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MrMuchimi
3 years ago
9

While searching Ancestry.com, you learn that you are a direct descendant and sole living heir of Alexander Hamilton who founded

the Bank of New York 235 years ago. FYI - his picture is on the US ten dollar bill.
Mr. Hamilton had coincidently deposited $10 in the newly founded bank and you are the sole beneficiary of the account, which earned 5% annualized interest compounded monthly.

Assuming no deposits or withdrawals were made on the account, what is the account's approximate current value?

A. $954,000
B. $124,000
C. $1.24 million
D. $95,400
E. $128
Business
1 answer:
34kurt3 years ago
6 0

Answer:

C. $1.24 million

Explanation:

Given that

Annualized interest compounded = 5%

For monthly, it would be = 5% ÷ 12 months = 0.4167%

Time = 235 years

For monthly, it would be = 235 years × 12 months = 2,820

Present value = $10

We know that

Future value = Present value × (1 + interest rate)^number of years

                     = $10 × (1 + 0.4167%)^2820

After solving this, the answer would be  $1.24 million

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In which of the following scenarios would enforcement of specific performance be appropriate? Multiple Choice Your bookstore agr
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Answer:

Correct Answer:

2. You order 3 gallons of white ceiling paint from a local store, and the store breaches by not delivering or making available to you the 3 gallons.

3. You own the pistol used by Hamilton and contract to buy the pistol used by Burr in the Hamilton-Burr duel to complete your set, but despite the contract the Burr pistol owner refuses to sell at the last minute.

1.  Your bookstore agrees to order a textbook for you but breaches its contract with you by canceling the order the next day.

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3 0
3 years ago
In​ 2019, BayKing Company sold used equipment for $ 21 comma 000. The equipment had an original cost of​ $80,000 and accumulated
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Answer:

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The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.

The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.  

The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.

An increase in assets other than cash is an outflow while an increase in liabilities is an inflow. Depreciation and other non-cash expenses deducted in the income statements are added back while the non-cash income such gain on asset are deducted from net income.

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