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3 years ago

5

You want to invest $37,000 today to accumulate $41,650 to buy a car. If you can invest at an interest rate of 3% compounded annu

ally, how many years will it take to accumulate the required amount

1 answer:

Gnom [1K]3 years ago

5 0

Answer:

4 years

Explanation:

It takes 4 years to accumulate the required amount.

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Return to questionItem 6Item 6 E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4] FedEx Co

madreJ [45]

<u>Solution and Explanation:</u>

The following formulas will be used in order to calculate the accounts receivable turnover ratio and in order to find out the number of days collect.

Accounts receivable turnover ratio = Net sales divided by Average net Accounts receivable

$=\$ 50,370 /[(\$ 7,250+\$ 5,720) / 2]$

$=\$ 50,370 / \$ 6,485$

= 7.77 times

<u>Days to collect</u> = 365 divided by Accounts receivable turnover ratio

= $365 divided by 7.77

= 47 days

<u>Note</u>: The number of days that has been assumed is 365 days

4 0

3 years ago

if china’s economy maintains a 7% annual growth rate over the next 20 years, about how large will its economy be in 20 years if

grin007 [14]

Answer:

If an economy grows at 7% per year, it will take 70 / 7 = 10 years for the size of that economy to double, and so on.

3 0

2 years ago

According to the law of demand, quantity demanded decreases as ________, ceteris paribus.

vekshin1

D is the answer :3333

4 0

3 years ago

Prescott Bank offers you a five-year loan for $55,000 at an annual interest rate of 7.25 percent. What will your annual loan pay

Studentka2010 [4]

Answer:

Annual loan payment = $13,146.78

Explanation:

<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.</em>

The monthly equal installment is calculated as follows:

Monthly equal installment= Loan amount/Monthly annuity factor

Monthly annuity factor

=( 1-(1+r)^(-n))/r

r- Monthly interest rate (r)

= 7.25%/12= 0.604 %

n- Number of months ( n) in 5 years

= 12* 6 = 60

Annuity factor

= ( 1- (1.00604)^(-60)/0.00604= 50.2024

Monthly installment= 55,000 /50.2024 = $1,095.56

Monthly installment = $1,095.56

Annual loan payment = monthly installment × 12

Annual loan payment =$1,095.56 ×12=13,146.78

Annual loan payment = $13,146.78

6 0

3 years ago

Bratton corporation had 8200 units of work in process on April 1. During April , 22300 units were completed and as of April 30 6

yanalaym [24]

Answer:

20,140 units

Explanation:

The number of units started will be the units completed in April plus the ending inventory minus the opening work in progress.

Units started = completed unit + ending inventory - beginning inventory.

Units started = 22,300 + 6,040 -8,200

units started = 28,340 - 8200

units started =20,140

6 0

2 years ago