are going to use the formula: I = Prt, we will derived
the formula of rate.
r = I /Pt would be our formula, plugging in our amounts.
r = 93.37 / 2000 / (284/365)
= 93.37 / 2000 (0.7781)
= 93.37 / 1556.1643
= 0.06 or 6% when converted to percent.
To check:
I = Prt
= 2000 x 0.06 x 284/365
= 120 x 0.7781
= 93.37
Answer:
2,000
Explanation:
On average, a person who have a full time job works will work approximately 2,000 hours each year reason been that we have 5 working days in a week and standard working hours in a weeks is 40 hours (5days×8hours daily) which means 8 hours daily , secondly we have 52 weeks in a year, now assuming that person takes 2 weeks off each year for his or her vacation we would have 50 weeks left (52 weeks-2 weeks vacation) which means that the person would be working 50 weeks of the year multiply by 40 hours a week which will give us a total of 2,000 hours each year.
40 work hours weekly× 50 weeks yearly
=2,000 hours of work each year
Therefore on average, a person with a full time job works approximately 2,000 hours each year.
Answer:
As the price level rises, the purchasing power of households' real wealth will <u>fall</u>, causing the quantity of output demand to <u>fall.</u> This phenomenon is known as the <u>wealth</u> effect.
Additionally, as the price level rises, the impact on the domestic interest rate will cause the real value of the dollar to <u>rise</u> in foreign exchange markets. The number of domestic products purchased by foreign (exports) will therefore <u>fall</u>, and the number of foreign products purchases by domestic consumers and firms(imports) will <u>rise</u>.
Net exports will therefore <u>fall</u>, causing the quantity of domestic output demanded to <u>fall.</u> This phenomenon is known as the <u>exchange rate</u> effect.
Answer:
The correct answer is letter "C": Confirmation of cash should only be performed as of the balance statement date because the auditor expresses an opinion as of that date.
Explanation:
Confirmation of cash is an audit procedure in which specialists request the company to get in touch with its banker to verify the organization's balance. The procedure is not based only on the balance statement but according to the transactions the company has carried out regardless of the date.
Answer:
$6268.21
Explanation:
Future value = $8000
Interest(r) = 5%
Period (n)= 5 years
How much need to deposit?
Find the Present value:
PV = FV / (1+r)n
= 8000 / (1.05)5
= 8000 / 1.27628156
Present Value / Amount need to deposi today = $6268.21 approx
