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Vesnalui [34]
3 years ago
13

A financial institution offers a "double-your-money" savings account in which you will have $2 in 11 years for every dollar you

invest today. What stated annual interest rate (assuming monthly compounding) does this account offer
Business
1 answer:
quester [9]3 years ago
7 0

Answer:

The correct answer is 0.06317911524 or 6.3%.

Explanation:

According to the scenario, the given data are as follows:

FV = $2

PV = $1

Time period (t)= 11 years

So, we can calculate the rate of interest by using following fomula:

FV=PV ( 1 + r ÷12)^12t

By putting the value, we get

$2 = $1 ( 1 + r ÷ 12)^(12 × 11

$2^(1 ÷ 132) = 1 + r ÷ 12

r ÷ 12 = (1.00526492627 - 1)

r = 0.00526492627× 12

= 0.06317911524 or 6.3%

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Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property
Ludmilka [50]

Answer: $25000

Explanation:

From the question, we are informed that Betty made a 20% profit on a residential lot she sold for $30,000. Let the cost price of the property be represented by x.

Therefore, (100% + 20%) of x = $30000. This means that 120% of x = $30000.

120% × x = $30000

1.2x = $30000

x = $30000/1.2

x = $25000

Therefore, the amount paid for the property is $25000

3 0
3 years ago
The letter “s” is directly printed on individual pieces of what brand of candy?
RSB [31]
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4 0
3 years ago
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dangina [55]

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Explanation:

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<em>I hope this information can help you.</em>

6 0
3 years ago
What, if anything, should you do to correct the following sentence?
kodGreya [7K]
Nothing. The sentence is fine as it is.
5 0
3 years ago
Read 2 more answers
On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not
k0ka [10]

Answer:

The journal entry would be:

Explanation:

Note: Options are missing so providing the journal entry.

The journal entry would be for recording the collection of the note is:

October 30

Cash A/c.........................Dr      $10,150

    Interest Revenue A/c.........Cr     $150

    Notes Receivable A/c.........Cr    $10,000

On October 30, the amount is collected so the any increase in cash is debited. Therefore, cash account is debited. And it is collected against a  notes Receivable  of $10,000 so it leads to decrease in liability, it is credited. Therefore, the notes receivable is credited. And the interest revenue is credited.

5 0
3 years ago
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