Jan pays $70 each month for her auto insurance policy. This regular payment is called a

Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounde

zhuklara [117]

Answer:

Total FV= $29,335.25

Explanation:

<u>First, we need to calculate the future value of the initial investment ($2,500) using the following formula:</u>

FV= PV*(1 + i)^n

PV= $2,500

i= 0.0075

n=10*12= 120 months

FV= 2,500*(1.0075^120)

FV= $6,128.39

<u>Now, the future value of the $1,500 annual deposit:</u>

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

A= annual deposit

We need to determine the effective annual rate:

Effective annual rate= (1.0075^12) - 1= 0.0938

FV= {1,500*[(1.0938^10) - 1]} / 0.0938

FV= $23,206.86

Total FV= $29,335.25

5 0

3 years ago

Which one of the following statements is correct?A) NASDAQ has more listed stocks than does the NYSE.B) The NYSE is a dealer mar

ser-zykov [4K]

Answer:

A. NASDAQ has more listed stocks than does the NYSE.

8 0

3 years ago

Ambiguity can arise as to whether receivables have been sold or instead are being used as collateral for a loan whenever certain

victus00 [196]

Answer:

is whether the transferor surrenders control over the receivables

Explanation:

In Sales of Receivables and Collateralized Borrowing,.companies do not want to wait for payments to arrive as they simply quickens cash collection with help of bank or financing company and also factoring and collateralized borrowings are various means to speed up cash collections. In Collateralized borrowing, receivables are simply collateral. Company gets cash from bank and is saddle with the responsibility for repaying loan.

Issues regarding collateralized borrowing are the sales of receivables had the purchaser is called a factor, borrowing using receivables as collateral and accounts receivable is not wipe off from seller's books.

6 0

3 years ago

Sunland Company began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It ha

DIA [1.3K]

Answer:

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

Explanation:

Preparation of the adjusting entries needed at July 31, 2019

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

[$32,000*12%-($32,000*12%*11/12)]

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

5 0

3 years ago

Why is it necessary for us to have knowledge and professional education? show the relationship between education and professiona

Dominik [7]

Answer:

In terms of knowledge, it is more important because you have to be knowledgeable to handle situation. Whereas, professional education help you in think big and broad not shallow, in order to be an hero to over situations in life. THE relationship between them is to be professional and your have to be knowledgeable.

5 0

3 years ago