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Lelechka [254]
3 years ago
6

Ashley has a large and growing collection of animated movies. She wants to replace her old television with a new LCD model, so s

he has started saving for it. At the end of each year, she deposits $1,620 in her bank account, which pays her 10% interest annually. Ashley wants to keep saving for two years and then buy the newest LCD model that is available. Ashley’s savings are an example of an annuity. How much money will Ashley have to buy a new LCD TV at the end of two years?
Business
1 answer:
Lelu [443]3 years ago
4 0

Answer:

$3,402

Explanation:

We are to calculate the future value of the annuity

The formula for calculating future value = A x (B / r)

B = [(1 + r)^n] - 1

R = interest rate

N = number of years

(1.10)² - 1 = 0.21

$1,620 x( 0.21 / 0.1) = $3,402

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Elena-2011 [213]
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5 0
3 years ago
List three factors to consider when choosing a financial institution
jasenka [17]

When you are considering a financial institution you should consider what type of accounts you want to have, how much money you have and if you want to invest. Different financial institutions offer different rates and benefits for their members so it makes sense to figure out your options based on what you want in return.

8 0
3 years ago
Suppose that Michael’s Bowling Alley offers 50% off bowling on Mondays, and as a result, drink sales increase by 40%. What is th
leonid [27]

Answer:

-0.8

Explanation:

Cross elasticity of demand = % change in quantity demanded for the drink / % change in price of the bowling

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5 0
3 years ago
The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating
otez555 [7]

Answer:

For the provided accounts we have

Assets = Liabilities + Stockholder's equity

Stockholder's Equity = Stock + retained earnings

Here, for the list the items and their respective headings are:

Main solution:

Computers = Asset

Operating expenses = Retained earnings = Stockholder's Equity

Rent Revenue = Retained Earnings = Stockholder's Equity

Building = Asset

Cash = Asset

Notes Payable = Liability

Land = Asset

Utilities Payable = Liability

Utilities Expense = Retained Earning = Stockholder's Equity

Trucks = Assets

Gasoline Expense = Retained Earnings = Stockholder's Equity

Retained Earnings = Stockholder's Equity

Supplies = Asset

Accounts Payable = Liability

Office Furniture = Asset

Salaries Expense = Retained Earnings = Stockholder's Equity

Common Stock = Stockholder's Equity

Service Revenue = Retained Earnings = Stockholder's Equity

Interest Expense = Retained Earnings = Stockholder's Equity

Dividends = Retained Earnings = Stockholder's Equity

Supplies Expense = Retained Earnings = Stockholder's Equity

Note: All the expense items are deducted from retained earnings and thus deducted from stockholder's equity.

And all the incomes are added to retained earnings and thus, added to stockholder's equity.

3 0
3 years ago
Read 2 more answers
The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,840 liters in begi
trapecia [35]

Answer:

Total equivalent units of materials  = 64,652

Explanation:

<em>Equivalent units are useful to apportion cost between work in progress and completed units. They are notional whole units which represent incomplete work</em>

Equivalent Units = Degree of work completed (%) × inventory units

Fully worked = 64,880- 3,840= 61,040

I<em>tems                        units         workings              Equivalent units</em>

Opening inventory   3,840         3840× 70% =    2,688

Fully worked             61,040       61,040× 100 =    61,040

Closing WIP               5,160           5,160× 70% =   <u>3,612</u>

Total equivalent units of materials                     <u>   64,652</u>

Total equivalent units of materials  =64,652

4 0
3 years ago
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