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3 years ago

15

He earned a salary of $80,000 last year and sold stocks for $5,000. Which of the following types of income did Padraig have?

1 answer:

PSYCHO15rus [73]3 years ago

3 0

Answer:

Step-by-step explanation:

There are 3 main types of income one can generate. They are termed as the earned income, the passive income and the capital gains income. Earned income is the compensation you get from working or offering a service. Passive income is the type of income you generate from what you own or your assets. Lastly, Capital gains income, also called "portfolio income", is the money generated from selling investments at a much higher price. Padraig have two type of income here. He had earned income by receiving the $80000 salary and he had capital gains income for selling stocks for $5000.

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Answer:

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Step-by-step explanation:

Here we are required to use the Compound interest formula for finding the Amount at the end of 9th year

The formula is given as

$A=P(1+\frac{r}{n})^{tn}$

Where ,

A is the final amount

P is the initial amount = $200

r is the rate of interest = 5% annual = 0.05

n is the frequency of compounding in a year ( Here it is compounding monthly) = 12

t is the time period = 9

Now we substitute all these values in the formula and solve for A

$A=200(1+\frac{0.05}{12})^{9\times 12}$

$A=200(1+0.00416)^{108}$

$A=200(1.00416)^{108}$

$A=200 \times 1.556$

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Hence the amount after 9 years will be $311.20

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