Answer:
Simple Interest=P*r*n= $20 million * 0.18 * 1= $3.6 million
Therefore amount accumulated= $20 million + $3.6 million = $23.6 million
Amount accumulated through Compound Interest=P×(1+r) ^t
= $20 million( 1+0.18/12)^12= $23.912 million
Explanation:
Simple interest is based on the principal amount of a loan or deposit, while compound interest is based on the principal amount and the interest that accumulates on it in every period.
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Answer:
A) $3,429
Explanation:
Bonus capital paid by the new shareholders will be distributed among the Old Partner on the basis of their old sharing ratio
Capital Balance of Peter = $38,000
Settlement amount = $20,000
As we does not have revised profit ratios, Peter and Chris will share profit on their old ratios.
Remaining balance of Gary's capital = $26,000 - $20,000 = $6,000
Peter Share = 4/7 x $6,000 = $3,429
