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4 years ago

You invest $5000 in an account at 5.5% per year simple interest. how much will you have in the account after 6 years?

Business

2 answers:

Finger [1]4 years ago

7 0

Answer:$6375.00 is the correct answer

Explanation:

Rus_ich [418]4 years ago

3 0

Simple interest means that you only need to find the interest once and then keep adding it on every year. In this case, the interest would be 5.5% of $5000 every year, which is 275.
In 6 years, you'll have $1650, which is the amount earned from interest, plus $5000, which is the original investment.

So you'll have $6650 in 6 years.

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Gole, CPA, is engaged to review the Year 2 financial statements of North Co., a nonissuer. Previously, Gole audited North’s Year

katovenus [111]

Answer:

The answer is: A) No auditing procedures were performed after the date of the Year 1 auditor's report.

Explanation:

Since Gole is including a separate paragraph in the review report for Year 2 to describe his responsibility for the previous period's financial statement (Year 1), he should include in that paragraph the fact that he didn't perform any more audit procedures after he presented his review report for Year 1.

3 0

3 years ago

Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total reve

andreyandreev [35.5K]

Answer:

Given:

Implicit Cost = $65,000

Total revenue = $150,000

Explicit cost = $85,000

Here, we'll compute the economic profit for the first year as :

Economic profit = Total revenue - (Explicit cost + Implicit Cost)

Economic profit = $150,000 - ($85,000 + $65,000)

Economic profit = $0

∴ Tom’s economic profit for his first year in business will be $0

The correct option is (a).

3 0

4 years ago

In her new job, alison determined to make her _____________from the start

mestny [16]

In her new job, alison determined to make her mark from the start. Hence, the correct answer is mark. Read below about making one's mark.

If one makes his/her mark or make a mark, one becomes noticed or famous by doing something impressive or unusual.

Therefore, the correct answer is mark.

learn more about idiomatic expression: brainly.com/question/902417

#SPJ12

7 0

2 years ago

A recent study on enrollment at a liberal arts college concluded that demand elasticity is 0.91. The administration is consideri

Julli [10]

Based on the fact that the demand elasticity is 0.91, the revenue-maximizing decision would be to d. increase tuition, which would generate more revenue.

<h3>Why is this the revenue-maximizing decision?</h3>

When the demand elasticity is below 1 as is the case here, it means that demand is inelastic.

When demand is inelastic, an increase in price will lead to a lower decrease in demand. This means that increasing prices for enrollment in this college will bring in revenue because there won't be much change in demand.

In conclusion, option D is correct.

Find out more on demand elasticity at brainly.com/question/6791468.

6 0

2 years ago

On July 15, 2021, the Nixon Car Company purchased 2,100 tires from the Harwell Company for $40 each. The terms of the sale were

SOVA2 [1]

Answer:

The journal entries are shown below:

Explanation:

The journal entries are shown below:

On July 15

Purchases (2,100 × $40) $84,000

To Accounts Payable $84,000

(Being the purchase is recorded)

On July 23

Account payable $84,000

To Purchase discount $2,520 ($84,000 × 3%)

To Cash $81,480

(Being the payment is recorded)

On August 15

Account payable $84,000

To cash $84,000

(Being the payment is recorded)

7 0

4 years ago