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swat32
3 years ago
6

3. Suppose Tyrone wants to open a savings account that earns 3.5% simple interest per year. He wants it to be worth $1500 in 4 y

ears. How much does he need to deposit in the account today to make that happen? Round to the nearest whole dollar.
Business
1 answer:
saw5 [17]3 years ago
3 0

Answer:

$1,307

Explanation:

The computation of the future value by using the following formula is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years  

$1,500 = Present value × (1 + 0.035)^4

So, the present value is

= $1,500 ÷ (1.035)^4

= $1,307

Hence, the present value is $1,307 and the same is to be considered

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4 0
2 years ago
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Which of the following is true about how the "invisible hand" influences economic activity through prices when a product has low
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The correct answer is c.

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I hope this helps!

8 0
3 years ago
Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 los
Daniel [21]

Answer:

Computation of cash received from the sale of the equipment:

D. $58,000.

Explanation:

Computation:

Sale of Equipment Account

Equipment account   $240,000

less acc. depreciation  172,000

Net book value           $68,000

less loss on sale            10,000

Cash received            $58,000

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Year 1 balance         $750,000

Year 2 balance           510,000

Sale of equipment  $240,000

Accumulated Depreciation:

Year 1 balance         $500,000

Year 2 balance          328,000

Sale of equipment   $172,000

b) The sale of the equipment caused a loss of $10,000.  The net book value of the equipment is $68,000.  This implies that it was sold for $58,000 ($68,000 - $10,000).  So, the cash received from the sale is $58,000.

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