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
maks197457 [2]
3 years ago
11

In 1895, the winner of a competition was paid $150. In 2006, the winner's prize was $70,000. What will the winner's prize be in

2040 if the prize continues increasing at the same rate?
Business
1 answer:
Jobisdone [24]3 years ago
6 0

Answer:

the price will grow to $ 507,571.77 If it continues with the same grow rate

Explanation:

first we solve for the rate:

2006 - 1895 = 111 years

Nominal (1+r)^{n} = FV\\150 (1+r)^{111} = 70,000\\\\r = \sqrt[111]{70,000 / 150 } -1

r =  0.06  

Now we apply this rate for the year 2040:

2040 - 2006 = 34 years

Principal \: (1+ r)^{time} = Amount

Principal 70,000.00

time 34.00

rate 0.06000

70000 \: (1+ 0.06)^{34} = Amount

Amount 507,571.77

You might be interested in
Manuel borrowed a total of $4000 from two student loans. One loan charged 4% simple interest and the other charged 3.5% simple i
hichkok12 [17]

Answer:

the principal amount at a rate of 4% is 2000

principal amount at a rate of 3.5% is 4000-2000 =2000

Explanation:

We have given total amount borrowed = $4000

Let x amount is borrowed at a rate of 4%

So $4000-x is borrowed at rate of 3.5%

Total interest = $150

We know that simple interest =\frac{principal\ amount\times rate\times time}{100}

So \frac{x\times 4\times 1}{100}+\frac{(4000-x)\times 3.5\times 1}{100}=150

4x+14000-3.5x=15000

0.5 x=1000

x = 2000

So the principal amount at a rate of 4% is 2000

And principal amount at a rate of 3.5% is 4000-2000 =2000

7 0
3 years ago
Reagan Corp. acquired one hundred percent of Ford Inc. on January 1, 2016, at a price in excess of the subsidiary's fair value.
Artyom0805 [142]

Answer:

B. $497,000

Explanation:

           Consolidated Balance of Equipment

Excess value at the acquisition                  $110,000

($350,000-$240000)

Book value as on Dec 31 2018 of Ford      $170,000

Book value as on Dec 31 2018 of Regent  $250,000

Less: excess depreciation                          <u>-$33,000  </u> ($110,000/10*3)

Consolidated balance of equipment        <u>$497,000</u>

3 0
3 years ago
Assume the following adjustment data.
Lunna [17]

Answer:

                                    Adjusting Entries

      Date    Accounts titles and Explanation     Debit   Credit

1.                  Supplies expense                            $500

                           Supplies expense                                  $500

2.                  Insurance expense                          $300

                              Prepaid Insurance                                $300

3.                   Depreciation expense                     $ 70

                                Accumulated depreciation                 $70

                                 - equipment

4.                    Unearned service revenue             $500

                                   Service revenue                                $500

5.                     Accounts receivable                      $200

                                   Service revenue                                $200

6.                      Interest expense                            $90                            

                                   Interest payable                                  $90

7.                      Salaries and wages expense        $1,700

                                   Salaries and wages payable               $1,700

8 0
3 years ago
Explain the difference between the concepts of Business Management and Technology Management. Provide examples.
Verizon [17]

Answer:

Explanation:

There is a difference between business management and technology management.

Business management refers to managing the organization's business perspective so that the direct business objectives of the organization is served.

Business management involves managing the domain, employees, looking after the business processes of an organization, etc. whereas

While technology management is used to make the business process simple and convenient through various aspects like managing the technical aspect of each and every business process and that is possible by having details about the technical aspects that are involved in all the business process of the organization.

For an organization to be successful it should possess all the required management techniques that include the business and technical aspects both.

Today the way of doing business has changed a lot and hence the organizations need to be quite diligent and effective in order to sustain and remain competitive in the industry.

8 0
3 years ago
​Fulkron, Inc. provides the following data taken from its third quarter​ budget: Jul Aug Sep Cash collections 67,000 $33,000 $42
fgiga [73]

Answer:

-$20,000 short fall

Explanation:

July:

Total cash available:

= Cash balance + Cash collections

= $12,000 + $67,000

= $79,000

End cash:

= Total cash available - Cash payments

= $79,000 - (33,000 + 12,000)

= $79,000 - $45,000

= $34,000

August:

Total cash available:

= Cash balance + Cash collections

= $34,000 + $33,000

= $67,000

End cash:

= Total cash available - Cash payments

= $67,000 - (34,000 + 20,000 + 33,000)

= $67,000 - $87,000

= -$20,000 (Short fall)

4 0
3 years ago
Other questions:
  • A sometimes short, sometimes extended period of declining output and living standards is referred to as a recession.
    13·1 answer
  • Safety belts usually consist of a lap belt and
    6·1 answer
  • The total consumer surplus for good X can be calculated in all ways EXCEPT as:
    14·1 answer
  • A small business has determined that the machinery they currently use will wear out in 17 years. To replace the new machine when
    15·1 answer
  • How can i make money quickly
    11·1 answer
  • Gerard, a Nevada real estate licensee, has been advertising his services online to California citizens. He sells resort property
    6·1 answer
  • Mia likes to write books during her free time. At present, three of her books have been published and sold around the world. The
    10·2 answers
  • Net capital outflow Select one: a. is always less than net exports. b. could be any of the above. c. is always greater than net
    11·1 answer
  • Suppose that the manager of a company has estimated the probability of a super-event sometime during the next five years that wi
    11·1 answer
  • Consider the following for the costs of a pair of jeans: Direct material costs: $2 per yard and 3 yards are needed Direct labor
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!