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RUDIKE [14]
2 years ago
10

Today, you deposit $2,500 of cash in a savings account that earns 8.0% in annualized interest. One interest payment is received

at the end of every year. You make no other deposits or withdrawals.
In five years, the amount of interest on interest you have earned in your savings account is closest to: ________

a. $173
b. $175
c. $177
d. $1,000
e. $1,177
Business
1 answer:
Artemon [7]2 years ago
3 0

Answer:

a. $173

Explanation:

The computation of the amount of interest earned in five years is shown below;

But before that following calculations need to be done

As we know that

Simple interest = Present value × rate of interest × time period

= $2,500 × 8% × 5

= $1,000

Now the future value is

Future value = Present value × (1 + rate of interest)^number of years

= $2,500 ×(1 + 8%)^5

= $2,500 × 1.4693280768

= $3,673

Now the compound interest is

Compound interest = Future value - Present value

= $3,673 - $2,500

= $1,173

Now interest on interest is

Interest on interest = Compound interest - Simple interest

= $1,173 - $1,000

= $173

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Explanation:

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3 years ago
There are two ratios which are used to measure airline performance. one measures efficiency while the other measures equipment u
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(operating expenses/operating revenue)*100

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1 year ago
Diamond Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $59 per unit. The
Gemiola [76]

Answer:

<u>Part(a) Differential analysis as at February 24</u>

Make (Alternative 1) :

Direct Materials                             $35.00

Direct labor                                    $18.00

Variable Overheads                      $2.70

Fixed Overheads                           $0.00

Total Make Costs                         $55.70

Buy (Alternative 2) :

Total Purchase Cost                    $59.00

<u>(b) On the basis of the data presented, would it be advisable to make the carrying cases or continue buying them? </u>

It is clear that from comparison of the cost of Purchase and the Cost of Making the Carrying Cases, the Cost of Making the Carrying Cases is lower than the Cost of Purchasing the Cases by $3.30

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Total Make Costs;

The Factory fixed overheads are irrelevant to this decision hence they were ignored in the make cost calculations.

5 0
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