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4 years ago

pam invested $4200 in a savings account with a yearly interest rate of 4% for 7 years. How much simple interest did she earn

Business

2 answers:

Rudiy274 years ago

4 0

Answer:

The answer is 1176

Explanation:

Dima020 [189]4 years ago

3 0

4% = 0.04 <----- multiplier.

$4200 * 0.04 = $168

7 years = $168 * 7
= $1176

Total Earnings = $4200 +$1176
= $5376

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Assume you deposit $5,000 at the end of each year into an account paying 9.5 percent interest. a. How much money will you have i

alekssr [168]

Answer: $242,567.27

Explanation:

The $5,000 is an annuity as it is being paid every year and is a constant amount.

The value in 19 years is the future value of this annuity:

Future value of annuity = Annuity * ( ( 1 + rate) ^ number of years - 1) / rate

= 5,000 * ( ( 1 + 9.5%)¹⁹ - 1) / 9.5%

= $242,567.27

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3 years ago

The ________ statement of a business report provides a clear description of the situation that created the need for the report.

Blababa [14]

Answer:

Problem statement

Explanation:

Problem statement - it is referred to as the statement that given the clear and crystal information about the current situations. it is considered a good source of analyzing the real situations about the ongoing project.

This statement describes the current situations between the current and desired aim of the projects. it expressed the problem in two or three statements.

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3 years ago

Which of the following lists includes only financial budgets? Budgeted balance sheet, cash budget, and the capital expenditures

IRISSAK [1]

Answer:

Budgeted balance sheet, cash budget, and the capital expenditures budget

Explanation:

The financial budget is the budget which reflects the financial position of the business organization. It used to determine the actual cash position with respect to the cash inflows and the cash outflows

Moreover, it includes three types of budget i.e budgeted balance sheet which shows the financial performance of the company with respect to the assets and liabilities, the cash budget which reflects the inflow and outflow position of cash and the cash expenditure budget which shows the amount spent for purchasing of the capital asset or the cost related to the asset

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3 years ago

If you could help me

MAVERICK [17]

When you are trying to reduce debt it is easier to cut out things that aren't necessary.

You need shelter so you can't cut out rent. Utilities will be hard to cut down since it is used a lot. School shouldn't be cut down either, because that is important for you future job which may help you reduce debt in the future

Dining out is the easiest to cut out/cut down first. Many people dine out because they don't have the time to cook or because they don't want to. If you really want to reduce debt then you can make the time to cook or find the motivation to. This will greatly reduce that big chunk of your money going to dining out, since cooking your own food is a lot cheaper.

Hope this helped!

~Just a girl in love with Shawn Mendes

8 0

4 years ago

Read 2 more answers

Jennifer's pension plan is an annuity with a guaranteed return of 7% per year (compounded monthly). She can afford to put $300 p

givi [52]

Answer:

She will receive $3,494.95 per month.

Explanation:

Jennifer's pension plan is an example of a sinking fund.

A sinking fund is an account that earns compound interests and into which periodic payments are also made.

The formula for calculating the future value of payments in a sinking fund account is given as:

$FV=PMT\frac{(1+\frac{r}{n} )}{\frac{r}{n} } ^{n*t}$

where:

FV = Future value

PMT = periodic payment = $300

r = interest rate in decimal = 7% = 0.07

n = compounding period per year = monthly = 12

t = number of years compounded = 40

hence:

$FV=300\frac{(1+\frac{0.07}{12} )}{\frac{0.07}{12} } ^{12*40}$

$300*\frac{(1.005833)^{480}}{0.005833} =300* 2,795.96$

∴FV = $838,786.8

Finally, we are asked to calculate the amount she will be paid per month in a 20-year payout period, and this is shown below:

20 years = 12 months × 20 = 240 months

Therefore, amount to be paid in a 240 month period =

future value ÷ total number of months 838,786.8 ÷ 240 = $3,494.95

3 0

4 years ago