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vichka [17]
3 years ago
7

Piscataway National Bank pays compound interest on savings accounts, but at different rates depending on the amount of the accou

nt balance. It pays an annual effective rate of 3% on balances under $10,000, but 4% on balances greater than or equal to $10,000. Suppose that you make a $5,000 deposit. How many years does it take for the account balance to reach $15,000?
Business
1 answer:
Natasha2012 [34]3 years ago
3 0

Answer:

It will take 4.2 years

Explanation:

The amount due in the future when a sum of money is invested at a particular interest rate for certain number of years is called Future or compound value.

To calculate the compound value, we use the formula below:

FV = PV * (1+r)^n

FV- future value, PV - Present value, r - interest rate, n - number of years

In this question,

FV - 15,000, PV- 5000, r -3%, n- ?

Substituting this value we have:

15,000 = 5000 × (1+0.03)^n

15000 = 5000 ×  1.03^n

1.03^n = 15,000/5000

1.03^n = 3

log 1.03^n = Log 3

n = Log 3/log 1.03

n = 4.18735

It will take about 4.2 years for the account to reach $15,000

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Which of the following business combinations is a vertical integration? A. The corner gas station buys the competitor across the
drek231 [11]

Answer:

  C. The corner gas station acquires the gasoline distributor to ensure they can get gas in times of shortages.

Explanation:

Vertical integration is the situation where the same company owns both the sources of supply and the distribution (retail) outlets. The description of (C) matches this definition.

4 0
3 years ago
Examples of humans depicted with the features of lions, bison, stags, or even plants suggests A. The existence of a religious li
Tanya [424]

Answer:

A. The existence of a religious life

Explanation:

The creatures which are half-animal and half-human or have features from animal ofter represent goods(Seth, Tiamat) or sons of goods (Horus)

They are described with qualities above normal human, like a good ability o see which is depicted as having the head of a falcon (Horus)

or to have mutation generate by the making of goods ( the medusa was raped by Poseidon and get hair of snakes)

3 0
3 years ago
You need to have $30,250 in 17 in years. You can earn an annual interest rate of 4 percent for the first 5 years, 4.6 percent fo
mylen [45]

Answer:

The amount that has to be deposited today is $6205.63

Explanation:

The given parameters are;

The annual interest rate for the first 5 years = 4 percent

The annual interest rate for the next 4 years = 4.6 percent

The annual interest rate for the final 8 years = 5.3 percent

Let the amount deposited be X, we have;

X × (1 + 0.04)⁵ + X × (1 + 0.04)⁵×(1.046)⁴ + X × (1 + 0.04)⁵×(1.046)⁴ ×(1.053)⁸ = $30,250

X ((1.04)^5 + (1 + 0.04)^5×(1.046)^4 + (1 + 0.04)^5×(1.046)^4 ×(1.053)^8) = $30,250

X × 4.875 = $30,250

X = $30,250/$4.875 = $6205.63

The amount that has to be deposited today = $6205.63.

6 0
3 years ago
Alabama and Mississippi each have 9 units of labor. They can use their units of labor for the production of chickens and cotton.
Alekssandra [29.7K]

Answer and Explanation:

As it is given that

1. For each unit of labor, Alabama will generate 3 units of chicken.

Thus Alabama can produce a maximum of 27 units of chicken with 9 units of labor.

2. With every unit of labor, Alabama will generate 7 units of cotton.

Thus Alabama can produce a maximum of 63 units of cotton with 9 units of labor.

For each unit of labor,  Mississippi will generate 4 units of chicken.

Therefore Mississippi can produce a maximum of 36 units of chicken with 9 units of labor.

For each unit of labor, Mississippi will produce 6 units of cotton.

While Mississippi can produce up to 54 units of cotton with 9 units of labor.

Alabama could be seen producing more cotton than Mississippi using all the labor while using all the labor Mississippi can produce more chicken than Alabama.

Hence,

For producing chicken, Mississippi has the absolute advantage

For producing cotton,  Alabama has the absolute advantage

Now

Albama's opportunity cost for generating a chicken unit is

= (7 ÷ 3)

= 2.33 units of cotton.

Albama's opportunity cost for generating a cotton unit is

= (3 ÷ 7)

= 0.43 units of chicken.

Mississippi's opportunity cost for generating a chicken unit is

= (6 ÷ 4)

= 1.50 units of cotton.

Mississippi's opportunity cost of generating a cotton unit is

=  (4 ÷ 6)

=  0.67 units of chicken

Therefore

Alabama can produce cotton relatively to Mississippi at a  lower cost of opportunity.

In comparison with Alabama, Mississippi can produce chicken at lower opportunity costs.

Hence, we can conclude that

Mississippi has a competitive advantage for chicken production.

Alabama has a competitive advantage in cotton production.

Mississippi is supposed to grow chicken and Alabama is supposed to make cotton.

6 0
3 years ago
When two countries decide to engage in specialization and exchange the advantage is: Group of answer choices Their production po
kompoz [17]

Answer:

They will be able to consume at a point outside their production possibilities frontier.

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

Factors that cause the PPF to shift  

1. changes in technology.  

2. changes in available resources.  

3. changes in the labour force.  

A country engages in the specialisation of a good for which it has a comparative advantage in its production and purchases goods for which it has a comparative disadvantage in its production .

an advantage of specialisation is that it allows countries to consume goods for which its not efficient in its production. Thus it allows to consume unattainable goods given the resources of the country. As a result, they will be able to consume at a point outside their production possibilities frontier.

4 0
2 years ago
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