I believe that’s false because entrepreneurs create business opportunities by themselves
The annual interest rate for this note that would earn the interest of $160 is 8%.
In order to solve this problem, we have to use the interest rate formula

<u>where</u>
- P = Principal
- R= Rate
- T = Time
We divide 90 days by the total days in a year
= 90/365
= 0.2466
<u>Principle * time</u>
= 0.2466 * 8000 = 1972.6
The annual interest rate
= 160/1972.6
= 0.081
= 8%
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FIFO means First Come First
Out.
In FIFO Method the Inventory
Comes First are deducted from Inventory First at the time of Sales or transfer
to Production unit. Based on this methodology the Value of Closing Stock will
be :
Value of Closing Inventory =
$ 3400.00
Value of Cost Sold = $7,600 +
$7,200 + $3120 + $3400
Total = $ 21,400
cost of goods sold is $ 21,400
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