The time required to get a total amount of $3,300.00 with compounded interest on a principal of $1,650.00 at an interest rate of 6.2% per year and compounded 12 times per year is 11.209 years. hence the answer is
A. 2001
<h3>Compound Interest Calculation</h3>
(about 11 years 3 months)
First, convert R as a percent to r as a decimal
r = R/100
r = 6.2/100
r = 0.062 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(3,300.00/1,650.00) / ( 12 × [ln(1 + 0.062/12)] )
t = ln(3,300.00/1,650.00) / ( 12 × [ln(1 + 0.0051666666666667)] )
t = 11.209 years
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Answer and Explanation:
The preparation of an income statement under variable costing is shown below:-
Income statement under variable costing
ACES INC
Sales $558,600
(5,700 × $98)
Less:
Cost of goods sold
Variable product cost $147,060
($25.80 × 5,700)
variable selling administrative
expenses ($2.80 × 5,700) $15,950
Less: Total variable cost $163,020
Contribution margin $395,580
Less: Fixed overhead cost $93,840
Less: Fixed and selling
administrative expenses $66,000
Net income $235,740
Answer:
The margin of safety for Dean Company is 40% as calculated below.
Explanation:
The margin of safety formula is given as:(Current level sales-Break-even sale)/current level sales
Current level salesis $166,000
break-even sales is $99600
Margin of safety=($166000-$99600)/$166000*100
Margin of safety=40%
This implies that sales level would have to fall by 40% before Dean Company records zero profit .
But if the sales level fall by more than 40% for the company to incur losses
Answer:
$5,100
Explanation:
Intangible assets are amortized using the straight line method. Originally the amortization was $3,600 per year (= $18,000 / 5). During the first half of 2017, the company had amortized $1,800, and book value was $9,000 for the next 2.5 years.
On July 1st, the legal fees must be added to the book value = $9,000 + $7,500 = $16,500. The new amortization value is $6,600 per year (for 2018 and 2019) and $3,300 for the remaining half year of 2017.
The total amortization for 2017 = $1,800 + $3,300 = $5,100