1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
algol [13]
3 years ago
6

3. If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for on

e year in order to earn $10 in interest?
Business
1 answer:
yuradex [85]3 years ago
7 0
The amount of interest that is incurred by depositing a certain amount is calculated through the equation,
                                  I = P x r
where I is the interest, P is the principal, and r is the decimal equivalent of the given rate. Substituting the known values,
                                 10 = P x (0.03/100)
The value of P from the equation is 33,333.33. Thus, an amount of $33,333.33 should be deposit to earn $10. 
You might be interested in
When comparing a 10-year bond versus a 1-year bond, the 10-year bond has a much greater interest rate risk. True or false?.
ValentinkaMS [17]

True,When comparing a 10-year bond versus a 1-year bond, the 10-year bond has a much greater interest rate risk

<h3>What is bond?</h3>

A bond is a sort of financial security in which the issuer owes the bearer a debt and is obligated to repay the principle of the bond as well as interest over a specified period of time, depending on the terms. Interest is normally paid at regular intervals.

Bonds are one way for businesses to raise funds. A bond is a loan made between an investor and a firm. The investor agrees to contribute the corporation a particular sum of money for a set length of time. In exchange, the investor receives interest payments on a regular basis.

To know more about bond follow the link:

brainly.com/question/25965295

#SPJ4

5 0
2 years ago
Barnes Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par value of $1,000, and a price
Eva8 [605]

Answer:

7.76%

Explanation:

In this question, we use the PMT formula which is shown in the spreadsheet.  

The NPER represents the time period.

Given that,  

Present value = $969

Future value = $1,000

Rate of interest = 8.1%

NPER = 17 years

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, The PMT would be $77.58

The coupon rate is shown below:

= (Coupon payment ÷ par value) × 100

= ($77.58 ÷ $1,000) × 100

= 7.76%

5 0
3 years ago
Which of the following is used by a seller to deceive a buyer? a. Bait and switch b. Contest c. Display d. Introductory offer Pl
Inessa [10]

That which is used by a seller to deceive a buyer is: a. Bait and switch

Bait and switch is a tactic that is used by entrepreneurs to attract customers. They tell them to purchase a good at a low price.

However, when they come to buy, they are encouraged to buy a good that costs more.

So, in this way, the bait and switch tactics is used by sellers to deceive the buyers.

Learn more about the bait and switch tactics here:

brainly.com/question/981097

3 0
2 years ago
The nurse in a maternity unit is providing emotional support to a client and her significant other who are preparing to be disch
Setler79 [48]

Answer: It might be "We want to attend a support group."

Explanation:

A support group can help the parents work through their pain by nonjudgmental sharing of feelings. The correct option identifies a statement that would indicate positive, normal grieving.

8 0
2 years ago
Smith is a CPA. His neighbor, Jones, asks him to prepare his tax return. Jones and Smith are casual friends. Smith prepares the
kati45 [8]

Answer:

Jones is liable to pay.

He is liable to pay to the tune of $1000. This may be negotiated however if it is not fair.

Explanation:

See the following points

  • The question above is an example of Implied At-law contracts. (We will get to the definition of this in a bit).
  • A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of<u> the Law</u>. From the above definition it is clear that two people may actually be engaging  in a contract without knowing it.
  • The law defines that a contract is.
  • Contracts may be Express or Implied.
  • Express contracts are simply contracts that are stated expressly, or openly, in either writing or orally, at the time of contract formation.
  • Implied contracts are created when two or more parties have no written contract.
  • There are two types of implied contracts:

  1. Implied In-Fact Contracts: these are contracts which create an obligation between the parties based on the facts of the situation. For example, assume your neighbor hires you to wash his car every Friday for the entire holidays. You wash your neighbor’s car for the first four weekends of the holidays and get paid on Friday morning each time. The fifth Friday you wash the car and when you arrive at your neighbor’s house for your pay, your neighbor refuses to pay you.                                           The law will infer that there is a contract between you and your neighbor, even though you never put anything in writing. This is an implied in-fact contract.

       2. The other type of Implied contract is that which is Implied At-Law

In the case between Jones and Smith, the law imposes a duty to perform a contract, and will enforce such a contract even against a person’s will, where the situation is such that without this legal intervention, one party would be <u>unfairly enriched</u> or advantaged by another party’s action.

  • In the question above, Smith is a CPA. He is qualified in every respect to carry out Professional Tax services. His services may be relied upon with a great degree of confidence.
  • If Jones had not filed those tax returns, he probably would have lost monies that should have accrued to him from the government.

This type of agreement is also considered a quasi-contract. A quasi-contract occurs where the law imposes an obligation upon the parties where in fact the parties did not intend to enter into a contract and made no promise to perform.

However, because one party would be unjustly enriched by another party’s action, the beneficiary of those actions must make restitution or pay fair value for the services provided, even though there was never any intention to enter into an agreement.

Cheers!

4 0
3 years ago
Other questions:
  • Your boss would like your help on a marketing research project he is conducting on the relationship between the price of soup an
    10·1 answer
  • Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 1. On what date does
    6·1 answer
  • A pair of nike tennis shoes costs $90 in the united states. if the exchange rate between the united states and mexico is 0.10 ($
    6·1 answer
  • Which of the following jobs is a career in educational support (2 points)
    12·2 answers
  • What have modern entrepreneurs done to ensure longer terms of management?
    10·1 answer
  • If a firm produces 10 units of output, total costs are $1,030, and average fixed costs are $10, then total variable costs are
    12·1 answer
  • On which of the following goods or services might a tax increase be hardest to pass on to consumers? A) automatic car washes
    9·2 answers
  • Josh was hired to establish lean processes for a local manufacturing facility. He creates a plan, but he also hires a leading ex
    14·1 answer
  • 19. Which part of the lease gives the landlord the right to remove the tenants
    14·1 answer
  • As a recent college graduate, Eli started working for an export trading company. His job has already taken him around the globe
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!