Answer:
Total amount at the end of 4 years = $135.16
Explanation:
A simple interest account pays interest on only the sum deposited at an annual rate for a specified period of time without compounding or adding the interest earned in a particular period in the calculation of interest earning for the next period. Thus, if 1000 is invested and interest s earned at 10% then the interest earned will remain constant for every period the money is still deposited in the account.
The formula to calculate interest under simple interest method is,
Interest = Principal * Annual Rate * Time in years
Total Interest earned = 109 * 6% * 4
Total interest earned = 26.16
Total amount at the end of 4 years = Principal + Interest
Total amount at the end of 4 years = 109 + 26.16
Total amount at the end of 4 years = $135.16
<span>To find the compound interest of an investment you have to use this formula, A = P(1 + r/n)^nt, where A is the total amount you have after the investment period, P is the amount you invest or the amount you put in, r is the rate of the of the compound interest in this case 10%, n is the amount of time the interest will be compounded for example, 4 months a year(quarterly) or 6 months a year(semi annually), and t is the amount of time you invest in years.
So in this case you are going to substitute everything in the formula with their given value. So P = $700, r = 10%, n = 21 (because it is the number of months we invest for), and t = 2 years (because 21 months fit perfectly in 2 years, and t must always be in years). The resulting formula will be A = $700(1 + 0.1/21)^(21 x 2), which will give you an answer of $855 rounded to the nearest dollar.</span>
Answer:
Mayhem is a character used and created by Leo Burnett for advertising Allstate insurance. Leo Burnett depicted the character as Mr. Mayhem where he particularly compared him with another character from a 1992 movie Reservoir Dogs, Mr. White. He associated the insurance policy with the Mayhem character so people can easily identified and recognized it and start feeling certain attachment with it as well, and he was quite successful too. So this is the linkage and connection between Mayhem and insurance.
Answer:
Amount after 7 years will be equal to $914.615
Explanation:
We have given initial investment P = $650
It is given it is compounded annually with rate 5%
So rate of interest r = 5%
Time period is given n = 7 years
We have to find the amount after 7 years
Future value is given by , here A is future value P is initial investment r is rate of interest and n is time period
So
So the amount after 7 years will be $914.615
Answer:
Uncollectible Accounts = $9,950
Explanation:
Uncollectible Accounts in :
Not yet due = $30,000 * 4% = $1,200
1-60 days = $15,000 * 25% = $3,750
more than 60 days due = $10,000 * 50% = $5,000
Total = $9,950