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Oxana [17]
3 years ago
11

At a recent family gathering you overheard your two brothers debating the merits of their vacation savings plans. Kyle, your you

nger brother plans to deposit $150 in his savings account at the end of this month (i.e. month 1) and then he will decrease his deposit by $10 each month over the next 18 months. Your older brother Cody would prefer to make equal monthly payments over the next 18 months rather than follow Kyle’s plan. However, he isn’t quite sure how much he would have to deposit at the end of each month (starting at the end of month one) in order to reach this goal.
a. If both brothers make deposits into savings accounts that earn 1% interest per month, how much would Cody have to deposit each month in order to save the same amount as Kyle?
b. You tell your brothers that their savings plans likely won’t save sufficient money to afford their dream vacation, which will cost $1750, at the end of the 18th month. How much would Kyle and Cody have to save in order to afford this vacation? Assume that Kyle will continue to decrease his contribution in the same manner and that both brothers will continue to deposit their money into savings accounts that each 1% interest per month.
Business
1 answer:
Oliga [24]3 years ago
5 0
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Do all states have income tax
Aloiza [94]

Answer:

not all of them

Explanation:

Most Americans file a state income tax return and a federal income tax return. The states with no income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. If you live in one of those seven states, or New Hampshire or Tennessee, you may not need to file a state return.

5 0
3 years ago
Read 2 more answers
Which of the following is TRUE of debt securities? (A) Debt securities include preferred stocks. (B) Debt securities typically p
Bingel [31]

Answer:

The statement which is correct and true is that the debt securities usually pay interest for the fixed period or year. Therefore, the correct option is B.

Explanation:

Debt securities are the securities which refer to a debt instrument like CD (Certificate of deposit, preferred stock, corporate bond and municipal bond, it is sold or bought among the parties.

It is also called as the securities which are fixed income, therefore, the statement which is correct is that these securities pay interest for a fixed period.

6 0
3 years ago
A company assigns overhead using a plantwide rate. If total estimated manufacturing overhead is $900,000 and the total estimated
ozzi

Answer:

Overhead  application rate

= <u>Budgeted overhead</u>

  Budgeted machine hours

= <u>$900,000</u>

  30,000 hours

= $30 per machine hour

Overhead cost assigned to the product

= Overhead application rate x Actual machine hours  

= $30 x 12,000 hours

= $360,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Explanation:

In this case, there is need to determine the overhead application rate, which is the ratio of budgeted overhead to budgeted machine hours.

Then, we will obtain the overhead cost assigned to the product by multiplying the overhead application rate by actual machine hours.

3 0
3 years ago
For which of the following random variables would the use of a Normal distribution as a model be a clear error?
Zinaida [17]

Answer:

A. The number of houses that an individual owns

Explanation:

The use of normal distribution in option A would produce an error. That is the number of houses individuals own.

We know that people can own 1 house or more than 1 house or no house at all. But a person can never be said to have less than 0 houses.

Option a is going to be skewed positively. Using Normal distribution would give us an error.

8 0
2 years ago
In September 20X3, LaToya Corporation paid for insurance for the next six months in the amount of $42,000. On December 31, LaToy
Umnica [9.8K]

Answer:

Net income is overstated by $28,000.

Explanation:

As the company forget to make the adjustment entry it didn't recognize any expense for the expired insurance.

From September to December 31th 4 month of insurance has expired:

42,000 x 4 month/6 months = 28,000 insurance expense

as the expense weren't post the income statement is overstated along with the assets of the company as it doesn't have a prepaid amount for 42,000 but for 14,000

5 0
3 years ago
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