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Vaselesa [24]
3 years ago
6

Heather deposited $1,700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will ea

rn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?
Business
1 answer:
Bumek [7]3 years ago
4 0

Answer:  $3865.8

Explanation:

The formula to find the simple interest is given by :-

I=Prt, where P is the initial amount deposited , r is the rate of interest in decimal and t is the time period in years.

Given : P= $1700      ;    r= 9.8%=0.098     ; t=13 years

Then , the simple interest earned in 13 years will be :-

I=1700\times0.098\times13=2165.8

Now, the combined amount = P+I =$1700+$2165.8= $3865.8

Hence, the credit union would owe Heather $3865.8 in 13 years.

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Option [D] is the correct answer.

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8 0
2 years ago
Barney decides to quit his job as a corporate accountant, which pays $10 890 a month, and goes into business for himself as a ce
mash [69]

Answer:

a. Barney's monthly explicit costs: $161;

b. Barney's monthly implicit costs: $11,816;

c. Barney's monthly economic costs: $11,977

Explanation:

a.

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b.

Barney's monthly implicit costs include any cost that he does not actually pay extra, yet he has to sacrifice these income as the results of running his business which includes: Cost related to his salary sacrifice + Cost related to his apartment rental = 10,890 + 926 = $11,816

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7 0
3 years ago
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Suppose independent truckers operate in a perfectly competitive constant cost industry. If these firms are earning positive econ
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Answer:

The price of trucking services would fall until equilibrium prices are reached. Only normal profit would be earned in the long run

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

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3 years ago
A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. Th
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Answer:

(B) $2,100

Explanation:

5 0
3 years ago
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Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The following payoff matrix shows the profit (in
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