1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ostrovityanka [42]
3 years ago
13

Account balance of 1723.57 the interest rate of the account is 3.4% compounded daily. If the account was opened 9 years ago, wha

t was the value of the initial deposit
Business
1 answer:
hjlf3 years ago
5 0

Answer:

The value of the initial deposit = $1269

Explanation:

Given - Account balance of 1723.57 the interest rate of the account is 3.4% compounded daily.

To find - If the account was opened 9 years ago, what was the value of the initial deposit

Proof -

We know that,

If the interest rate is compounded n times per year at an annual rate r, the present value of a A dollars payable t years from now is:

P = A(1 + \frac{r}{n} )^{-nt}

Here,

A = 1723.57

r = 3.4% = 0.034

n = 365 (because it is compounded daily )

t = 9

So,

we get

P = 1723.57(1 + \frac{0.034}{365} )^{-365(9)}

   = 1723.57(1.000093151)⁻³²⁸⁵

   = 1723.57(0.736396351)

   = 1269.23066 ≈ $1269

∴ we get

The value of the initial deposit = $1269

You might be interested in
Every T account has two sides, credit and credit side.<br><br>True<br>False​
ioda

Answer:

False

Explanation:

The two sides are DEBIT and credit.

3 0
3 years ago
Ivers Co. holds $30,000 of available-for-sale securities. Ivers intends to hold these securities for three years. Ivers should r
bekas [8.4K]

Answer:

long term assets

Explanation:

hope this helps :)

4 0
3 years ago
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale
solong [7]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $400,000  

   To Common Stock capital $400,000

(Being cash is recorded)

2. Equipment Dr, $60,000  

     To Cash $15,000

     To Note payable $45,000

(Being equipment is recorded)

3. Inventory Dr, $122,000  

    To Accounts payable $122,000

(Being purchase of inventory is recorded)

4. Accounts receivable $170,000  

     To Sales revenue $170,000

(Being sales revenue is recorded)

Cost of goods sold Dr, $102,000  

    To Inventory $102,000

(Being cost of goods sold is recorded)

5. Rent expenses Dr, $5,500  

    To Cash $5,500

(Being rent expenses is recorded)

6. Prepaid Insurance Dr, $6,550  

     To Cash $6,550

(Being insurance is recorded)

7. Accounts Payable Dr, $102,000  

     To Cash $102,000

(Being accounts payable is recorded)

8. Cash Dr, $76,500

    To Accounts receivable $76,500

(Being cash is recorded)

9. Depreciation expenses Dr, $1,500  

    To Accumulated depreciation $1,500

(Being depreciation expenses is recorded)

6 0
3 years ago
Which type of data do researchers collect the personal interviews?
STALIN [3.7K]

Answer:

The correct answer is "Face-to-face interviews".

Explanation:

  • Face-to-face surveys or interviews are an important way of gathering information used throughout survey methodology.
  • Throughout these interviews, research teams are collecting location information from participants across one cooperation or bonding. This method of collecting information seems to be unique or even just highly personalized.
7 0
2 years ago
1. Understanding opportunity costYou work as an assistant coach on the university basketball team and earn $15 per hour. One day
Gwar [14]

Answer:

The correct answer is letter "D": $24.

Explanation:

Opportunity cost can be defined as the cost of the best next available option after taking another decision in regards to a situation. It is also the return that the chosen option provides compared to the return that could have provided the option that was forgone.

In this case, choosing to go to the local carnival will represent losing one hour of working as a coach assistant ($15). Besides, as there is a $9 admission fee to the carnival, you will need to spend that money. Thus, the total opportunity cost of going to the carnival instead of working is $24 (<em>$15+$9=$24</em>).

6 0
2 years ago
Other questions:
  • Selling with criminal negligence alcoholic beverage to a minor is a
    11·2 answers
  • What are operating expenses?
    6·1 answer
  • Vital Industries manufactured​ 2,400 units of its product Huge in the month of April. It incurred a total cost of​ $132,000 duri
    10·2 answers
  • Consumers affect which goods and services are produced because they
    8·1 answer
  • Saul and Pepper have been friends since kindergarten. Both Saul and Pepper have good part-time jobs. Pepper deposits a portion o
    13·1 answer
  • g Marginal revenue product measures the rev: 06_21_2018 Multiple Choice amount by which the extra production of one more worker
    12·1 answer
  • Becoming a manager meams
    10·1 answer
  • Seating Company is currently selling 1,400 oversized bean bag chairs a month at a price of ​$95 per chair. The variable cost of
    12·1 answer
  • A supplier to Ford stamps out parts using a press. Changing a part type requires the supplier to change the die on the press. Th
    7·1 answer
  • Mary Walket, president of Rusco Products, considers $14,000 to be the minimum cash balance for operating purposes. As can be see
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!