Answer:
Option (c) is correct.
Explanation:
Initial quantity demanded = 800
New quantity demanded = 600
Initial price = $4
New price = $4.50
Using the midpoint formula,
For price:
Average price:
= (Initial price + New price) ÷ 2
= ($4 + $4.50) ÷ 2
= $4.25
Change in price = New price - Initial price
= $4.50 - $4
= $0.50
For Quantity demanded:
Average quantity demanded:
= (Initial Quantity demanded + New Quantity demanded) ÷ 2
= (800 + 600) ÷ 2
= 700
Change in quantity demanded:
= New Quantity demanded + Initial Quantity demanded
= 600 - 800
= -200
Price elasticity of demand:
= (- 0.29) ÷ 0.12
= -2.43
Answer: 2.70%
Explanation:
Proper question is;
Upstate bank is offering long-term certificates of deposit with a face value of $100,000. Bank customers can buy these CDs today for $67,000 and will receive the $100,000 in 15 years. What interest rate is the bank paying on these CDs.
The formula to calculate rate is;
= (Future Value / Present Value) ^ 1/15 - 1
= (100,000 / 67,000) ^ 1/15 - 1
= 0.0270581026212
= 2.70%
Answer:
$184,687.98
Explanation:
assuming that silver dollars were issued in 1948 (actually no silver dollars were produced that year), your grandparents purchased them at $42. From 1948 to 2057 there are 109 years:
future value = present value x (1 + r)ⁿ
- present value =$42
- r = 8%
- n = 109 years
future value = $42 x 1.08¹⁰⁹ = $184,687.98
Answer:
Section 4(k) of the Bank Holding Company Act of 1956
Explanation:
Under section 4(k) of the Bank Holding Company Act of 1956 financial institution is any type of institution whose business is involving in activities that are financial in nature or incidental to such financial practices, as determined by this section such as banks, dealers and securities brokers, insurance underwriters and agents, finance companies, mortgage bankers, and travel agents must provide a privacy notice to each and every consumer having an explanation that what data about the consumer is collected, with whom that data is shared, how the data is applied, and how the data is protected.