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vlabodo [156]
3 years ago
13

Your credit card has a credit limit of $1,000. Your credit card company reviews your credit line every 6 months. They will not i

ncrease your credit line more than 10% each 6-month period. Assuming they increase your limit each 6-month period by 10%, how long will it take to increase your limit to $1,600?
Business
1 answer:
Mice21 [21]3 years ago
4 0

Answer:

2 years and 6 months

Explanation:

after 6months

     $1,000 x 10% = $100

     $1,000 + $100 = $1,100

after 1 year

     $1,100 x 10% = $110

     $1,100 + $110 = $1,210

after 1 year and 6 months

     $1,210 x 10% = $121

     $1,210 + $121 = $1,331

after 2 years

     $1,331 x 10% = $133.10

     $1,331 + $133.10 = $1,464.10

after 2 years and 6 months

     $1,464.10 x 10% = $146.41

     $1,464.10 + $146.41 = $1,610.51

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Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other heal
Diano4ka-milaya [45]

hospital indemnity

A supplemental insurance policy called hospital indemnity coverage is created to cover expenses associated with hospital admittance that might not be reimbursed by other insurance. Workers who are admitted to a clinic or intensive care unit for a covered illness or injury are covered by the plan. Additionally, it is accessible to businesses with as little as two employees.

Since the majority of Americans don't have enough resources to pay for unforeseen medical costs, hospital indemnity coverage can be very useful.1 The plan provides cash directly to workers even if they don't have any out-of-pocket costs. The funds can be used for anything, including: medical copays, deductibles, and ongoing costs like rent, food, and utilities.

To know more about hospital indemnity refer to brainly.com/question/253119

#SPJ4

6 0
2 years ago
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ​ (lesbian/gay/bisexual/transgender
solmaris [256]

Answer:

The answer is: Cultural environment

Explanation:

Cultural environment is the set of values, behaviors, attitudes, customs and aspirations of people.  

They are continuously changing and evolving, for instance 100 years ago gays weren´t allowed to marry, in many places being gay was outlawed. All businesses should change their marketing strategies to reflect cultural changes. Imagine if the TV ads from the 1980s were still running today, many would be considered scandalous, misogynistic or sexist.

4 0
3 years ago
Dawn Swift discovered that 20 years​ ago, the average tuition for one year at an Ivy League school was​ $15,000. Today, the aver
KATRIN_1 [288]

Answer:

C. 7.18%

Explanation:

Formula for calculating growth rate

= (Current amount/initial amount) ^ 1/n - 1

Given that

Initial amount = 15000

Current amount = 60000

n = 20

Therefore,

Growth rate = (60000/15000)^1/20 - 1

= (4)^1/20 - 1

= 1.07177 - 1

= 0.07177

To percentage we multiply by 100

So,

= 0.07177 × 100

= 7.177%

Approximately

= 7.18%

7 0
3 years ago
Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $750 a
guapka [62]

Answer:

$150,450

Explanation:

With regards to the above, her assets are: checking account, savings account, Home, furniture and appliances, laptop, mutual fund, car and retirement account.

= $750 + $1,900 + $91,000 + $11,000 + $3,300 + $5,500 + $37,000

= $150,450

Therefore, the total value of her asset is $150,450

5 0
2 years ago
Palm Cay, Inc, plans to purchase a new metal stamping machine for use in its manufacturing process. After contacting the appropr
Irina-Kira [14]

Answer:

They purchase the machine from Vendor A.

Explanation:

This can be determined using the following 4 steps:

Step 1: Calculation of total cost of buying from Vendor A

Amount paid at the time of delivery = $40,000

Since the $50,000 will be paid at the end of each year, the present value of 5 years annual payment can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

Present value of 5 years annual payment = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

P = Monthly payment = $50,000

r = cost of funds = 8%, or 0.08

n = number of years = 5

Substitute the values into equation (1), we have:

Present value of 5 years annual payment = 50,000 * ((1 - (1 / (1 + 0.08))^5) / 0.08) = $199,635.50

Total cost of buying from Vendor A = Amount paid at the time of delivery + Present value of 5 years annual payment = $40,000 + $199,635.50 = $249,635.50

Step 2: Calculation of total cost of buying from Vendor B

Since the first $14,000 installment is due upon delivery, the present value of Forty- semi-annual payments can be calculated using the formula for calculating the present value of annuity due as follows:

Present value of Forty- semi-annual payments = P * ((1 - (1 / (1+r))^n) / r) * (1+r) .................................. (2)

Where ;

P = Semi-annual payment = $14,000

r = semi-annual cost of funds = Cost of funds / 2 = 8% / 2 = 4%, or 0.04

n = number of semiannuals = 40

Substituting the values into equation (2) above, we have:

Present value of Forty- semi-annual payments = $14,000 * ((1 - (1 / (1+0.04))^40) / 0.04) * (1+0.04) = $288,182.79

Therefre, we have:

Total cost of buying from Vendor B = Present value of Forty- semi-annual payments  = $288,182.79

Step 3: Calculation of total cost of buying from Vendor C

Note: See the attached excel file for the calculation of the total present value of the required year-end maintenance costs (in bold red color).

Full cash price = $225,000

Total present value of the required year-end maintenance costs = $52,946.21

Total cost of buying from Vendor C = Full cash price + Total present value of the required year-end maintenance costs = $225,000 + $52,946.21 = $277,946.21

Step 4: Decision

Total cost of buying from Vendor A = $249,635.50

Total cost of buying from Vendor B = $288,182.79

Total cost of buying from Vendor C = $277,946.21

Since the Total cost of buying from Vendor A which is $249,635.50 is the lowest, they purchase the machine from Vendor A.

Download xlsx
8 0
3 years ago
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