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3 years ago

Francie drives into Gage’s Auto Service and asks Hong, a Gage’s employee, to replace a tire on Francie’s car.

Business

1 answer:

nirvana33 [79]3 years ago

7 0

Answer:

Option B.

Explanation:

An executory contract is one in which unperformed obligations remain on both sides, or one where both parties in a contract have continuing obligations to perform. Therefore is a contract that is made by two parties in which the terms in the contract are to be fulfilled at a later date. The contract shows that both sides still have duties to perform before it will become executed.

For example, contracts for the sale of goods in which the goods have not been delivered by the seller and the buyer has not paid, are executory contracts.

Therefore, as we can see from the scenario above, the contract is executory because, although Hong has replaced the tire, Francie is yet to pay, therefore, Francie has not performed her pert in the contract, making it an executory contract.

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<h3>Solution:</h3>

Given:

Annual interest rate(r) is 5.5%

Principal is(P) $300

Tenure is(t) 10 years

On substituting the values in the formula $\rm A = P(1 + \dfrac{r}{100})^t$

The amount received after compounding at the end of 1 year will be:

$\rm A = 300(1 + \dfrac{5.5}{100})^1\\
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\\
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Similarly, the amount to be received after 2 years will be:

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The amount received after 10 years will be:

$316.5+316.5(1.055)+316.5(1.055)^2+.......$ upto 10 years

Therefore the summation that represents the money in account after 10 years is:

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