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3 years ago

Luke invested $110 at 3% simple interest for a period of 6 years. How much will his investment be worth after 6 years?

Business

1 answer:

Finger [1]3 years ago

3 0

Answer:

investment after 6 years = $129.80

Explanation:

given data

invested = $110

simple interest = 3%

period = 6 years

to find out

How much will his investment be worth after 6 years

solution

first we get here interest that is express as

interest = invested amount × rate × time ..................1

interest = $110 × 3% × 6

interest = $19.8

and

investment after 6 years = invested amount + interest .................2

investment after 6 years = $110 + $19.8

investment after 6 years = $129.80

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Straight-line depreciation is the simplest depreciation method because it assumes assets lose value evenly throughout their live

Svetllana [295]

Answer:

Straight-Line Depreciation Method:

A five-year asset purchased for $100,000 with an expected residual value of $10,000 has an annual depreciation expense of 0.2 x ($100,000- $10,000)__$18,000_______ ' After each year, the depreciation expense reduces the depreciable basis (for example, after the first year, the depreciable basis is__$72,000____

Explanation:

a) Data and Calculations:

Asset's acquisition cost = $100,000

Residual value = $10,000

Useful life = 5 years

Depreciation rate = 20% (100/5)

Depreciable amount or basis = $90,000 ($100,000 - $10,000)

Depreciation expense for 1st year = 0.2 x ($100,000- $10,000) = $18,000

Depreciation basis after 1st year = $72,000 ($100,000 - $10,000 - $18,000)

b) The depreciation basis of a tangible long-term asset is the amount of the asset's cost that can be depreciated over its useful life. This amount is the acquisition cost of an asset, minus its estimated salvage value at the end of its useful life.

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3 years ago

What is the difference between a good and a service?

agasfer [191]

Good is when you want to help people by doing it service is your job to help people

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3 years ago

Imari Brown arrived at the following tax information:

elena-14-01-66 [18.8K]

Answer:

Total Taxable income $ 32,615

Explanation:

Gross salary $ 41,595

Adjustments (subtractions) to income $ 7,000

Standard deduction $ 12,000

Itemized deductions $ 14,350

Itemized Deductions are considered because they are higher than standard deductions.

Taxable income $ 20,245

Add business income $ 12,000

Interest earnings $ 255

Dividend income $ 115

Total Taxable income $ 32,615

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3 years ago

A new machine costing $1,800,000 cash and estimated to have a $60,000 salvage value was purchased on January 1. The machine is e

vredina [299]

Answer:

Results are below.

Explanation:

Giving the following formula:

Purchase price= $1,800,000

Salvage value= $60,000

Useful life= 8 years or 600,000 units

To calculate the annual depreciation using the units-of-production method, we need to use the following formula:

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= [(1,800,000 - 60,000) / 600,000]*70,000

Annual depreciation= $203,000

To calculate the annual depreciation using the double-declining balance, we need to use the following formula:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*[(1,800,000 - 60,000) / 8]

Annual depreciation= $435,000

Finally, the annual depreciation using the straight-line method:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (1,800,000 - 60,000) / 8

Annual depreciation= $217,500

6 0

3 years ago

According to Adam Smith, which of the following is necessary for the proper functioning of the market system?

nlexa [21]

Answer:

The correct answer is the option C: For markets to work, people must be free to pursue their self-interest.

Explanation:

To begin with, Adam Smith was a Scottish economist, philosopher and author known as ''The Father os Economics'' and whose works established the basics of today's economics.

To continue, in Smith's most known classic work, ''An Inquiry into the Nature and Causes of the Wealth of Nations'', he established the concept called the ''invisible hand'' that states that in order to the economy to work properly, the people must be free to pursue their self-interest products without no restrictions from the government.

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3 years ago