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3 years ago

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Robert wants to get serious about saving for a new car. Which account would you recommend? Why?

1 answer:

ch4aika [34]3 years ago

3 0

Answer:

Robert wants to get serious about saving for a new car. Which account would you recommend? Why?

Since Robert has a long term goal for his money and wants to earn a higher interest rate, a certificate of deposit (CD) will probably be the best choice. It pays a higher interest than a savings account.

Cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary. She’s hoping to earn a bit more interest than she currently is with that $45,000 just sitting in her traditional bank’s savings account. Which account would you recommend? Why?

Money market accounts earn a higher interest rate than a normal savings account, but they are generally better suited for individuals that have a relatively high balance in their accounts. Since Cindy has saved $45,000 already in her savings account, now it is time to deposit the money on a money market account.

Janelle likes to keep all her savings goals separate, so she has an account for each one, including an account to save for her college textbooks every semester. She buys books about every 6 months, with roughly $550 due each time. She likes to save the money up in installments, with auto-deposits from each of her twice monthly paychecks. She’s wondering if her online savings account, earning 0.75%, is still her best option for monthly deposits toward her textbooks. Which account would you recommend? Why?

Probably Janelle has already chosen the best possible option. To be honest, there are really few alternatives that you can seek when all you will save is $550 every 6 months. She is already earning a decent interest rate for a savings account, and even if she looked at different options and eventually found one that paid slightly better interest (e.g. 1%), it wouldn't make a great difference.

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Your child is planning attend summer camp for 3 months, starting 12 months from now. The cost for camp is $2,676 per month, each

Vinil7 [7]

Answer:

Monthly deposit= $2,625.16

Explanation:

Giving the following information:

Total cost= 2,676*3= $8,028

Monthly interest rate0 0.023/12= 0.00192

<u>First, we need to calculate the nominal value required at the end of the third month:</u>

PV= FV / (1 + i)^n

FV= 8,028

i= 0.00192

n= 9 months

PV= 8,028 / (1.00192^9)

PV= $7,890.6

<u>Now, the monthly investment to reach $7,890.6:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (7,890.6*0.00192) / [(1.00192^3) - 1]

A= $2,625.16

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3 years ago

Deposits of commercial banks at the Federal Reserve are called ________. A) bankers' acceptances B) time deposits C) repurchase

nikitadnepr [17]

Answer:

D) Federal Funds

Explanation:

Commercial banks are required to maintain reserves with their regional federal banks. For this requirement they have to make regular timely deposits with federal bank.

These deposits constitute federal funds. The Fed utilizes these funds to regulate markets and meet the demand of other market borrowers. Reserve creation with Fed requirements are determined as per the amount of customer deposits each commercial bank gets.

Customers deposit their funds with commercial banks, a proportion of which is deposited by such banks with Federal reserve to meet their reserve requirements.

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4 years ago

Why are free market economies able to attain economic growth? firms offer more incentives to encourage households to purchase mo

Alja [10]

Market growth It is all about the circular flow diagram. Firms produce more because there are more people willing to buy goods and they are free to do so, not a government to stop them. In addition prices are stable because of competition and there is a lot of variety for the consumer.

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3 years ago

Read 2 more answers

After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were

larisa86 [58]

Answer:

revenues 598,000 debit

income summary 598,000 credit

--- to close revenues accounts---

income summary 480,000 debit

expenses 480,000 credit

-- to close expenses accounts ---

income summary 70,000 debit

lang withdrawals 40,000 credit

capri withdrawals 30,000 credit

--- to close withdrawals account---

Explanation:

We will use income summary account to close the accounts:

as the <u>revenues </u>normal balance is credit to close it, we will debit it.

as <u>expenses </u>normal balance is debit to close it, we will credit it.

<u></u>

<u>the withdrawals are done like:</u>

withdrawals debit

cash credit

so their blaance is debit, to close it we will credit them

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3 years ago

A federally funded state law enforcement entity that employ teams of fraud investigators, attorneys, and auditors who investigat

Grace [21]

A federally funded state law enforcement entity that employ teams of fraud investigators, attorneys, and auditors who investigate and prosecute cases of fraud and other violations is known as <u>The MFCUs</u>

The MFCUs,

created by Congress in 1977, are federal and state-funded law enforcement entities that investigate and prosecute provider fraud and violations of state law pertaining to fraud in the administration of the Medicaid program.

Medicaid Fraud Control Units (MFCUs) investigate and Medicaid provider fraud as well as abuse or neglect of residents in health care facilities and board and care facilities and of Medicaid beneficiaries in non-institutional or other settings.

MFCUs operate in each of the 50 States, the District of Columbia, Puerto Rico, and the U.S. Islands. MFCUs, usually a part of the State Attorney General's office, employ teams of investigators, attorneys, and auditors; are constituted as single, identifiable entities; and must be separate and distinct from the State Medicaid agency

To learn more about The MFCUs, Click the links,

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2 years ago