Answer:
We will consider positive interest rate which is i=0.21 or i=21%
Explanation:
The formula for Future value is:

The present value will become:

where:
n is the number of years
Since the condition is same present value,so the given data form the equation:

Divide above equation by 

Let
. Above equation will become:

Rearranging above equation:

Solving the quadratic equation:
z=1.1, z=0.9
Let
will become:


For z=1.1

For z=0.9

we will consider positive interest rate which is i=0.21 or i=21%
Answer:
$35,260
Explanation:
Calculation to Determine the proper amount of net income for 2021
Unadjusted net income $33,000
Adjustments:
a. Insurance expense overstated $2,800
[4,200-(4,200/3)]
b. Sales revenue overstated $(675)
c. Supplies expense overstated $645
d. Interest expense understated $(510)
(12%*17,000*3/12)
Adjusted net income $35,260
Therefore the proper amount of net income for 2021 will be $35,260
Answer:
Income elasticity = 2
Normal good
Explanation:
Below is the given values:
Percentage decrease in consumers income = 10%
Percentage decrease in quantity demanded = 20%
Use the below formula to find the income elasticity:
Income elasticity = % change in quantity demanded / % in income
Income elasticity = -20/-10
Income elasticity = 2
Since the elasticity is 2 that means good is normal good.
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