Answer:
can revoke the contract as informal verbal agreements are not binding
Explanation:
Since in the question it is mentioned that sherry would pay her $5,000 in the case when she runs marathon now once she starts running so here alan can revoke the contract legally as there is only verbal agreements not the written agreement also they are not binding to each other
So as per the given situation, the above statement should be considered
No because they aren't Fair
Answer:
FV= $12,818.4
Explanation:
Giving the following information:
You are hoping to buy a new boat 3 years from now, and you plan to save $4,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest.
To calculate the future value we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {4,200*[(1.052^2)-1]}/0.052 + 4,200= $12,818.4
The debt ratio is calculated by dividing the Total Liabilities by Total Assets. We are asked to calculate the debt ratio at the end of the year, hence we need to take year-end values for Total Liabilities and Total Assets.
We are given the Total Liabilities at the beginning of the year $175,000 and there is no change in the liabilities given, hence we can say that Total liabilities at the end of the year shall remain same = $175,000
We are given Total Assets at the end of the year are $260,000
Debt ratio = Total Liabilities / Total Assets = 175000/260000 = 0.673
Hence debt ratio at the end of the current year shall be <u>0.673</u>
