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3 years ago

Paige deposited $200 into a bank that offers 3.3% interest rate, compounded daily. In how many years will her balance be $400?

Business

2 answers:

lapo4ka [179]3 years ago

5 0

Answer:

20.9 years

Explanation:

The equation for interested compounded daily is:

$N=N_{0}*(1+\frac{i}{365})^{365*n}$

Where 'N' is the final value, 'N0' is the initial value deposited, and 'i' is the interest rate, plugging in the given data:

$400=200*(1+\frac{0.033}{365})^{365*n}\\2=1.00009^{(365*n)}\\log(2) = 365*n*log(1.00009)\\n= \frac{log(2)}{365*log(1.00009)}\\n= 20.9$

It will take 20.9 years for her balance to reach $400

weeeeeb [17]3 years ago

4 0

C ~~~ APEX
APEXXXXX

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The reduction in principle of the 13th payment is 50% larger than the reduction in principle of the 5th payment. What is the tot

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Complete Question:

A 20-year level repayment of a loan of 1000 has been scheduled. Recall that in such scenarios, as time progresses the reduction in principal part of each payment increases as the interest part of each payment decreases. The reduction in principle of the 13th payment is 50% larger than the reduction in principal of the 5th payment. What is the total amount of interest paid on the loan?

Answer:

At an assumed interest rate of 6%, the Total Interest on the Loan is:

= $743.69

Explanation:

a) Data and Calculations:

Amount of loan = $1,000

Period of loan = 20 years

Assumed interest rate = 6%

Loan Amount 1000

Loan Term

20 years 0 months

Interest Rate 6

Compound

Annually (APY)

Pay Back Every Year

Results:

Payment Every Year $87.18

Total of 20 Payments $1,743.69

Total Interest $743.69

View Amortization Table

Principal 57%

Interest 43%

Amortization Schedule

Beginning Interest Principal Ending

Balance Balance

1 $1,000.00 $60.00 $27.18 $972.82

2 $972.82 $58.37 $28.82 $944.00

3 $944.00 $56.64 $30.54 $913.46

4 $913.46 $54.81 $32.38 $881.08

5 $881.08 $52.86 $34.32 $846.76

6 $846.76 $50.81 $36.38 $810.38

7 $810.38 $48.62 $38.56 $771.82

8 $771.82 $46.31 $40.88 $730.94

9 $730.94 $43.86 $43.33 $687.61

10 $687.61 $41.26 $45.93 $641.69

11 $641.69 $38.50 $48.68 $593.00

12 $593.00 $35.58 $51.60 $541.40

13 $541.40 $32.48 $54.70 $486.70

14 $486.70 $29.20 $57.98 $428.71

15 $428.71 $25.72 $61.46 $367.25

16 $367.25 $22.04 $65.15 $302.10

17 $302.10 $18.13 $69.06 $233.05

18 $233.05 $13.98 $73.20 $159.84

19 $159.84 $9.59 $77.59 $82.25

20 $82.25 $4.93 $82.25 $0.00

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Snoopy, Inc. records its bad debt expense on the credit sales method. Total sales during 2020 were $1,500,000, which consisted o

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Answer:

the amount of bad debt expense for the year 2020 is $36,000

Explanation:

The computation of the amount of bad debt expense is shown below:

= Estimation of 3% net sales that would be uncollectible

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Hence, the amount of bad debt expense for the year 2020 is $36,000

The same is to be considered

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Answer:

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Since in the question it is mentioned that the company could hired marketing managers after testing their strategic thinking by providing the job description i.e any task designed to provide you with an realistic summary of the day-to-day tasks you are interviewing.

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Answer:

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YTM= (9 + ( 100-102.3) / 11 ) / (0.6*102.3 + 0.4*100)

YTM= 0.0867

YTM= 8.67%

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8.67% (1-0.35%)

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Answer:

Instructions are listed below.

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Annual depreciation= (120,000 - 5,000)/4= $28,750 per year

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Year 1= 2*(115,000/4)= 57,500

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