All categories

3 years ago

harry morgan plans to make 30 quarterly payments what is the value of the savings account after the 30 quarterly deposits

Business

1 answer:

andreev551 [17]3 years ago

4 0

Answer:

D) $8,276

Explanation:

The question is not complete, hence find below question:

Harry Morgan plans to make 30 quarterly deposits of $200 into a savings account. The first deposit will be made immediately. The savings account pays interest at an annual rate of 8%, compounded quarterly. How much will Harry have accumulated in the savings account at the end of the seven and a half-year period? (Use the appropriate table in the text.)

A) $8,114

B) $24,469

C) $6,000

D) $8,276

Note that this is a case of annuity due whose future value formula is found below:

FV=quarterly payment*(1+r)^n-1/r*(1+r)

FV=future value of quarterly deposits which is unknown

quarterly deposit=$200

r=quarterly interest rate=8%/4=2%

n=number of quarterly deposits in 7.5years=7.5*4=30

FV=200*(1+2%)^30-1/2%*(1+2%)

FV=200*(1.811361584 -1)/2%*(1+2%)

FV=200*0.811361584/2%*1.02=$8,276

You might be interested in

A summer camp that offers one-week programs faces the challenges of long queues as parents try to check in their children each S

jeka57 [31]

Answer:

(i) the average time parents wait decreases

(ii) the maximum time the parents wait decreases

(iii) the average number of parents waiting to check in their child decreases

(i), (ii) and (iii) are all correct

Explanation:

The guardians and students sit tight in the line for check-in procedure and afterwards they really check=in. Here, the guardians and youngster are the customer though the staff which is helping the guardians and students are the server. With restricted servers and numerous customers, the line length builds which implies there are more guardians in the line which results into increment in the hanging tight time for each parent and thus the normal holding up time. Further, with longer lines the greatest holding up time is additionally higher.

In this way, by including more staff for check=in, the quantity of customers can be expanded to take into account a similar number of patients. The line gets partitioned into numerous servers which results into each of the 3 advantages.

6 0

3 years ago

Which of the following statements is false?

Serggg [28]

Answer: The answer is "b. LIFO is an income tax concept.".

Explanation: The statement "b. LIFO is an income tax concept." is FALSE because LIFO is a inventory method (first in, first out) in which the first products purchased will also be the first sold.

7 0

3 years ago

The top management of Myers Corp are planning a reorganization of their company to cut costs and increase efficiency. The differ

MrMuchimi

Answer:A. Charisma

Explanation:

Despite the fact that the managers will be on the receiving end of job cuts, they still support the management decision to reduce the work force, this show an extraordinary leadership support.

8 0

3 years ago

For each separate case, record an adjusting entry (if necessary). Barga Company purchases $32,000 of equipment on January 1. The

scoundrel [369]

Answer:

Equipment:

Dr. Cr.

Depreciation Expense $5,520

Accumulated Depreciation $5,520

Land:

Land never depreciates, so there is no adjusting entry for the Land purchased on year end.

Explanation:

Year end is not given in the data so, it is assumed the December 31 is the end of the year

Equipment

Depreciation for the year = ( Purchase price - Residual value ) / useful life

Depreciation for the year = ( $32,000 - $4,400 ) / 5 years

Depreciation for the year = $5,520

8 0

4 years ago

Foreign saving is used for domestic investment when foreigners engage in

dmitriy555 [2]

Foreign saving is used for domestic investment when foreigners engage in either foreign direct investment or foreign portfolio investment.

To add, ‘Foreign savings’ and the ‘net external resources inflows’ are the two popular acronyms used for the current account deficit in the balance of payments.

8 0

3 years ago