Answer:
Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations.
Since 2010, the interest rate on passbook accounts and certificates of deposit has been moderate. In exchange for keeping the money on deposit for a set amount of time, top-paying certificates of deposit (CDs) offer interest rates that are higher than those offered by the best savings and money market accounts. Compared to stocks and bonds, CDs offer a smaller potential for growth but a non-volatile, fixed rate of return.
CD are also a safer and more conservative investment. Almost all banks, credit unions, and brokerage companies provide a selection of CD choices. Shopping around offers major benefits because the best CD rates that are nationally available are often three to five times higher than the industry average for every term.
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<span>Formula of Comound Interest will help you. Here is the formula :
So : savings you placed
Sf : savings you get after years
r : rate
n : years
Sf = So x (1+r)^n
Here we try to get "n" so that Sf = 2So.
"n" is a math power, if you want to get it, you should use Logarithm and transform the equation :
Sf - So = (1+r)^n
Then, you isolate "n" and by doing that, every other equation's terms will be expressed in Logarythm :
n = (log sf - log so) / (log 1 + r)
Example : you have 10$, you want 20$ with 7.2% interest (Any other amount will match) :
n = (log 20 - log 10) / (log 1.072)
n = 0.301029 / 0.030195
n = 9.9696
You will need 9.9696 years. So (0.9696*365)/1 = 9 years, 11 months and 19 days.</span>
Answer:
Total direct labor cost= $90,356
Explanation:
<u>First, we need to determine the total direct labor hour for each month:</u>
<u></u>
January= 2,980*0.7= 2,086
February= 2,750*0.7= 1,925
March= 3,490*0.7= 2,443
Total direct labor hours= 6,454
<u>Now, the direct labor cost for the first quarter:</u>
Total direct labor cost= 14*6,454
Total direct labor cost= $90,356