The probability 1÷3+1÷3+1÷3=1÷9
Answer:
$1326
Step-by-step explanation:
Follow the format of the reconciliation statement
The adjusted cash balances should match
Cash balance as per the bank statement, January 31 1421.95
Add: Deposit in transit 100.05
Deduct: Outstanding checks <u>(196)</u>
Adjusted cash balance <u>1326</u>
Balance as per depositor's record, January 31 1202.5
Subtract: NSF check (18)
Subtract: Service charges (8.5)
Add: receivable collected <u>150</u>
Adjusted cash balance <u>1326</u>
The reconciled amount is $1326.
!!
<span>B(n) = A(1 + i)^n - (P/i)[(1 + i)^n - 1]
where B is the balance after n payments are made, i is the monthly interest rate, P is the monthly payment and A is the initial amount of loan.
We require B(n) = 0...i.e. balance of 0 after n months.
so, 0 = A(1 + i)^n - (P/i)[(1 + i)^n - 1]
Then, with some algebraic juggling we get:
n = -[log(1 - (Ai/P)]/log(1 + i)
Now, payment is at the beginning of the month, so A = $754.43 - $150 => $604.43
Also, i = (13.6/100)/12 => 0.136/12 per month
i.e. n = -[log(1 - (604.43)(0.136/12)/150)]/log(1 + 0.136/12)
so, n = 4.15 months...i.e. 4 payments + remainder
b) Now we have A = $754.43 - $300 = $454.43 so,
n = -[log(1 - (454.43)(0.136/12)/300)]/log(1 + 0.136/12)
so, n = 1.54 months...i.e. 1 payment + remainder
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