1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ber [7]
3 years ago
12

A customer redeems 1,000 shares of ABC Fund on Wednesday, June 14th. Under the provisions of the Investment Company Act of 1940,

the customer must be paid the money no later than:
Business
1 answer:
Colt1911 [192]3 years ago
7 0

Answer:

Wednesday, June 21st

Explanation:

In this scenario, since the customer redeemed the shares on Wednesday, June 14th then he must be paid before Wednesday, June 21st. This is 7 days after the redemption. According to section 22 article (e) of the Investment Company Act of 1940, all companies are prevented from postponing the date of payment for more than seven days as stated below.

(e) No registered investment company shall suspend the right

of redemption, or postpone the date of payment or satisfaction upon

redemption of any redeemable security in accordance with its terms

for more than seven days after the tender of such security to the

company or its agent designated for that purpose for redemption

You might be interested in
Max's Kennels spent $220,000 to refurbish its current facility. The firm borrowed 60 percent of the refurbishment cost at 5.95 p
d1i1m1o1n [39]

Answer:

The monthly payment is $2184.52

Explanation:

Given

Total\ Amount\ Spent\ = $220,000

Amount\ Borrowed = 60\%

Rate = 5.95\%

Duration = 6\ years

Required

Monthly\ Payment

Firstly, the loan amount has to be calculated

The Question says; of the total amount spent, only 60% was borrowed;

So;

Loan = 60\%\ of\ 220,000

Loan = 132,000

The monthly payment can then be calculated using the following formula

Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}

Where P = Loan Amount = 132,000

r = rate of payment = 5.95% = 0.0595

n = duration (in month)

n = 6 years

n = 6 * 12 months

n = 72 months;

Substitute the above parameters in the formula;

Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1} becomes

Amount = 132,000 * \frac{0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(\frac{12.0595}{12})^{72}}{(\frac{12.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(1.0049583)^{72}}{(1.0049583)^{72} - 1}

Amount = 654.5 * \frac{1.42777239524}{1.42777239524 - 1}

Amount = 654.5 * \frac{1.42777239524}{0.42777239524}

Amount = 2184.51925155

Amount = 2184.52\ (Approximated)

<em>Hence, the monthly payment is $2184.52</em>

7 0
3 years ago
The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____, deeme
Juli2301 [7.4K]

Answer:

Conceptual skills

Explanation:

Conceptual skills are the types of skill that an individual posses, allowing the individual to understand complex situation and finally develop a suitable solution for the problem.  

7 0
3 years ago
Daniel, the supervisor of a team of financial analysts, aims to become a manager. He is confident about his ideas in the workpla
amm1812

Answer:

The correct option is B, high surgency

Explanation:

Agreeableness in a personality test refers to people whose main aim is to get along with colleagues at workplace thereby putting aside their self interests with sole aim of maintaining strong social ties.

High surgency in personality score reflects high level of positivism where one is confident and assured that subordinates or co-workers would do as expected.

High adjustment means having level of adaptability to changing circumstances in workplace especially when one fears that one's job is at risk

High consciousness ensures an employee takes cognizance every little detail of happenings or events unfolding in the work environment with aim of knowing how best to tackle each situation head-on

8 0
3 years ago
The Reid Co. acquired a piece of land for a new factory paying $100,000. Reid demolished the old building at a cost of $20,000,
Julli [10]

Answer:

A$118,000 B.$333,000

Explanation

Land$100,000

Demolition20,000

Scrap value(5,000)

Title insurance1,000

Paving assessment2,000

Total land cost($118,000)

B. The cost of the building recorde

d by Reid

Archirectfees$25,000

Construction interest8,000

Building cost300,000

Total building cost. $333,000

3 0
3 years ago
Read 2 more answers
On October 28, 2013, Mercedes Company committed to a plan to sell a division that qualified as a component of the entity accordi
Marysya12 [62]

Answer: $2,500,000

Explanation:

Discontinued operations is when a particular division in a company shutdown.

With regards to the above question, the before-tax amount that Mercedes should report as loss on discontinued operations in its 2013 income statement will be:

= $2,000,000 + ($3,000,000 - $2,500,000)

= $2,000,000 + $500,000

= $2,500,000

4 0
3 years ago
Other questions:
  • City Movers announced that its next annual dividend will be $.40 a share. The following dividends will be $.60, and $.75 a share
    8·1 answer
  • During a recent shopping trip to Target, Carlie noticed that the store offered many Glad products, including many different type
    9·1 answer
  • True or false: market capitalization is equal to # of shares outstanding times earnings per share.
    13·1 answer
  • Which type of portfolio might a young investor who is not afraid of risk choose?
    11·1 answer
  • Nova Electrics anticipates cash flow from operating activities of $13 million in 20X1. It will need to spend $8.5 million on cap
    10·1 answer
  • Scenario
    7·2 answers
  • In its first year of business, Borden Corporation had sales of $2,040,000 and cost of goods sold of $1,220,000. Borden expects r
    9·1 answer
  • A commercial bank like Comerica creates money by Group of answer choices making loans. earning profits. printing paper money. se
    12·1 answer
  • In 20 words or fewer, name some other types of opportunity costs
    10·1 answer
  • If Acme Corporation's current share price is $40 and it has issued 1 million shares of stock, then its market cap is
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!