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STatiana [176]
3 years ago
13

Judith puts $5000 into an investment account with interest compounded continuously. which approximate annual rate is needed for

the account to grow to $9110 after 30 years?
Business
1 answer:
Oxana [17]3 years ago
3 0
In the question, continuously should be annually.

Solution:
Applicable formula is;
A = P(1+r)^n

Where;
A = Total amount after 30 years = $9,110
P = Amount invested = $5,000
r = Annual interest rate in decimals
n = Number of years = 30

Substituting;
9110 = 5000(1+r)^30
9110/5000 = (1+r)^30
1.822 = (1+r)^30
Taking natural logs on both sides;
ln (1.822) = 30 ln (1+r)
0.5999 = 30 ln (1+r)
0.5999/30 = ln (1+r)
0.019998 = ln (1+r)
Taking exponents on both sides
e^0.019998 = 1+r
1.0202 = 1+r
r = 1.0202 -1 = 0.0202 =2.02%

Therefore, annual interest rate should be 2.02%.
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2 years ago
On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On J
icang [17]

Answer:

Current Liabilities:Notes Payable 250,000

Long-term Debt:Notes Payable 950,000

Explanation:

Calculation to Show how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet.

Hattie McDaniel Company

Partial Balance Sheet

December 31, 2017

CURRENT LIABILITIES

Notes Payable 250,000

($1,200,000-$950,000)

LONG-TERM DEBT

Notes Payable 950,000

Therefore how the $1,200,000 of short-term debt should be presented on the December 31, 2017, balance sheet is:

Current Liabilities:Notes Payable 250,000

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3 years ago
A profit center is evaluated by the rate of return earned on the investment allocated to the center. referred to as a loss cente
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Answer:

a responsibility center that incurs costs and generates revenues.

Explanation:

We know that

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After selling the product and incurred expenses, the amount which is left is shown as a profit. The remaining amount is termed as a profit that a firm has earned during a particular year.

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According to the american bar association, about ______ % of all divorces involve disagreements over money. question 2 options:
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3 years ago
1. Assume there are only two goods in the economy, french fries and onion rings. In 2013, 1,000,000 servings of french fries wer
xxMikexx [17]

Answer:

A. Nominal GDP in 2013  = $880,000

Nominal GDP in 2014 = $878,400

Real GDP in 2014 =  $864,000

B. An assessment of growth using nominal GDP would overstate growth due to the effect of inflation on 2014 prices. The real GDP was lower than the nominal GDP

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation

Nominal GDP in 2013 = ( 1,000,000 x $0.40 ) + ( 800,000 x $0.60) = $880,000

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Real GDP in 2014 =  ( $0.40 x 900,000 ) + ($0.60 x 840,000) = $864,000

An assessment of growth using nominal GDP would overstate growth due to the effect of inflation on 2014 prices. The real GDP was lower than the nominal GDP

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3 years ago
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