1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
GREYUIT [131]
3 years ago
11

Calculating Future Values [LO1] Gold Door Credit Bank is offering 9.3 percent compounded daily on its savings accounts. If you d

eposit $4,500 today, how much will you have in account in 5 years ?
Business
1 answer:
lara31 [8.8K]3 years ago
7 0

Answer:

$7,163.64

Explanation:

The computation is shown below:

Data given in the question

Deposit amount = $4,500

Rate of interest = 9.3% ÷ 365 = 0.0254%

Time period = 5 years  × 365 = 1,825

So, the future value is

Future value = Present value × (1 + interest rate)^number of years  

= $4,500 × (1 + 0.0002547945 )^1,825

= $4,500 × 1.5919198972

= $7,163.64

You might be interested in
You price a product at $100. Its cost you s60 to make. What is your percentage margin?
BARSIC [14]

the percentage margin is40%

4 0
3 years ago
What would happen to the buying power of your investment after one year if your rate of return was 8% and the rate of inflation
Anna71 [15]
Dude why did you put this question like 5 times??
4 0
3 years ago
Widden Company, which sells electric razors, had $320,000 of cost of goods sold during the month of June. The company projects a
butalik [34]

Answer:

Part A. The amount of purchases budgeted for July is calculated below:

Amount of purchases = Cost of goods sold + Closing inventory - Opening inventory  

Amount of purchases = ($320,000 x 1.09) + $34,000 - $33,000

Amount of purchases = $348,800 + $34,000 — $33,000

Amount of purchases = $349,800

Therefore, the amount of purchases budgeted for July is $349,800.

Part B. The amount of cash payments budgeted for inventory purchases in July is calculated below:

Amount of cash paid in July = Opening accounts receivable + 75% of purchases in July

Amount of cash paid in July = $37,000 + ($349,800 × 0.75)

Amount of cash paid in July = $37,000 + $262,350

Amount of cash paid in July = $299,350

Therefore, the amount of cash paid in July is $299,350.

8 0
3 years ago
Near the end of 2010, the ledger of Stivers Company included the following accounts and balances: Allowance for Doubtful Account
Minchanka [31]

Answer and Explanation:

The computation of the balances of the Allowance for Doubtful Accounts, Bad Debt Expense and Accounts Receivable is shown below;

For Accounts receivable  

a) Opening balance $200,000 Debit balance

b) Current year credit sales (75% of $800,000) $600,000 Debit balance

c) (-) Current collection from accounts receivables -$450,000 Credit balance

d) (-) Bad debt expenses -$11,000 Credit balance

e) Closing balance of accounts receivables $339,000 Debit balance

for Allowance for Doubtful Accounts  

Allowance required as per Current year analysis (2% of (75% of $800,000) $12,000 Credit balance

(-) Opening balance $1,000 Credit balance

$11,000 Credit balance

The journal entry is  

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Allowance for Doubtful Accounts 12000 Credit balance

For Bad debt expenses  

The journal entry is    

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Bad debt expense account 0

7 0
2 years ago
uppose the annual demand function for the Honda Accord is Qd = 430 – 10 PA + 10 PC – 10 PGwhere PA and PC are the prices of the
emmainna [20.7K]

Answer:

Qd = 400 units

elasticity of demand of the Accord with respect to the price of Camry = 0.5

elasticity with respect to the price of gasoline = -0.075

Explanation:

Solution:

The annual demand function for the Honda Accord is:

Qd = 430 – 10 PA + 10 PC – 10 PG

Where,

PA = Price of Honda Accord

PC = Price of Honda Camry

PG = Price of Gasoline per gallon.

Selling Price of both cars = $20,000

Fuel Cost = $3 per gallon.

a) Elasticity of Demand of the Accord with respect to the price of Camry.

First, we need to calculate the number of units demanded.

Qd = 430 – 10 PA + 10 PC – 10 PG

Qd = 430 – 10 (20) + 10 (20) – 10 (3.00)

Qd = 430 - 200 + 200 - 30

Qd = 430 - 30

Qd = 400 units

Cross-price elasticity of the Accord with respect to the price of the Camry will be:

Cross Price = (dQd/dPC) x (PC)/(Qd)

dQd/dPC = 10

PC = 20

Qd = 400

So,

Cross Price = 10* 20/400

Cross Price  = 0.5

b) Elasticity with respect to the price of gasoline?

Elasticity =  (dQd/dPG)*(PG/Qd)

dQd/dPG = -10

PG = 20

Qd = 400

Elasticity  = (-10)*(3/400)

Elasticity  =  -0.075

5 0
3 years ago
Other questions:
  • Which of the following can help an entrepreneur enter the business market of a different country? A. Creating a Web business B.
    15·1 answer
  • The phantom corporation started 5,200 units during february. phantom started the month with 740 units in process (40% complete)
    14·1 answer
  • American Gas Products manufactures a device called a Can-Emitor that empties the contents of old aerosol cans in 2 to 3 seconds.
    15·1 answer
  • Court Inc. produces two types of products - Gizmos and Gadgets. The following information is available related to each product:
    14·1 answer
  • Please write me and one page summary on successful qualities
    10·1 answer
  • Marceille plans to save $50 every three months over the next 5 years. How much will be in her account when she makes the last de
    9·1 answer
  • Which of the following is NOT one of the five basic functions of an
    6·1 answer
  • If the average cost of producing ten sweaters is $6.50 and the marginal cost of producing the tenth sweater is $6.75, the averag
    9·1 answer
  • Can we talk about the political and economic state of the world right now
    15·1 answer
  • Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31 , the accounting
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!