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loris [4]
3 years ago
7

Sandra has two credit cards, P and Q. Card P has a balance of $726.19 and an interest rate of 10.19%, compounded semiannually. C

ard Q has a balance of $855.20 and an interest rate of 8.63%, compounded monthly. Assuming that Sandra makes no purchases and no payments with either card, after four years, which card’s balance will have increased by more, and how much greater will that increase be?
a. Card Q’s balance increased by $7.22 more than Card P’s balance.
b. Card Q’s balance increased by $6.69 more than Card P’s balance.
c. Card P’s balance increased by $3.43 more than Card Q’s balance.
d. Card P’s balance increased by $0.80 more than Card Q’s balance.
Business
2 answers:
Elan Coil [88]3 years ago
5 0
First, convert interest to the effective annual interest rate using this formula:

(1 + i/m)^m - 1, where m = 2 for semiannual and m = 12 for monthly. Then, use this formula to find the future worth:

F = P(1+i)^n, where P is $726.19 and <span>$855.20, respectively, for Card P and Q. n is equal to 4.

Card P: F = 1080.704
Card Q: F = 1206.284

Then, find the amount decrease by subtracting F - P.

Card P: F - P = $354.514
Card Q: F - P = $351.084

The difference between the two is $3.43. Thus, the answer is C.</span>
dalvyx [7]3 years ago
5 0

the correct answer is C. Card P’s balance increased by $3.43 more than Card Q’s balance.

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Due to scarce resources, every individual, whether rich or poor, faces an opportunity cost when choosing to produce or consume more of one good over another.

<h3>What is the problem with scarce resources?</h3>

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The value of the best option foregone is the opportunity cost of a decision. The state of not being able to obtain all the commodities and services one desires is known as scarcity. It exists because there are more commodities and services that people demand than can be produced with all of the available resources.

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iVinArrow [24]

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Option D. $10,000 is the correct answer.

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Journal Entry for pension expenses:

Pension Expense                                  $10,000

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3 years ago
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