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suter [353]
3 years ago
15

Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the intere

st earned during the year? (Hint: Use the appropriate formulas and round at the end.)
A. $198.70
B. $145.92
C. $177.83
D. $162.97

Business
2 answers:
Mariulka [41]3 years ago
7 0
We are asked to solve for the interest during the year given that it is compounded monthly, we are given with the formula A = P(1+r)^n. The solution is shown below;
A = P (1+r)^n
A = $5,000 (1+ 3.5/12)^(12*1)
A = $5,000 (1.000292)^12
A = $5,177.84

Hope this helps!
olchik [2.2K]3 years ago
3 0
C, is the answer! :)
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What has been the pattern of union membership in recent years?
natima [27]

D. growth of neither public nor private sector unions

Explanation:

In recent years both Public and private unions have lost popularity among the workers as they have been slowly losing their importance in the modern capitalistic societies.

<u>Union memberships were important for the security of the rights of the workers</u> and these unions were often quite influential too. This has not remained the case unfortunately.  

<u>With sanctions in place, unions do not have an effective job to do and their popularity has dwindled. </u>

7 0
3 years ago
Read 2 more answers
Cory issued a note to his creditor in exchange for an account. Cory records the transaction by debiting
Taya2010 [7]
The answer is D. a debit to accounts payable and a credit to notes payable. This is because Cory issued a note to his creditor as a promise that he will pay the creditor. With this, he will be gaining a Notes Payable, or a promissory note stating that he will pay, and will be losing an Accounts Payable. So according to the rules of accounting, if a liability is debited, then it will be lessened from the books of the business. If a liability is credited, however, then it will be added to the records of the business. 
3 0
3 years ago
Read 2 more answers
REM Real Estate received a check for $27,000 on July 1 which represents a 6 month advance payment of rent on a building it rents
vovikov84 [41]

Answer:

Debit  Unearned Rent Revenue $4,500

Credit Rent revenue                    $4,500

Explanation:

Amount received in advance is recorded as a debit to cash account and a credit to deferred or unearned revenue. When revenue is earned, the amount earned is credited to revenue and debited to the deferred revenue account.

As such, where REM Real Estate received a check for $27,000 on July 1 which represents a 6 month advance payment of rent on a building, initial entries required are

Debit  cash account $27,000

Credit  Unearned Rent Revenue  $27,000

when financial statements are prepared for July 31, one month revenue would have been earned. This is equivalent to

= 1/6 × $27,000 = $4,500

Adjusting entries required

Debit  Unearned Rent Revenue $4,500

Credit Rent revenue                    $4,500

7 0
3 years ago
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance acc
inessss [21]

Explanation:

The adjusting entry is as follows

On December 31

Insurance expense A/c Dr $5,150

               To Prepaid insurance A/c $5,150

(Being the insurance expense is recorded)

It is computed below:

= Balance in prepaid insurance account - unexpired amount

= $9,050 - $3,900

= $5,150

While passing the adjusting entry we debited the insurance expense account and credited the prepaid insurance account

7 0
3 years ago
Suppose that the required reserve ratio is 8.00 %. What is the simple money (deposit) multiplier?
77julia77 [94]

Answer:

12.5

Explanation:

Money multiplier gives the maximum amount money supply can increase to given the reserve ratio

Money multiplier = 1 / r = 1 / 0.08 = 12.5

8 0
3 years ago
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