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mariarad [96]
3 years ago
15

Calculate the future value of an investment of $463 for 10 years earning an interest of 9%? (Round your answers to 2 decimal pla

ces.)
Business
1 answer:
Anon25 [30]3 years ago
7 0

Answer:

$1,096.09

Explanation:

The computation of the future value by using the following formula is shown below:

As we know that

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

= $463 × (1 + 0.09)^10

= $463 × 2.367363675

= $1,096.09

We simply applied the above formula so that the future value could arrive and the same is to be considered

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A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s
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Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

           To Notes payable $70,000

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b. Note payable $70,000

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The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

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Balance sheet

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No effect = Account payable - $52,000 + No effect  No effect + no effect

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