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stira [4]
3 years ago
8

Assume that an individual puts $10,000 into a savings account that pays 3% interest, with interest being compounded monthly. The

individual plans to withdraw the balance in 5 years to buy a car. If he does not make any further deposits over this period, how much will the individual be able to put towards his purchase?
Business
1 answer:
Lemur [1.5K]3 years ago
6 0

Answer: $11,620

Explanation:

A=P(1+r/n)^nt

A=$10,000(1+0.03/12)^12×5

A=$10,000(1+0.0025)^60

A=$10,000(1.0025)^60

A=$10,000(1.162)

A=$11,620

Note: A= Future value

P= principal

r=Interest rate

n= no.of time Interest is compounded

t= time money is invested.

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The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family
luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

5 0
3 years ago
Rolling Coast Inc. issued BBB bonds two years ago. These bonds provided a yield to maturity (YTM) of 11.5 percent. Long-term ris
vaieri [72.5K]

Answer: 9.2%

Explanation:

The interest rate that Rolling Coast should expect to issue new bonds will be calculated thus:

Firstly, we will calculate the previous risk premium on BBB bonds which will be:

= 11.5% - 8.7% = 2.8%

Then, the new risk premium on BBB bonds will be:

= Previous risk premium / 2

= 2.8% / 2

= 1.4%

Then, the interest rate that Rolling Coast should expect to issue new bonds will be:

= 7.8% + 1.4%

= 9.2%

8 0
2 years ago
2-1.3 Which of the following statements about data storage is (are) true? A chart of accounts is a list of the numbers assigned
monitta

Answer:

  • A chart of accounts is a list of the numbers assigned to each general ledger account.
  • A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.

Explanation:

A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.

Subsidiary ledger s are used to record details information for a general ledger account that contains many subaccounts, like accounts receivable (at last 1 subaccount per client), inventory (at least 1 subaccount per product) and accounts payable (at least 1 subaccount per creditor).

4 0
3 years ago
Read 2 more answers
Select three situations when an agency can perform a warrantless search.
Eddi Din [679]
C or d im npt sure about d if its a emergency you would at least have to have permission from the owner of the property
8 0
3 years ago
Mike is applying for a home loan and wants to buy a house worth $150,000 in a neighborhood close to his work. however, he only h
hichkok12 [17]

Pay PMI (private mortgage insurance) which is the amount the lender charges to protect their interests in case the borrower stops paying and defaults on the loan.

6 0
3 years ago
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