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SVEN [57.7K]
3 years ago
15

You have invested $1,000 in an account that promises APY of 3 percent per year. Assuming you leave the original investment and a

ll earned interest in the account, and ignoring taxes, how long will it take to double your money?
Business
1 answer:
ioda3 years ago
4 0

Answer: The answer is<u> 24 years.</u>

<u />

Explanation: For this exercise we can use the rule of 72, this rule is by which investors can estimate how many years it will take for an initial investment to double. If you know the rate of return, you can know the time needed and if you know the time, you can calculate approximately the rate of return.

RULE OF 72 = APY% x NUMBER OF YEARS = 72

If we apply the formula it results =

3 × n = 72

n = \frac{72}{3}

<u>n = 24.</u>

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Limited partner.

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2 years ago
Roger is a freelance accountant hired by Rudy’s Hot Dogs whenever auditing work is needed in the back office. Roger is called
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Answer:

C) Rudy's Hot Dogs will be liable to Roger if he makes any discrimination or wrongful discharge claims.

Explanation:

Option A is wrong: Roger is not an employee of Rudy's Hot Dogs, he is an independent contractor, therefore Rudy's Hot Dogs does not need to withhold any part of his wage for federal income tax purposes. As an independent contractor, Roger is responsible for paying his own taxes.

Option B is wrong: Roger can be hold liable for any torts committed by him within the scope of the working relationship with Rudy's Hot Dogs.

6 0
3 years ago
Plutonic Inc. had $400 million in taxable income for the current year. Plutonic also had a decrease in deferred tax assets of $5
andrew-mc [135]

Answer:

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4 years ago
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3 0
3 years ago
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6 0
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