From the ledger balances below, prepare a trial balance for Cullumber Company at June 30, 2017. All account balances are normal.
1 answer:
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The compound interest formula is: 
Where:
A is the amount you will have.
P is the money you are investing.
r: is the interest rate (in decimals)
n: number of times the interest is compounded per year
t: time (in years)
The first thing is converting the rate from percentage to decimal:
Since the interest is compounded every month and a year has 12 months n=12.
Now we can replace the values in our formula:
We can simplify the exponents to get:
Finally, we can use our calculator to get 288463.33
After 18 your balance in your bank account will be $288463.33
Where:
A is the amount you will have.
P is the money you are investing.
r: is the interest rate (in decimals)
n: number of times the interest is compounded per year
t: time (in years)
The first thing is converting the rate from percentage to decimal:
Since the interest is compounded every month and a year has 12 months n=12.
Now we can replace the values in our formula:
We can simplify the exponents to get:
Finally, we can use our calculator to get 288463.33
After 18 your balance in your bank account will be $288463.33
Answer:
The formula for each month is described below:
January +(B2*31*C2)+(B2*$A$12)
February +(B2*29*C2)+(B2*$A$12)
March +(B2*31*C2)+(B2*$A$12)
April +(B4*30*C4)+(B4*$A$12)
May +(B3*31*C3)+(B3*$A$12)
Explanation:
The formula matches the requirements for each individual month as number of days change accordingly and $A$12 determines the fixed transport cost the other variables are the number of boxes and the cost per box.
