Purchasing a car on a loan through the bank or dealership is called:

You put aside $300 a month in an account that returns 9% a year, compounded monthly. How long do you need to contribute to save

Anettt [7]

Answer:

36 years 4 months and 2 days

Explanation:

Data provided in the question:

Monthly payment = $300

Rate of return, i = 9% = 0.09

Future value = $1,000,000

Now,

we know

Future value = Monthly payments × $\left[ \frac{(1+i)^{n}-1}{i} \right]$

or

1000000 = $300 × $\left[ \frac{(1+0.0075)^{ }-1}{ 0.0075 }$

or

$\frac{ 1000000}{ 300} &= \frac{ 1.0075^{n} - 1}{ 0.0075}$

$3333.33333 &= \frac{ 1.0075^{n} - 1}{ 0.0075}$

$1.0075^{n} - 1 &= 3333.33333 \times0.0075$

or

1.0075ⁿ - 1 = 25

or

1.0075ⁿ = 26

ln( 1.0075ⁿ) = ln(26)

or

n × ln( 1.0075 ) = ln(26)

or

n = [tex]\frac{ \ln (26) }{ \ln( 1.0075 ) }[tex]

or

n = 436.04 months

or

n = 36 years 4 months and 2 days

5 0

2 years ago

Read 2 more answers

On July 1, 2021, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,070,000 for the investment, and

forsale [732]

Answer:

Tremen's "Investment in Delany Company" account would have abalance of $3,214,000 at the end year of December 31 ,2021.

Explanation:

Dividend paid for the whole year = $170,000*4 = 680,000

= $3,070,000 + (40%)(1/2 of the year)($1,400,000 - $680,000

= $3,070,000 + 144,000

= $3,214,000

8 0

2 years ago

Assume that you are interested in earning some return on the idle balances you usually keep in your checking account and decide

professor190 [17]

Answer:

By writing that check and investing in mutual funds, M1 will decrease, but M2 will remain the same.

Explanation:

M1 includes currency and coin, demand deposits, travelers' checks, check accounts, and negotiable order of withdrawal (NOW) accounts.

M2 includes all M1 + savings deposits, money market securities, mutual funds, and other time deposits.

6 0

2 years ago

The CAN-SPAM Act regulates the use of unsolicited ads that show mature content unsuitable for ____________ .

velikii [3]

The answer that would best complete the given statement above would be the term CHILDREN. The CAN-SPAM Act regulates the use of unsolicited ads that show mature content unsuitable for children. This is under the minor protection law. Hope this answers your question. Have a great day!

8 0

2 years ago

Read 2 more answers

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the sa

Taya2010 [7]

Answer:

1. PES for pancakes is 2.45

2. Supply in the market for motorcycles is less elastic than supply in the market for pancakes.

Explanation:

Hi :)

I feel like part of the question is missing but i was able to find it elsewhere and show you:

1. How to calculate PES using mid-point formula

2. PES for both motorcycles and pancakes

3. Which is more elastic

...

Price elasticity of supply is the responsiveness of quantity supplied to a change in price. it is calculated by dividing the % change in quantity supplied by the % change in price. Generally, it can be of two types:

Price Elastic: Change in quantity supplied is higher than change in price. PES > 1

Price Inelastic: Change in quantity supplied is lower than change in price. PES < 1

When calculated using the mid-point formula, this is the formula used:

(Q2 - Q1) / [(Q2 + Q1)/2]

(P2 - P1) / [(P2 + P1)/2]

1. We will now substitute the actual values of pancakes in place after identifying them from the question:

Equilibrium Quantity - 27 (Q1)

New Quantity - 109 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

(109 - 27) / [(109 + 27)/2]

(10.75 - 6.50) / [(10.75 + 6.50)/2]

1.21

0.493

Therefore, PES for pancakes is 2.45 (approx. two decimal places) suggesting it is price elastic.

2. In order to check whether motorcycles or pancakes are more elastic, we calculate the PES of motorcycles using the same method:

Equilibrium Quantity - 27 (Q1)

New Quantity - 61 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

(61 - 27) / [(61 + 27)/2] 

(10.75 - 6.50) / [(10.75 + 6.50)/2]

0.77

0.493

Therefore, PES for motorcycles is 1.56 (approx. two decimal places) suggesting it is price elastic. However, it is less price elastic than PES for pancakes.

One reason for this could be production time. Pancakes can be produced much faster than motorcycles. Therefore, it is more flexible to price changes.

5 0

2 years ago