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Ede4ka [16]
3 years ago
9

Lee Holmes deposited $15,000 in a new savings account at 9% interest compounded semiannually. At the beginning of year 4, Lee de

posits an additional $40,000 at 9% interest compounded semiannually. What is the balance in Lee's account?
Business
2 answers:
malfutka [58]3 years ago
7 0

Answer:

The balance in Lee's account is $72,680.5

Explanation:

The formula to calculate amount for a compound interest is given as,

A = P(1+r)^n

Since the interest is compounded semiannually, at the end of year 3, the amount in Lee's account would be = 15000(1+0.09)^6 = 15000(1.09)^6 = $25,156.50

At the beginning of year 4, she deposits an additional $40,000

At the end of year 4, the amount in Lee's account would be = 40,000(1+0.09)^2 = 40,000(1.09)^2 = $47,524

Lee's balance = $25,156.50 + $47,524 = $72,680.5

myrzilka [38]3 years ago
3 0

Answer:

$77,528.75

Explanation:

we can divide this calculation into two time periods, the first one will last 3 years:

future value = present value (1 + r)ⁿ

  • n = 6
  • present value = $15,000
  • r = 9% / 2 = 4.5%

future value = $15,000 (1 + 4.5%)⁶ = $19,533.9 ≈ $19,534

the second period will also last 3 years:

future value = present value (1 + r)ⁿ

  • n = 6
  • present value = $19,534 + $40,000 = $59,534
  • r = 9% / 2 = 4.5%

future value = $59,534 (1 + 4.5%)⁶ = $77,528.75

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koban [17]

job delegation is a form of direct intense and detailed training

8 0
3 years ago
On january 1, year 2, kincaid company's accounts receivable and the allowance for doubtful accounts carried balances of $31,000
Gala2k [10]

Answer:

$27,725

Explanation:

Given that,

kincaid company's accounts receivable = $31,000

Allowance for doubtful accounts at January 1 = $500

Wrote off receivables as uncollectible = $550

1% of credit sales

cash collections of receivables = $74,550

Accounts receivable:

= Accounts receivable at January 1 + Credit sales - Wrote off receivables as uncollectible - Cash collection of receivables

= $31,000 + $72,500 - $550 - $74,550

= $28,400

Accounts for Doubtful Accounts:

= Allowance for doubtful accounts at January 1 - Wrote off receivables as uncollectible + 1% of credit sales

= $500 - $550 + (0.01 × $72500)

= $500 - $550 + $725

= $675

Net realizable value of receivables:

= Accounts receivable - Accounts for Doubtful Accounts

= $28,400 - $675

= $27,725

Therefore, the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to $27,725.

3 0
3 years ago
Growing chocolate is important to West African economies but they do not make as much money as the multinational companies that
kupik [55]

Answer: The name of the ghanaian brand is "57 chocolate"

Explanation:

57 Chocolate belongs to two sisters

Priscilla and Kimberly Addison, the creators of 57 chocolate, made in Ghana by Ghanaians, for Ghanaians. Their chocolates which come in dark, milk, white chocolate, mocha latte and bissap flavours are uniquely packaged in adinkra symbol shapes. and is the pioneer bean to bar chocolate business in Ghana. This venture uses resources grown within the country to create delicious chocolate

7 0
3 years ago
Different ____ levels and _______ requirements affect the choice of market entry
joja [24]
The answer to this question is Risk;Resources
The risk levels will affect your choice in choosing the market because the higher the risk levels, the fewer competition you will tend to face.
The resource requirements, on the other hand, affect your choice by considering which product could be produced in your area that has a competitive advantage compared to other products
3 0
3 years ago
Jobs Inc. has recently started the manufacturer of Tri-Robo, a three-wheeled robot that can scan a home for fires and gas leaks
trapecia [35]

Answer:

Jobs Inc.

1. The offer should not be accepted.

2. The offer should be accepted.

Explanation:

a) Data and Calculations:

Units of Tri-Robos to be manufactured = 21,300

Costs of manufacturing:

Direct materials                                        $1,086,300

Direct labor ($39 per robot)                         830,700

Variable overhead ($5 per robot)                106,500

Allocated fixed overhead ($28 per robot) 600,000

Total                                                        $2,623,500

Unit cost = $123.17 ($2,623,500/21,300)

Price from Tiench Inc per unit = $113

Total offer price = $2,406,900 ($113 * 21,300)

                               Make           Buy     Net Income Increase (Decrease)

Direct materials    $1,086,300    $ $

Direct labor                830,700

Variable overhead     106,500

Fixed overhead          195,000

Purchased price                          2,406,900

Totals                    $2,218,500  $2,406,900 $188,400 Decrease

                                                                      Make           Buy    

Direct materials                                        $1,086,300

Direct labor ($39 per robot)                         830,700

Variable overhead ($5 per robot)                106,500

Allocated fixed overhead ($28 per robot) 600,000

Total                                                        $2,623,500 $2,406,900

Opportunity cost                                          375,000

Total                                                        $2,998,500 $2,406,900 $591,600

8 0
3 years ago
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