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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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trapecia [35]

Answer:

DR Work in Progress Account $39,650

DR Factory Overhead Account $18,440

CR Wages Payable $58,090

(To record factory Labor Costs)

Workings

Work in Progress

Standard policy is to send the direct cost of Labor to the Work in Progress Account.

The Total direct cost of labor are all of the above except the Indirect cost.

= 3,460 + 2,870 + 5,260 + 5,950 + 3,630 + 2,380 + 16,120

= $39,650

8 0
3 years ago
why would it be inefficient for a producer to start producing audio cassettes instead of CD'S today? what resources would be was
patriot [66]

Explanation:

The consumer won't want to buy cassettes because most music players are cd players if not even that. Plastic, time, money, and labor would be wasted.

8 0
2 years ago
What type of debt has the highest consumer debt balance?.
Zinaida [17]

The student loan debt has the highest consumer debt balance.

Below is an explanation about student loan debt.

<h3>What is Student Loan debt</h3>

Student debt is a type of debt that is owed by a current student, a formerly withdrawn student or graduated student to a lending institution, or to a financial institution

This type of loan has the highest consumer debt balance.

Lean more about types of debt at brainly.com/question/2754850

4 0
2 years ago
Each unit requires 2 pounds of direct materials, which cost $6 per pound. The company’s policy is to maintain direct materials i
ycow [4]

Answer: Budgeted Raw Material to be consumed in July.

Quantity         Price per pound             Total

10,200                 $6                             $61,200

Explanation:

As for the information provided, the material at month end in hand shall be:

20% of upcoming month's sale.

If in June at month end, the inventory in hand = 2,040 pounds of raw material.

Then, this represents 20% of total requirement of July.

Therefore, total requirement in July = \frac{2,040}{0.20} = 10,200\ pounds

This basically means:

Total inventory required =

Quantity         Price per pound             Total

10,200                 $6                             $61,200

5 0
2 years ago
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AVprozaik [17]

Answer:

Modified Internal Rate of Return (MIRR) is higher than the discount rate. Therefore, this offer should be accepted.

Explanation:

Find the given attachment

7 0
3 years ago
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