1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Maslowich
3 years ago
15

Nigel currently has a balance of $668.47 in an account he has held for 15 years. he opened the account with an initial deposit o

f $497. what is the simple interest rate on the account?
Business
1 answer:
VashaNatasha [74]3 years ago
8 0
<span>You are given Nigel's current balance of $668.47 in an account he has held for 15 years. Also you are given an initial deposit of $497. You are asked to find the simple interest rate on the account. You will use the simple interest formula, F = P(1 + rn) were F is the current balance, P is the principal amount deposited, r is the rate and n is the number of years.

</span>F = P(1 + rn)
668.47 = 497(1 + r(15))
r = 0.023 or 2.3%
You might be interested in
Fargo Company's outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,000 shar
kifflom [539]

Answer: Option (a) is correct.

Explanation:

Given that,

Dividend in 2016 = $20,000

Preferred Shares = 400

Par Value of Preferred Stock = 400 × 10 = $4000

Rate of Dividend of Preferred Stock = 5%

(a) Dividend to preferred Shareholders:

= Par Value of Preferred Stock × Rate of Dividend

= $4000  × 5%

= $200

(b) Dividend to Common Shareholders:

= Total Dividend - Dividend to Preferred Shareholders

= $20,000  - $200

= $19,800

6 0
3 years ago
What do successful entrepreneurs have in common?
dmitriy555 [2]

Answer:

market trends change constantly, funding fall through, business partners flake, and ideas may go wrong

4 0
3 years ago
Read 2 more answers
On January 1, 2022, the Sheridan Company ledger shows Equipment $49,700 and Accumulated Depreciation $18,280. The depreciation r
Lisa [10]

Answer:

revised annual depreciation will be : 13710

Explanation:

After revision the remaining life of equipment shrank down to 2 years, so the depreciation working will be worked out to adjusted the impact of decreasing of useful life.

As per existing information the depreciation charges are calculated as :

(Cost-Salvage Value)/Useful life= (49700-4000)/10 = 4570

Accumulated Depreciation indicates that 4 years have past by (18280/4570)

now remaining years are 6 which will be reduced to 2 after revision so the new working will be as follows:

Remaining Cost :31420  (49700 -18280)

Salvage Value : 4000

Revised Remaining Useful Life  : 2

Revised Calculated Depreciation Annual  : (31420-4000)/2 = 13710

It can be further verified through simple math also:

Adding annual depreciation of remaining 2 years : 13710 +13710 =27420

Value available for depreciation after salvage value : 31420 -4000= 27420

3 0
3 years ago
"Harold and Maude are married and live in a common-law state. Neither has made any taxable gifts and Maude owns (holds title to)
jeyben [28]

Answer:

$5528000

Explanation:

Solution

Given that:

Now,

The 2018 estate tax exemption 11180000$ above that the estate inherited are taxed at 40%.

So,

25000000-11180000 = taxable estate 13820000$

The estate tax due= 13820000*40%

= 5528000$

Note: This is reference from Exhibit 25-1 and Exhibit 25-2.

8 0
3 years ago
Read the first paragraph of "The Effectiveness<br> of Capital." What do you think productive means?
Ganezh [65]

Answer: Productive means having been able to gain in large amounts.

Explanation: In the first paragraph of “The Effectiveness of Capital” the productive means having been able to produce in a huge quantity or large numbers. Here being able to gain profits in a large amount is considered productive.

Producing any kind of goods in large numbers is productivity. The productivity of any good depends upon many factors. Like a productive worker has a lot of capacity to do a lot of work and hence he is able to give productive results in the end. With a great number of profits.

7 0
3 years ago
Other questions:
  • Holden is a people person. He is very good at working with customers and keeping a positive attitude. He has taken a couple clas
    9·1 answer
  • Lopez Corporation incurred the following costs while manufacturing its product.Materials used in product $129,600 Advertising ex
    15·1 answer
  • Hutter corporation declared a $0.50 per share cash dividend on its common shares. the company has 25,000 shares authorized, 12,0
    14·1 answer
  • What are the disadvantages of using big macs to measure purchasing power​ parity? ​(check all that apply.​)?
    6·2 answers
  • Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales
    10·1 answer
  • Can somebody please give me 10 examples of jobs that have to do with finance?HELP ASAP
    12·1 answer
  • What drives american free enterprise? the desire for economic equality the need to own a home the need to make a living the desi
    10·2 answers
  • Knox Inc. is deciding between the two dividend payment plans below: Year Plan A Plan B 1$3.00$0.50 2$3.05$1.75 3$3.10$3.25 4$3.1
    12·1 answer
  • During the current year, sally sold her interest in two small business coeporations?
    15·1 answer
  • Dallas Products is a division of a major corporation. The following data are for the most recent year of operations: Sales $ 37,
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!