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defon
3 years ago
15

Find the final amount of money in an account if $ 8 , 000 is deposited at 5 % interest compounded semi-annually and the money is

left for 9 years.
Business
1 answer:
Vika [28.1K]3 years ago
5 0

Answer: $12477.27

Explanation:

The formula to find the compound amount after t years (compounded semiannually) :-

A=P(1+\dfrac{r}{2})^{2t}

Given : Principal amount : P = $ 8,000

Rate of interest : r=0.05

Time : 9 years

Now, A=8000(1+\dfrac{0.05}{2})^{2\times9}

A=8000(1+0.025)^{18}=12477.2697417\approx\$12477.27

The final amount in the account will be $12477.27

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3 years ago
On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare J
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Oct 31

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Cr Notes receivable—R. Albany $7,000

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2 years ago
Ed's Print Shop received an invoice dated May 10 for $2,500 with terms 3/10, 1/15, n/60. On May 22, Ed's Print Shop sent a parti
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Amount to be credited = $2,020

Outstanding balance = $480

Explanation:

The payment terms state that

  • 3% discount may be taken within 10 days of the invoice date (up to May 20); or  
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  • The net amount is due within 60 days of the invoice date if advantage is not taken of the cash discounts offered.
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3 0
3 years ago
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