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geniusboy [140]
3 years ago
10

The daily interest multiplier for a savings account paying 2% annual interest for 180 days

Business
1 answer:
kolezko [41]3 years ago
5 0

Answer:

$5,050.25  

Explanation:

The daily interest multiplier has already been stated to reflect interest earned over a 180-day investment timing horizon, hence , in order to determine the compound of $5,000 saved for 180 days, we simply multiply the daily interest multiplier for 180 days by the actual amount saved as shown below:

FV=PV*interest multiplier

FV=future value=amount in the savings account after 180 days=the unknow

PV=the amount placed in savings account= $5,000

interest multiplier= 1.010050

FV=$5,000* 1.010050

FV=$5,050.25  

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<u>Account Name                                             Dr ($)              Cr ($)   </u>

Cash                                                            52,000

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<em><u>(To record common stock issued in excess of stated value.)            </u></em>

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(c) The stock had no par or stated value and was issued for a total of $52,000.

<u>Account Name                                    Dr ($)              Cr ($)            </u>

Cash                                                   52,000

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<em><u>(To record common stock issued that had no par or stated value.)  </u></em>

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