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2 years ago

$1000 Principal with a 6% Interest Rate, Compounded Semi-Annually for 3 years.

Business

1 answer:

umka2103 [35]2 years ago

8 0

Answer:

$1,194.05

Explanation:

The applicable formula is A = P x ( 1+ r) ^ n

Where A is the future amount

P is principal amount $1000

r is 6% per year or 0.06

n= time in years; 3 years

Since interest is compounded semi-annually, r will be 0.06 /2 = 0.03

n will be 3 years /2 = 6 periods

A = $1000 x ( 1 + 0.03) ^ 6

A = $1000 x 1.194052

A=$1,194.05

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3 years ago

Norma is considering buying a certificate of deposit with the $500 she has in a regular savings account. Explain to her what fac

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2 years ago

A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is

jasenka [17]

Answer:

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3 years ago

Acel Co. uses the allowance method to account for bad debts. In January, Acel determined that it could not collect $400 from CTR

Evgesh-ka [11]

Based on the fact that CTR, Inc sent a check to Acel Co, there will be a debit to b. Accounts receivable is debited to reinstate the CTR account.

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1 year ago

Doug and Kayla formed a partnership with capital contributions of $220,000 and $320,000, respectively. Their partnership agreeme

Mandarinka [93]

Answer:

The correct answer is $79,000 and $37,000.

Explanation:

According to the scenario, the given data are as follows:

Net income = $116,000

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Receive an interest = 10%

So, the amount to be shared equally = [$116,000 - $52,000 - ( 10% × $220,000) - ( 10% × $320,000)] ÷ 2

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3 years ago