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mr Goodwill [35]
3 years ago
11

Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee de

posits an additional $40,000 at 9% interest compounded semiannually. At the end of 6 years, what is the balance in Lee’s account?
Business
1 answer:
zhuklara [117]3 years ago
6 0

Answer:

Total sum at te end of 6 years=$ 73,138.97

Explanation:

<em>The total sum in Lee's account at the end of year would be determined as follows:</em>

FV= A × (1+r)^n

FV- Future sum?,

A- deposit amount ,

r- interest rate - 9%/2 = 4.5% per 6 months

n- number of years is 6

First deposit for  6 years

FV =  15,000× 1.045^(2×6)

 =  $25,438.22

Last 40,000 for 2 years

FV = 40,000 1.045^(2×2)

   =47,700.74403

Total sum at the end of 6 years

= $25,438.22 + $47,700.74

=$ 73,138.97

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The Fair Labor Standards Act was established in 1938.

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What are the advantages and disadvantages of using a credit card?
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3 0
3 years ago
Read 2 more answers
Swifty Corporation incurs the following costs to produce 9900 units of a subcomponent:
MrMuchimi

Answer:

The net income will increase by $6,712 if the subcomponent is purchased.

Explanation:

Giving the following information:

Swifty Corporation incurs the following costs to produce 9900 units of a subcomponent:

Direct materials $8316

Direct labor 11187

Variable overhead 12474

Fixed overhead 16200

Total cost= $48,177

An outside supplier has offered to sell Swifty the subcomponent for $2.85 a unit.

Swifty could avoid $3000 of fixed overhead by accepting the offer.

We need to calculate the total cost of buying the subcomponent:

Buy:

Total cost= 9,900*2.85 + (16,200 - 3,000)= $41,415

The net income will increase by $6,712 if the subcomponent is purchased.

8 0
3 years ago
There were a total of 90 people in the households, 10 of the people were children under 16, 10 of the people were retired but st
Vlad1618 [11]

Answer:

The unemployment rate is 42.85.

Explanation:

The formula to calculate the unemployment rate is:

Unemployment Rate = (Unemployed People / Total Labor) x 100 -- (1)

where total labor is the sum of the unemployed people and employed people.

Unemployed People = 10 Retired persons + 5 stay-at home parents + 10 persons with no job + 5 persons who wanted job

Unemployed People = 30

Labor Force = Employed people + Unemployed people

Labor Force = 40 + 30

Labor Force = 70

Putting the values in equation 1,

Unemployment Rate = ( 30/ 70) x 100

Unemployment Rate = 42.85

7 0
3 years ago
Falcon Co. produces a single product. Its normal selling price is $26 per unit. The variable costs are $16 per unit. Fixed costs
xxTIMURxx [149]

Answer:

Effect on income= $10,290 increase

Explanation:

Giving the following information:

Falcon can handle the special order, and for this order, a variable selling cost of <u>$2 per unit would be eliminated.</u>

<u>Because it is a special order that would not affect current sales, we won't take into consideration the fixed costs.</u>

<u></u>

<u>To calculate the effect on income, we need to use the following formula:</u>

Effect on income= Number of units sold*unitary contribution margin

Effect on income= 1,470*(21 - 14)

Effect on income= $10,290 increase

6 0
2 years ago
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