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HACTEHA [7]
3 years ago
12

fowler credit bank is offering 6.7 percent compounded dailyon its savings accounts. If you deposit $7000 today, how much will yo

u have in the account value in 5 years? value In 10 years? value In 20 years?
Business
1 answer:
goblinko [34]3 years ago
3 0

Answer and Explanation:

The computation of the future value in each case is shown below:

a. For 5 years, its is

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

= $7,000 × (1 + 0.067 ÷ 365 days)^ 5 × 365 days

= $7,000 × 1.397897

= $9,785.28

b. For 10 years, its is

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

= $7,000 × (1 + 0.067 ÷ 365 days)^ 10 × 365 days

= $7,000 × 1.954117

= $13,678.82

c. For 20 years, its is

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

= $7,000 × (1 + 0.067 ÷ 365 days)^ 20 × 365 days

= $7,000 × 3.818574

= $26,730.02

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a person who works for a firm, but is not necessarily an owner, is called multiple choice question. a shareholder an agent a sto
Vadim26 [7]

Principal: The person or entity on whose behalf and subject to whose control an agent acts.

Agent: A person who agrees to act on behalf of and instead of his or her principal, subject to the principal's control.

<h3>What is the meaning of the principal-agent problem?</h3>

The principal-agent problem is a conflict in priorities between a person or group and the representative authorized to act on their behalf. An agent may act in a way that is contrary to the best interests of the principal.

<h3>What is a principal-agent relationship?</h3>

The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. 1 In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.

To learn more about principal-agent, refer

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8 0
1 year ago
Jan. 1Purchased a small company and recorded goodwill of $177,000. Its useful life is indefinite. May 1Purchased for $144,000 a
stich3 [128]

Answer:

The Journal entries are as follows:

(i) On December 31,

No entry

(ii) On December 31,

Amortization expense A/c Dr. $16,000

           To Patents A/c                            $16,000

(To record the amortization expenses)

Workings:

Amortization expense:

= (Purchasing cost of patent ÷ Estimated useful life) × Time period

= ($144,000 ÷ 6) × (8/12)

= $24,000 × (8/12)

= $16,000

3 0
3 years ago
What are the tips for the car that would also apply to the human body?
IRINA_888 [86]
You can wash the car and you can also wash yourself
3 0
3 years ago
An outside supplier has offered to make the part and sell it to the company for $25.10 each. If this offer is accepted, the supe
gogolik [260]

Missing information:

Corporation makes 5,700 units of part U13 each year. This part is used in one of the company's products. The company's Accounting Department reports the following costs of producing the part at this level of activity: Per Unit Direct materials $9.60 Direct labor $7.80 Variable manufacturing overhead $10.20 Supervisor's salary $5.90 Depreciation of special equipment $8.80 Allocated general overhead $8.00 An outside supplier has offered to make and sell the part to the company for $25.10 each.

Answer:

annual financial advantage of purchasing part from outside vendor = $73,380  

Explanation:

current production costs per unit:

  • direct materials $9.60
  • direct labor $7.80
  • variable manufacturing overhead $10.20
  • supervisor's salary $5.90
  • depreciation of special equipment $8.80
  • allocated general overhead (fixed) $8.00
  • total current costs per unit = $50.30
  • total costs $50.30 x 5,700 units = $286,710

costs if company decides to purchase the part form outside vendor:

  • purchase cost per unit $25.10
  • deprecation of special equipment $8.80
  • allocated general overhead $8.00
  • total costs per unit = $41.90
  • total costs $41.90 x 5,700 = $238,830
  • - revenue generated from using facility space = $238,830 - $25,500 = $213,330

annual financial advantage of purchasing part from outside vendor = $286,710 - $213,330 = $73,380  

4 0
3 years ago
Thiago has spent a long time working in various commercial establishments owned by some of his close relatives. He now wishes to
9966 [12]

Answer:

The correct answer is Sole Proprietorship.

Explanation:

A sole proprietor is the simplest form of commercial structure. Anyone can be a sole proprietor and there is no legal basis for this business form. The term sole proprietor simply refers to someone who is engaged in some type of business and who is responsible for the debts of that business. You can run a sole proprietor under your own name, or under a "do business as" (DBA) name, such as Manny's Sandwiches. The DBA name is just a business name and does not create a legal entity separate from the sole owner.

A sole proprietor remains a very popular commercial form because it is simple, easy to create and has minimal costs. All that is needed is to register your name and your DBA is applicable, and pay local licenses if necessary. Once this is done, you will be ready for business. The disadvantage of a sole proprietor is that the sole proprietor is responsible for all commercial debts, and there is no legal shield against lawsuits. If a sole proprietor loses a lawsuit, he or she is responsible for paying the sentence with their own money, which could put the savings or even your home at risk.

4 0
3 years ago
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