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Evgesh-ka [11]
3 years ago
13

Your birthday is next week and instead of other presents, your parents promised to give you $2,200 in cash. Since you have a par

t-time job and, thus, don’t need the cash immediately, you decide to invest the money in a bank CD that pays 9.80 percent, compounded quarterly, for the next two years. How much money can you expect to earn in this period of time? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)
Business
1 answer:
vfiekz [6]3 years ago
3 0

Answer:

Interest revenue from the CD 470.04

Explanation:

we will calcualte the future value of the CD and from there calculate the interest:

Principal \: (1+ r)^{time} = Amount

Principal 2,200.00

time 8.00 (2 years x 4 quarter per year)

rate 0.02450 (9.8% divided by 4 quarter per year)

This divisions and multiplication are done to make time and rate be express i nthe same metric.

2200 \: (1+ 0.0245)^{8} = Amount

Amount 2,670.04

Now, we calculate interest revenue:

Amount - Principal

2,670.04 - 2,200 = 470.04

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8 0
3 years ago
Read 2 more answers
The general ledger shows a balance of $ 66 comma 200 in the Merchandise Inventory account at the end of the period. The physical
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Answer:

The adjusting entry includes a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $3,200

Explanation:

Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately

The adjusting entry is calculated by subtracting the physical inventory account from the merchandise inventory account

Given

Physical Inventory Account= $63,000

Merchandise Inventory Account= $66200

Adjusting Entry = Merchandise Inventory Account - Physical Inventory Account

Adjusting Entry = $66,200 - $63,000

Adjusting Entry = $3200

6 0
3 years ago
"An individual is unique and does not speak for or represent anything other than themselves." This statement is an argument agai
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3 0
3 years ago
Jenny's bakery makes two types of birthday cakes: yellow cake, which sells for $25, and strawberry cake, which sells for $35. Bo
Marina86 [1]

Answer: Revenue is maximum at x=25 and y=0. That is when the firm makes only yellow cakes and no strawberry cakes.

Explanation:

x- Number of Yellow cakes

y- Number of Strawberry cakes

Time constrain is given by

2x+3y\leq 450

x\geq 0

y\geq 0

Revenue is given by,

TR= 25x + 35y

At the vertices, revenue is

At (0,0)

TR = $0

At (0,150)

TR = 25(0) + 35(150) = $5,250

At (225,0)

TR = 25(225) + 35(0) = $5,625

Therefore, Revenue is maximum at x=25 and y=0. That is when the firm makes only yellow cakes and no strawberry cakes.

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