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Klio2033 [76]
3 years ago
13

Your grandmother put some money in an account for you on the day you were born. This account pays 8% interest per year. On your

21st birthday the account balance was $5033.83. The amount of money that your grandmother originally put in the account is closest to: A) $600. B) $800. C) $1000. D) $1200.
Business
1 answer:
Alex777 [14]3 years ago
4 0

Answer:

C. $1,000

Explanation:

The computation amount is shown below:-

Interest rate per period = Interest rate per annum ÷ Number of compounding per annum

= $8.00 ÷ 1

= 8%

Number of periods = Number of years × Number of compounding per annum

= 21 × 1

= 21

Present value = Future value × (1 ÷ (1 + rate of interest)^number of years)

= $5033.83 × (1 ÷ (1 + 8%)^21)

= $5033.83 × (1 ÷ (1.08)^21

= $5033.83 × (1 ÷ 5.033833715 )

= $5033.83 × 0.198655748

= 0.999999262

= $1,000

Therefore for computing the present value we simply applied the above formula.

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a. $30,500

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4 0
4 years ago
Which of these is NOT a federal spending category?
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Answer:

Contractionary

Explanation:

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3 years ago
Marta the public relations manager of a local library is meeting with the news media regarding a new reading
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<h3>What is the role of a spokesperson?</h3>

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7 0
2 years ago
Combs Co. is planning to sell 400 hair dryers and produce 380 hair dryers during March. Combs uses 500 grams of plastic and one-
Sholpan [36]

Answer:

Budgeted labour cost =$8,550

Explanation:

Labour budgeted is prepared using the production budget data. This is simply because the budgeted labour hour is a function of the budgeted production units.

Budgeted labour hours = Production budget × standard hours per unit

                                    =  380 × 1.5 hours=570

Budgeted labour cost= Budgeted labour hours × Standard labour rate

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Budgeted labour cost =$8,550

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3 years ago
XYZ Corp. recorded service revenues of $150,000 in 2016, of which $80,000 were on credit and $70,000 were for cash. Moreover, of
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Answer: $75,000

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Net cash inflow = Cash inflow - Cash outflow

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