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umka2103 [35]
3 years ago
8

First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest

compounded annually. If you made a $54,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?
Business
1 answer:
stiv31 [10]3 years ago
5 0

Answer:

You will have $10,306 more

Explanation:

In this question, we are asked to calculate the difference in the amount of money we will earn if the same deposit amount is made in two different banks with different interest payment scheme

Firstly, Calculate the amount in the account as follows:

Future value = Interest + Amount = (Am ount x Period x Rate) + Amount = ($54,000 x 10 x 6%) + $54, 000 = $32,400 + $54,000 = $86,400

Therefore, the future value is

$86,400

Now, we calculate the amount by using the compounding as follows:

Future value = Amount x (1+ Rate)^n =

$54,000 * (1+0.06)^10

= $54,000 * 1.791 = $96,706

Therefore, the compound future value is

$96,706

The difference in amount is calculated as follows:

Difference in amount = $96,706 - $86,400 = $10,306

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What is the best hot water system to buy in Canberra?
statuscvo [17]

The best hot water system to buy in Canberra is <u>Dux</u>.

However, there are also other hot water systems which are considered good to use too. These include the following:

  • Thermann.
  • Rinnai.
  • AquaMAX.
  • Solahart.
  • Bosch.

<h3>What is hot water system?</h3>

A heating system simply refers to a heat-conveying medium used to produce hot water.

It usually consists basically of water-heating or -cooling means and of heat-emitting medium

Some of the properties of water are outlined below;

  • Water is polar
  • Water is an excellent solvent.
  • Water has high heat capacity.
  • Water has high heat of vaporization
  • Water has cohesive and adhesive properties
  • Water is less dense as a solid than as a liquid.

So therefore, the e best hot water system to buy in Canberra is Dux and the general properties of water are are its polarity, cohesion, adhesion, surface tension, high specific heat, and evaporative cooling.

Learn more about hot water system:

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6 0
1 year ago
Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $54,000 and $2,400, r
MakcuM [25]

Answer:

Allegheny will report $5,800 as Uncollectible Accounts Expense on its Year 2 income statement.

Explanation:

Bad debt Expense will be calculated using the percentage of debt loss. The expense will be calculated using the account receivable balance.

Allowance for Doubtful Accounts is estimated as $4,000 for year 2

Before Adjustment year 2

Allowance for Doubtful Accounts Balance = $2,400 credit - $4,200 = $1,800 debit

Account receivable balance = $54,000 - $4,200 = $49,800

As Allowance for Doubtful Accounts already have debit balance of $1,800, we need to adjust the remainder to make the closing balance of Allowance for Doubtful Accounts $4,000 at the year end.

Adjustment Value = $4,000 + $1,800 = $5,800

7 0
3 years ago
Read 2 more answers
Explain how growing personal income is related to economic conditions.
NISA [10]

Answer:

see below

Explanation:

Personal income is the total earning an individual gets from wages, investments, bonuses, dividends, profits, or other ventures.  It is the sum of a household income. Personal income is calculated per period, usually one year.

Economic conditions refer to the prevailing state of a country or region's economy.  Economic conditions are ever-changing and are influenced by business cycles of expansions and contraction, government fiscal and monetary policies, macroeconomic factors, and global factors.  Governments and investor use indicators to tell the state of the economy

Economic conditions impact people's and business income. Government policies and global economics influence the level of economic activities. The expansion period has increased economic activities are leading to increased incomes. At contraction, business activities decline, resulting in reduced income.

7 0
2 years ago
Using a cost chart, estimate the current purchased cost of a cast-steel centrifugal pump that requires 100 kW of power. What is
Levart [38]

Answer:

$94,500

Explanation:

Given the attached chart and table, we have

Purchased cost of cast-steel centrifugal pump that requires 100kw of power = $45,000

Cost if pump is made of 316 stainless steel = 2.1 * 45,000 = $94,500

Note: see the attached images.

Hope this helps!

5 0
3 years ago
This cartoon can be read and enjoyed on several levels. Which statement best captures the economic message of
makvit [3.9K]

Answer:

The correct statement lies in option C.

Monopolies negatively affect consumers.

Explanation:

  • The statement that best captures the economic message of the cartoon is that monopolies negatively affect consumers.
  • When a specific enterprise or person is the only supplier in the market, it is called monopoly.
  • Monopoly can result to higher prices of the good, also known as price taker as there is no other enterprise which can supply the same good.
  • Here, Santa Claus is the monopoly as he is the only supplier of gifts in Christmas so he gets sloppy and result in low output in his work.
5 0
3 years ago
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