1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alja [10]
3 years ago
12

Suppose that $ 5 000 is invested at 3.9 % annual interest​ rate, compounded monthly. How much money will be in the account in​ (

A) 8 ​months? (B) 24 ​years?
Business
2 answers:
abruzzese [7]3 years ago
6 0

Answer:

A. $6,333.85

B.  $10,163.97

Explanation:

A= P (1+r/n)^nt

Where:

A     = final amount

P = initial principal balance

r = interest rate

n = number of times interest applied per time period

t = number of time periods elapsed

Therefore in 8 months

P = $5000

r = 3.9%

n = 1

t = 8 months

A= P (1+r/n)^nt = 5000 x (1+(0.03/1)^1 x 8 = $6,333.85

Therefore in 24 months

P = $5000

r = 3.9%

n = 1

t = 24 months

A= P (1+r/n)^nt = 5000 x (1+(0.03/1)^1 x 24 = $10,163.97

BlackZzzverrR [31]3 years ago
4 0

Answer:

(A) $5,131.5

(B) $12,729.5

Explanation:

The interest earned on the value of interest earned before is the compounded interest. Compounding is the reinvestment of the amount earned before and take return over it too.

As per given data

Invested amount = $5,000

Interest rate = 3.9%

Interest is compounded monthly

Monthly rate = 3.9% / 12 = 0.325%

Formula for the accumulated amount of investment

A = P ( 1 + r )^n

Accumulated Money when $5,000 is

(A) Invested for 8 months

A =  $5,000 ( 1 + 0.325% ) ^8

A = $5,131.5

(b) Invested for 24 years or 288 months (24 x 12)

A =  $5,000 ( 1 + 0.325% ) ^288

A = $12,729.5

You might be interested in
Highland Clothing purchased​ land, paying $ 92 comma 000 cash and signing a $ 300 comma 000 note payable. In​ addition, Highland
Tpy6a [65]

Answer:

The Journal entry is as follows:

Land A/c         Dr. $400,850

   To Cash A/c                               $100,850

   To Notes payable                      $300,000

(To record purchase of land with cash and notes payable)

Workings:

Purchase price of land = $392,000

Total cost of land:

= Purchase price of land + Property taxes + Title insurance + Removal of building

= $392,000 + $2,100 + $950 + $5,800

= $400,850

5 0
3 years ago
_____ asserted in an article in the Harvard Business Review that modern transportation and communications technologies are facil
Murrr4er [49]

Answer:

Theodore Levitt

Explanation:

Theodore Levitt was an American economist and professor at the prestigious Harvard Business School (Cambridge, Massachusetts). Also editor of the economic magazine Harvard Business Review (HBR) where they published their articles. It marked a milestone in creating the concept of "globalization" focused on an economic point of view, specifically in its article "Globalization of Markets" was where he referred to it for the first time, thanks to what became very popular and joined the currents of economist thinking.

5 0
2 years ago
Explain whether you agree or disagree with the following statement.
butalik [34]

Answer: AGREE

Explanation:

A Monopoly faces no competition and are the only sellers of the product they sell. If firms in an industry successfully engage in collusion, the resultant effect will definitely be not unlike a Monopoly because they will set prices as a single firm, control output as a single firm and essentially run the market as a single firm.

They will sell at a rate where the Marginal Revenue curve will be below the demand curve. This will mean a higher price than a competitive market which was probably the main incentive for collusion.

A recent example would be the collusion between BMW, Daimler and Volkswagen, to hinder technological progress in improving the quality of vehicle emissions in order to reduce the cost of production and maximize profits. Thankfully this was busted by the European Commission in 2019.

7 0
3 years ago
"The nature and purpose of the public sector result in a unique organizational characteristics". Discuss
alex41 [277]

The correct answer to this open question is the following.

Although the question is incomplete because it does not provide the location, country, or any other further reference, we can say the following.

The nature and purpose of the public sector result in unique organizational characteristics, basically in the formation of bureaucracies that are a form of governmental and administrative organizations with many employees and hierarchies that more that improve management and operations, complicate it and make it slow due to the fact that the number of people working is numerous.

Experts say that this is not the more efficient and effective form of managing governmental offices. On the contrary, it is slow and inefficient.

3 0
3 years ago
Tim is trying to compute how many salespeople his business needs for the upcoming year. He wants his salesforce to call on each
Vinvika [58]

Answer:

Tim's business should have 50 sales person

Explanation:

Number of customers = 1,000 customers

Call frequesncy to each = 50 times

Average Length of call = 2 hours

Average sales persons time = 2,000 hours per year

Total Time  = Customers x Average time per call x Call frequesncy

Total Time  = 1,000 x 2 x 50 = 100,000 hours per year

Number of Sales people required = Total time / Average time per sales person = 100,000 / 2,000 = 50 sales person

4 0
3 years ago
Read 2 more answers
Other questions:
  • why is it important to look at external sources of information when exploring product and service information​
    15·1 answer
  • You have just determined the actual number of workstations that will be used on an assembly line to be 8 using the assembly-line
    11·1 answer
  • By offering a menu of policies with different premiums and deductibles, insurance companies can _____ their customers; for examp
    8·1 answer
  • Sales decline in the decline stage of the PLC because of technological advances, shifts in consumer tastes and preferences, and
    9·1 answer
  • L Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beg
    5·1 answer
  • Question 21 (3.333333333 points)
    8·1 answer
  • If the federal reserve lowers the federal funds rate, what will happen to bank savings account?
    10·1 answer
  • Christine manages a car wash. The owner of the car wash thinks they could be making bigger profits. Christine looks for ways to
    13·1 answer
  • What are the name of the 7 contents
    11·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!