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leva [86]
3 years ago
12

Mary makes monthly deposits of $450 at the end of each month over 25 consecutive years to support her retirement. If the account

earns an interest rate of 7.5%, which amount comes closest to the value of the deposits at the end?
a. $120,938
b. $343,343
c. $382,667
d. $394,767
e. $367,100

Business
1 answer:
Arte-miy333 [17]3 years ago
8 0

Answer:

d. $394,767

Explanation:

For computing the amount of deposit at the end we need to apply the future value formula i.e to be shown in the attachment

Given that,  

Present value = $0

Rate of interest = 7.5% ÷ 12 months = 0.625%

NPER = 25 years × 12 months = 300 months  

PMT = $450

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after applying the above formula, the future value is $394,767

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3 years ago
Which of the following is a pair of events which are mutually exclusive?
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Answer:

C. Sleeping in late and waking up early.

Explanation:

Two or more events are said to be mutually exclusive if and only if they can't happen at the same time.

Going with the above brief analysis, we.can easily say which of the pair of events is not mutually exclusive.

1. Rolling a 4 on a six-sided die and on a four-sided die

It's 100% possible to have an outcome of 4 when a 4 sided die and when a 6 sided die are rolled, whether at the same time or on different occasions. So, this pair of events are not mutually exclusive

2. Making rice and making corn

This pair of events are not mutually exclusive because it's possible to make rice and corn at the same time either together as a meal or separately using different cooking utensils

3. Sleeping in late and waking up early

This pair of events are mutually exclusive. This is so because literally, it's not possible to sleep late and wake up early at the same time.

You sleep early to wake early and you sleep late to wake late.

4. Going to work and riding the bus.

This pair of events are not mutually exclusive because they can occur at the same time when you go to work a bus.

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4 0
3 years ago
Se the following account balances from the adjusted trial balance of Gees Catering:
S_A_V [24]

Answer:

The amount that Gees Consulting would report as the ending balance in the R. Gees, Capital account at the end of the year is $8,000

Explanation:

For computing the ending balance of capital account, first, we have to compute the net income or loss which is shown below:

Net income/loss = Fees revenue - salary expense - rent expense - supplies expense

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= ($19,000)

Now the ending balance would be

= Opening capital - net loss -  drawings

= $18,000 - $9,000 - $1,000

= $8,000

8 0
3 years ago
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