Answer:
FV= $126,585.60
Explanation:
Giving the following information:
Monthly deposit (A)= $1,721
Interest rate (i)= 0.08/12= 0.0067
Number of periods (n)= 12*5= 60 months
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {1,721*[(1.0067^60) - 1]} / 0.0067
FV= $126,585.60
Answer:
8 - 12 digits
Explanation:
The Bank of America have a 12 digits bank account number and the last digits of the account number is for added security. The next set of number is the account numbers after routing the number. The digits are typically for 8 to 12 digits. It is that number which is particular and it is necessary for all the transactions of the bank.
Answer:
28.85
Explanation
Keanu has decided to save a fixed amount of 70,000 for a given period. We would need to calculate the number of years to achieve 7,796,223 using the FVIFA formula (Future value interest for an annuity)
Fixed payment× FVIFA=Future value
<em>FVIFA</em> =
where r is the periodic rate (9%)
and n is the number of periods
therefore; 70000×=7796223
=(7796223×0.09)/70000
n=27.85
However, since Keanu will not invest until the end of the first year, he will spend 28.85 years to achieve his goal
Answer:
a. Not all SBA programs provide for $1.5 million in loans.
- This statement is correct since not every business is the same, some types of business will require larger amounts than others.
b. If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible.
- This is true, and the business loans have different amounts and requisites that fit into different categories.
d. The maximum amount available to your business will depend on the specific SBA program for which your business qualifies.
- This statement is correct since not every business is the same, some types of business will require larger amounts than others.
Explanation:
Answer:
1. Increases in mpc causes the slope to be flatter or steeper.
2. The slope of AD depends on price. High price means low aggregate demand and also output
3. The output demand curve would be low
Explanation:
1.
An increase in mpc causes the aggregate demand to become steeper. Using the keynesian cross, as the mpc rises the multiplier would rise and any little change in the exogenous variable causes an increase in output.
2.
As consumption increases, the intertemporal substitution effect would be dependent on the real rate of interest. Increase in consumption raises prices and then causes interest rate to also rise. Consumption would fall and so would GDP.. the slope of the aggregate demand is going to depend on price. A high price means low AD and hence output.
3.
Demand for investment goods have low responsiveness to the real rate of interest. The outputs demand curves slope is going to be low. As demand rises, output would increase but by less proportion.