Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. The certificate worth 10 years is $14,555.17.
<h3>What do you mean by deposit?</h3>
- A deposit is the act of giving money (or money equivalents) to an organization, most frequently a bank or other financial institution.
- The deposit is a credit for the party that made it (individually or as a group), and it can be refunded (withdrawn) in line with the conditions set forth at the time of deposit, transferred to another party, or applied to a future purchase.
- The primary source of funding for banks typically deposits.
<h3>What is the interest rate?</h3>
- The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum).
- The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
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Taxes levied on the sale, manufacture or use of specific items such as liquor, cigarettes, and gasoline are known as <u>selective sales taxes</u>, as well as <u>excise taxes.</u>
So, there aren't taxes on a whole bunch of products, but rather on a selected few, which (in the case of alcohol and cigarettes) are considered detrimental to the society and thus people who want to use them have to pay a little bit more in order to have that commodity.
B. A service to automatically transfer funds from a linked account to cover purchases, prevent returned checks and declines items when you don't have enough money in your checking account at the time of the transaction.
A typical housing lease could ask for all of the above. Tenants are expected to keep up the property and repair any damages, if not the cost of the repairs will be taken from the security deposit. Some leases require renter's insurance to protect against loss and most leases will have a clause stating you must avoid illegal activities on the property.
Answer:
The I.T. payable for 2016 is $35,000
Explanation:
Use the following formula to calculate the IT payable for 2016
IT payable = Tax on Income - DTA balance
Where
Tax on Income = Income x Tax rate = $200,000 x 35% = $70,000
DTA balance = $35,000
Placing values in the formula
IT payable = $70,000 - $35,000
IT payable = $35,000
