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nalin [4]
3 years ago
10

Which of the following is NOT correct?Select one:a. Finance companies are not allowed to accept deposits.b. Finance companies ar

e supervised by ASIC.c. Building societies are supervised by APRA.d. Credit unions are not allowed to accept deposits from retail investors.
Business
1 answer:
pishuonlain [190]3 years ago
5 0

Answer:

The correct answer is (a) Finance companies are not allowed to accept deposits.

Explanation:

Solution

The financial companies are permitted to accept the public deposits through the issue of bonds for a specified period pf time and in return they have to pay the market interest rate to the investors. while these companies are supervised by the Australian Securities and Investments Commission (ASIC).

The credit unions are the cooperative bank produced by the large corporations or the bankers to issue the credit to their members and representatives only.

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Bruce borrowed $1,000 for his trip. If bruce waits for five years to begin paying back his loan, how much will he owe?.
adoni [48]

Answer:

$1,610.51

Explanation:

The complete question is

Bruce takes out a personal loan of $1,000 to go on a trip to Florida. His loan has an annual compound interest rate of 10%. The loan compounds once each year.  When you calculate Bruce's debt, be sure to use the formula for annual compound interest.

Bruce borrowed $1,000 for his trip.

If Bruce waits for five years to begin paying back his loan, how much will he owe?

we know that    

The compound interest formula is equal to  

 

where  

A is the Final amount owed  

P is the amount of money borrowed  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

 

substitute in the formula above  

 

 

 

3 0
3 years ago
If the company also has $1,000 of petty cash on hand (recorded in a separate account), what total amount should the company repo
vredina [299]

Answer:

Explanation: from the above question, the total of cash and cash equivalent to be recorded in the balance sheet includes all cash balances in the bank and cash balance in the petty cash account.

From the above question, the cash and cash equivalent balance as at April 30 is $1,000 plus all bank balances as at that date.

4 0
3 years ago
Bond X is a premium bond making semiannual payments. The bond has a coupon rate of 7.5 percent, a YTM of 6 percent, and 13 years
bija089 [108]

Answer:

a. What are the prices of these bonds today?

price of bond X:

0.03 = {37.5 + [(1,000 - MV)/26]} /  [(1,000 + MV)/2]

0.03 x [(1,000 + MV)/2] = 37.5 + [(1,000 - MV)/26]

0.03 x (500 + 0.5MV) = 37.5 + 38.46 - 0.03846MV

15 + 0.015MV = 75.96 - 0.03846MV

0.05346MV = 60.96

MV = 60.96 / 0.05346 = $1,140.29

price of bond Y:

0.0375 = {30 + [(1,000 - MV)/26]} /  [(1,000 + MV)/2]

0.0375 x [(1,000 + MV)/2] = 30 + [(1,000 - MV)/26]

0.0375 x (500 + 0.5MV) = 30 + 38.46 - 0.03846MV

18.75 + 0.01875MV = 68.46 - 0.03846MV

0.05721MV = 49.71

MV = 49.71 / 0.05721 = $868.90

b. What do you expect the prices of these bonds to be in one year?

price of bond X:

0.03 = {37.5 + [(1,000 - MV)/24]} /  [(1,000 + MV)/2]

0.03 x [(1,000 + MV)/2] = 37.5 + [(1,000 - MV)/24]

0.03 x (500 + 0.5MV) = 37.5 + 41.67 - 0.04167MV

15 + 0.015MV = 79.17 - 0.04167MV

0.05667MV = 64.17/0.05667 = $1,132.29

price of bond Y:

0.0375 = {30 + [(1,000 - MV)/24]} /  [(1,000 + MV)/2]

0.0375 x [(1,000 + MV)/2] = 30 + [(1,000 - MV)/24]

0.0375 x (500 + 0.5MV) = 30 + 41.67 - 0.04167MV

18.75 + 0.01875MV = 71.67 - 0.04167MV

0.06042MV = 52.92

MV = 52.92 / 0.06042 = $875.87

c. What do you expect the prices of these bonds to be in three years?

price of bond X:

0.03 = {37.5 + [(1,000 - MV)/20]} /  [(1,000 + MV)/2]

0.03 x [(1,000 + MV)/2] = 37.5 + [(1,000 - MV)/20]

0.03 x (500 + 0.5MV) = 37.5 + 50 - 0.05MV

15 + 0.015MV = 87.5 - 0.05MV

0.065MV = 72.5

MV = 72.5 / 0.065 = $1,115.38

price of bond Y:

0.0375 = {30 + [(1,000 - MV)/20]} /  [(1,000 + MV)/2]

0.0375 x [(1,000 + MV)/2] = 30 + [(1,000 - MV)/20]

0.0375 x (500 + 0.5MV) = 30 + 50 - 0.05MV

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0.06875MV = 61.25

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d. What do you expect the prices of these bonds to be in eight years?

price of bond X:

0.03 = {37.5 + [(1,000 - MV)/10]} /  [(1,000 + MV)/2]

0.03 x [(1,000 + MV)/2] = 37.5 + [(1,000 - MV)/10]

0.03 x (500 + 0.5MV) = 37.5 + 100 - 0.1MV

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0.115MV = 122.5

MV = 122.5 / 0.115 = $1,065.22

price of bond Y:

0.0375 = {30 + [(1,000 - MV)/10]} /  [(1,000 + MV)/2]

0.0375 x [(1,000 + MV)/2] = 30 + [(1,000 - MV)/10]

0.0375 x (500 + 0.5MV) = 30 + 100 - 0.1MV

18.75 + 0.01875MV = 130 - 0.1MV

0.11875V = 111.25

MV = 111.25 / 0.11875 = $936.84

7 0
3 years ago
What is the change from a gaseous state to a liquid
Natasha_Volkova [10]

This change is called condensation.

4 0
3 years ago
Wendell Company provided the following pertaining to its recent year of operation:• Common stock with a $10,000 par value was
den301095 [7]

Answer:

Option (D) $27,000

Explanation:

Data provided in the question:

Cash dividends declared = $20,000

Dividends paid = $15,000

Net income = $70,000

Market value of the stock dividend = $23,000

Treasury stock = $9,000

Selling cost of the treasury stock = $7,000

Now,

Retained earnings increase during the recent year of operation will be

= Net income - Cash dividends declared - Market value of the stock dividend

= $70,000 -  $20,000 - $23,000

= $27,000

Hence,

Option (D) $27,000

3 0
3 years ago
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