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Elina [12.6K]
3 years ago
15

Morris Industries would like to purchase some new equipment costing $1.56 million. This purchase is scheduled for 3 years from t

oday. The company earns 3.8 percent compounded monthly on its savings. How much does the company need to save monthly, starting today, if it wants to pay cash to buy this equipment?a. $40,849b. $45,456c. $48,244d. $51,008
Business
1 answer:
Levart [38]3 years ago
7 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Final value= 1,560,000

n= 3*12= 36 months

i= 0.038/12= 0.0031667

To calculate the annual deposit needed we need to use the following version of the final value formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A=(1,560,000*0.0031667) / [(1.0031667^36)-1]=  $40,849

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Inessa05 [86]

To calculate Sandra's overtime earnings, you will need to find how many overtime hours Sandra worked and then calculate the amount per hour she will make for the hours over 40 she worked through Saturday.


You will calculate her earnings per hour on Sunday by doubling her per hour rate and then multiplying by the number of hours worked on Sunday.


1. M - F (9 x 5 = 45 hours), so 5 hours overtime and Saturday - is 6 hours (6 + 5 = 11 hours overtime through Sat).


2. $12 x 1.5 = $18 per hour overtime rate; 18 x 11 = $198 through Sat.


3. Sunday: $12 x 2 = $24 per hour; $24 x 4 = $96 on Sun.


4. $198 + $96 = $294


Sandra earned $294 in overtime.

4 0
4 years ago
An entrepreneur wants to start a new business. She needs a huge amount of
anygoal [31]

Answer:

An entrepreneur wants to start a new business. Her most important priorities are having full control over her company and keeping all the profits for herself. Which type of business would best suit her needs?

---> Sole proprietorship

Explanation:

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5 0
3 years ago
Read 2 more answers
A popular, local coffeeshop in one of the suburbs of New York City (NYC) estimates they use 3,100 pounds of coffee annually. The
jeka57 [31]

Answer:

Economic order quantity (EOQ)= 249 pounds

Explanation:

<u>Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs.</u>

Economic order quantity (EOQ)= √[(2*D*S)/H]

D= Demand in units

S= Order cost

H= Holding cost

D= 3,100

S= $100

H= $10

Economic order quantity (EOQ)= √[(2*3,100*100) / 10]

Economic order quantity (EOQ)= 249 pounds

6 0
3 years ago
An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive
Naddika [18.5K]

Answer:

Third party beneficiary.

Explanation:

This is easily seen in contracts as it is said that a third party beneficiary is a person that benefits from an agreement between two persons or a contract between two persons. This is despite the fact that this said person has no effect or was not in any way a part of the said contract.

A third party beneficiary can be denied the rights to compensation of the contract, especially when contract is not fulfilled.

Rights which makes the third party beneficiary valid and concretely a part of the contact are been attached and solidified if the said contract comes through.

3 0
4 years ago
Students earn a certificate from a vocational school as opposed to a ____ from a college/university.
Oliga [24]

Answer:

A.) degree

Explanation:

The degree certificate is the certification awarded after successful completion of a college/university education program. A university program takes a long time to accomplish as compared to a vocational school program. While vocational colleges award certificates, colleges, and universities award degrees.

4 0
3 years ago
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