The future amount of an investment with compound interest can be calculated through the equation,
F = P x (1 + ieff)^n
where F is the future amount, P is the current value of the money, ieff is the effective interest (rate per year), and n is the number of years.
From the equation, all are given except for the effective interest, i. Now, substituting the known values,
14,398.87 = (7,775) x (1 + ieff)^14
The value of ieff from the equation is 0.044999.
Since the value of the ieff when translated to percentage is equal to 4.5% as well, the interest rate is compounded yearly.
Answer:
The interest payable is calculated based on the principal, interest rate, number of years of the loan or of the deposit.
Explanation:
Financial institutions is a company or a firm that deals with financial and monetary activities such as; loans, deposits, investments and currency exchange. Most financial transactions especially loans and savings usually have an interest rate that is set by the financial institution. The amount of interest can be paid by the borrower in a case where an individual takes a loan from the financial institution. Interest can also be paid by the financial institution in a case where the individual or group opens a savings account with the financial institution. In both cases, the interest rate is set by the financial institution. The amount of interest payable can be determined using the formula below;
A=PRT
where;
A=amount of interest payable
P=principle amount. The principal amount can either be the loan amount or the savings deposit amount
R=interest rate
T=number of years
The interest payable is calculated based on the principal, interest rate, number of years of the loan or of the deposit.
Answer: $30
Explanation:
Given that,
Average variable cost (AVC) = $25
Average fixed cost (AFC) = $5
Marginal cost (MC) = $30
Average total cost (ATC) = Average fixed cost (AFC) + Average variable cost (AVC)
= $5 + $25
= $30
Therefore, average total cost is the sum of average fixed cost and average variable cost. Alternatively, average total cost is calculated by dividing total cost to units of output produced.
I thought it would be B. Because if she is doing audit and knows someone in the company that is helping with the audit, she is NOT legally able to do the audit! That is what I learned in accounting anyway. I am not sure though just an input.I would pick B.
Answer:
The correct answer is letter "D": All of the answers are correct regarding a petty cash fund.
Explanation:
Petty cash funds are sums of money that are useful for businesses to take care of small payments. These payments are too low to allow a check to be written for payment. In some businesses, each department maintains its own small cash box for expenses such as office supplies per unit.
For accounting purposes, transactions involving petty cash are documented only when the petty cash was totally spent and a new fund is to be created and recorded with a voucher.
