1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anastasy [175]
3 years ago
8

If $15,000 is deposited in an account paying 1.5% interest per year, compounded continuously, how long will it take for the bala

nce to reach $20,000?
Business
1 answer:
Crank3 years ago
4 0

Answer:

so time require is 19.01 year

Explanation:

given data

deposited = $15,000

interest per year = 1.5% = 0.015

future value = $20,000

solution

we apply here compounded continuously formula that is

future value =  principal × e^{rt}   ...................1

put here value and we get

$20,000 = $15,000  × e^{0.015t}

e^{0.015t} = 1.33

take ln both side

0.015 t = ln ( 1.33)

t = 19.0119 year

You might be interested in
Wolfe Company had the following beginning inventory and purchases during 2018 Date Transaction Number of units Unit Cost 1/1 Beg
forsale [732]

Answer:

Wolfe Company

The amount of:

                                      LIFO         FIFO    Weighted Average

Ending inventory      $50,500    $65,100        $58,005

Cost of goods sold  $113,200   $98,600       $105,698

Explanation:

a) Data and Calculations:

Date Transaction             Number of units   Unit Cost   Cost Value

1/1     Beginning inventory             2,000        $22.00    $44,000

4/12  Purchase No. 1                      2,300        $26.00      59,800

7/11   Purchase No. 2                        800        $28.00      22,400

10/5 Purchase No. 3                      1,250        $30.00      37,500

Total inventory available              6,350                       $163,700

Wolfe sold                                      4,100

Ending Inventory                          2,250

LIFO

Ending Inventory = $50,500 (250 * $26 + 2,000 * $22)

Cost of goods sold:

4/12  Purchase No. 1                      2,050        $26.00      53,300

7/11   Purchase No. 2                        800        $28.00      22,400

10/5 Purchase No. 3                      1,250        $30.00      37,500

Total cost of goods sold =            4,100                        $113,200

FIFO:

Ending Inventory = Cost of goods available for sale - Cost of goods sold

= $65,100 ($163,700 - $98,600)

Cost of goods sold:

1/1     Beginning inventory             2,000        $22.00    $44,000

4/12  Purchase No. 1                      2,100        $26.00        54,600

Total cost of goods sold = $98,600

Weighted average:

Weighted average cost = $25.78 ($163,700/6,350)

Ending inventory = $58,005 (2,250 * $25.78)

Cost of goods sold = $105,698 (4,100 * $25.78)

4 0
3 years ago
Suppose the benefit of owning a painting, in terms of your personal enjoyment, is worth 5% of the value of the painting. If the
Julli [10]

Answer:

7%

Explanation:

It would grow by 7% each year which is the rate of return on stocks

4 0
3 years ago
Which of the following identifies the portion of.people in the United States working in agribusiness
trasher [3.6K]

Answer: it would be about one fourth

Explanation:

7 0
3 years ago
What is the meaning or moral standard?
erik [133]

Answer:

A moral standard refers to the norms which we have about the types of actions which we believe to be morally acceptable and morally unacceptable. Specifically, moral standards deal with matters which can either seriously harm or seriously benefit human beings.

Explanation:

may this answer is helpful for you

6 0
2 years ago
An upcoming convention has secured 300 rooms at $140 per room for Friday night. The rack rate for Friday night is $250 per room
m_a_m_a [10]

Answer:

$67,000

Explanation:

The total revenue will be income from the 300 rooms and that from 100 rooms

=(300 x $140) + ($100 x 250)

=$42,000 +$25,000

=$67,000

6 0
3 years ago
Other questions:
  • Ideally, capital budgeting analysis should take cash flows into account . Understanding the nature of projects Capital budgeting
    15·1 answer
  • Which of the following actions would improve your credit score?
    5·1 answer
  • If during the signing appointment the borrower divulges that the property being financed is an investment property, while the lo
    13·1 answer
  • If a borrower provides collateral and fails to repay the loan,
    5·2 answers
  • Use the following information to prepare the September cash budget for PTO Co. The following information relates to expected cas
    10·1 answer
  • In your research project on tourism, you must collect data before the tourist season ends because the project requires interview
    11·2 answers
  • How to calculate APS?
    11·1 answer
  • Pina Corporation factors $268,100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen
    11·1 answer
  • Margaret sells hand-knit scarves at a flea market. Each scarf sells for $25. Margaret pays $30 to rent a vending space for one d
    14·1 answer
  • The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Salaries:
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!