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Gnoma [55]
3 years ago
5

Suppose Eileen is an avid reader and buys only comic books. Eileen deposits $3,000 in a bank account that pays an annual nominal

interest rate of 5%. Assume this interest rate is fixed—that is, it won't change over time. At the time of her deposit, a comic book is priced at $10.00.
Required:
a. Initially, the purchasing power of Eleen's $3,000 deposit is __________ comic books.
Business
1 answer:
9966 [12]3 years ago
8 0

Answer:

300 comic books

Explanation:

<em>Purchasing power of money at any point in time is the quantity of goods and services that can be acquired using the stock of money at the prevailing price level.</em>

As at the time the $3000 money was deposited, the price per book stood at $10.

Purchasing power of $3000

= $3000/$10

= 300 comic books

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class Account {

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   balance += sum;

   return sum;  

 }

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   if (sum > balance) {  

     balance -= 5;

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 }

}

_______________________________

class Bank {

 Account checking;

 Account savings;  

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   if (account.equals("C")) checking.add(amount);  

   else // my default

     savings.add(amount);  

 }

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   if (account.equals("C")) checking.withdraw(amount);  

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 }

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   System.out.println(

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     "\nSavings: " + savings.inquire()

   );  

 }

}

8 0
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