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dybincka [34]
3 years ago
12

Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an account that pays 7% interest

compounded annually. How much will you have in the account on your 21st birthday, just after your grandparents make their deposit
Business
1 answer:
OverLord2011 [107]3 years ago
4 0

Answer:

The money you will have is $98020.

Explanation:

It is given that grandparents deposit $2,000 each year on birthday and the account pays 7% interest compounded annually also the time is 21 years.

we will use the compound interest formula  A=P (1 + \frac{r}{100})^{t}.

For the first birthday the amount after 21 yr will be:

A=2000(1+\frac{7}{100})^{21}

Similarly for the second birthday amount after 20yr will be:

A=2000(1+\frac{7}{100})^{20}

likewise, the last compound will be:

A=2000(1+\frac{7}{100})^1

The total value of such compounding would be :

\text {Total amount}=2000(1+\frac{7}{100})^{21}+2000(1+\frac{7}{100})^{20}...2000(1+\frac{7}{100})^{1}

\text {Total amount}=2000[(1+\frac{7}{100})^{21}+(1+\frac{7}{100})^{20}...(1+\frac{7}{100})^{1}]

\text{Total amount} \approx 2000(48.01)

\text{Total amount} \approx 96020

The total amount just after your grandparents make their​ deposit  is:

≈($96020+2000)

≈$98020

Hence, the money you will have is $98020.

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On October 1st Joe charged $900 to his credit card, on October 10th he charged another $1,300 to his credit card, and on October
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During June, Buttrey Corporation incurred $72,000 of direct labor costs and $12,000 of indirect labor costs. The journal entry t
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The correct question is:

During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:

A)debit to Work in Process of $67,000B)credit to Work in Process of $74,000C)debit to Work in Process of $74,000D)credit to Work in Process of $67,

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a. debit to Work in Process of $67,000

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Labour costs are made up of direct labour cost and indirect labour costs.

An addition of these two items results in amount of money the company will pay as wages to worked (labour).

In the given scenario we will then add direct and indirect labour cost to get wages to be paid.

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Direct labour will be classified under work in process (that is $72,000)

While indirect labour is manufacturing overhead $12,000)

Work in process and manufacturing overhead are debited when raising journal entry

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