<span>You are given Nigel's current balance of $668.47 in an account he has held for 15 years. Also you are given an initial deposit of $497. You are asked to find the simple interest rate on the account. You will use the simple interest formula, F = P(1 + rn) were F is the current balance, P is the principal amount deposited, r is the rate and n is the number of years.
</span>F = P(1 + rn)
668.47 = 497(1 + r(15))
r = 0.023 or 2.3%
Answer: Yes, they could save about $5 less per month and still have enough money.
Explanation: Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur’s family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?
Yes they could save $75 and still have enough money to pay for one year at the college when he is 18.
Workings=
12( months) x 5 (years)= 60 months
If the family save $75 monthly for 5 years
$75 x 60 (months)= $4500
At the end of the family 5 years savings, they would be having a total of $4500 which would be more than enough to pay for the expected cost of one year at the college when he is 18.
Answer:
An adjustment to retained earnings is necessary when when there is a change from LIFO to FIFO.
Calculating the effect on retained earnings:
- In the year 1 company followed LIFO and recorded ending inventory at $177500. Had it followed FIFO it would have recorded at $195000. So there would be increase in income of $17500 (195000 - 177500).
- In year 2 it followed LIFO and recorded opening inventory at $177500 and closing inventory at $355000 and thereby recording Net closing stock of $177500 (355000 - 177500). Had it followed FIFO it would have recorded a net stock of $195000.(390000-195000). So there would be increase in income by of $17500 (195000 - 177500).
So in total of 2 years there would be an increase of $35000 Net income i.e., Retained earnings and increase in stock value of $35000.
The journal entry is:
Inventory A/c Dr $35,000
To Retained earnings A/c $35,000
Explanation:
Answer:
A. People creating different governments around the world
Explanation:
economics looks at how the world’s resources are used by and distributed among individuals and organizations.
Answer:
tax (5.0%) $___
State income tax (5.6%)
Minus total withholding -$___
Biweekly net pay
Explanation:
and had begun a five year apprenticeship as a machinist. His starting wage ... brainly.com/question/25586250
