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BaLLatris [955]
2 years ago
14

Calculate the amount of interest on a $1,400 deposit at 4% interest for 5

Business
1 answer:
Aneli [31]2 years ago
5 0

Answer:

$280

Step-by-step explanation:

As per given question we have provided that :

  • \purple\star Principal = 1400
  • \purple\star Rate = 4%
  • \purple\star Time = 5 years

Here's the required formula to find the Simple Interest :

{\longrightarrow{\pmb{\sf{S.I= \dfrac{PRT}{100}}}}}

  • \purple\star S.I = Simple Interest
  • \purple\star P = Principal
  • \purple\star R = Rate
  • \purple\star T = Time

Substituting all the given values in the formula to find the Simple Interest :

\begin{gathered}\qquad{\implies{\sf{S.I= \dfrac{PRT}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{P \times R \times T}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{1400 \times 4\times 5}{100}}}}\\\\\qquad{\implies{\sf{S.I= \dfrac{5600 \times 5}{100}}}}\\\\ \qquad{\implies{\sf{S.I= \dfrac{56 \:  \cancel{00}\times 5}{1 \: \cancel{00}}}}}\\\\\qquad{\implies{\sf{S.I= 56 \times 5}}} \\\\\qquad{\implies{\sf{S.I=  \$280}}}\\\\\qquad\star\underline{\boxed{\sf{\pink{S.I=  \$280}}}}\end{gathered}

Hence, the simple interest is $280.

\rule{300}{2.5}

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State two reasons why newly born babies are out_doored only after some few days have passed​
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3 years ago
How many modules are in financial accounting?
Lubov Fominskaja [6]

Financial Accounting includes the following sub-modules General Ledger, Accounts Payable, Accounts Receivable and Bank Accounting.

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5 0
1 year ago
Now that each account has been classified, assign account numbers to each account. You must assign account numbers so that accou
olchik [2.2K]

Answer:

Assets

Account _________________ Account Number

Cash ________________________110

Accounts Receivable - A.Karn _____120

Accounts Receivable - J.Chin _____ 130

Supplies _____________________ 140

Prepaid Insurance______________ 150

Liabilities

Account _________________ Account Number

Accounts Payable - River Company _210

Accounts Payable - Sharma Supply _220

Capital

Account _________________ Account Number

Kajal Chauhan, Capital ___________310

Kajal Chauhan, Drawing __________320

Income

Account _________________ Account Number

Sales ________________________ 410

Expenses

Account _________________ Account Number

Advertising Expense _____________510

Charitable Expense ______________520

Insurance Expense ______________ 530

Postage Expense _______________ 540

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Explanation:

The first digit of the account number of Asset will start with 1. It means 1 represents the Assets section.

The first digit of the account number of Liabilities will start with 2. It means 2 represents the Liabilities section.

The first digit of the account number of Capital will start with 3. It means 3 represents the Capital section.

The first digit of the account number of Income will start with 4. It means 4 represents the Income section.

The first digit of the account number of Expenses will start with 5. It means 5 represents the Expenses section.

The second digit of each account number specific account. e.g in Asset the Account number 120 is for Accounts Receivable - A.Karn. The second digit 2 represents the account receivable of A.Karn.

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4 0
3 years ago
Brodie receives $1100 every 12 months forever, starting 17 months from today. if his stated annual interest rate is 15ompounded
4vir4ik [10]

The present value of this perpetuity is  3350.

A perpetuity is an annuity that has no give up, or a movement of cash payments that continues for all time. There are few real perpetuities in lifestyles. as an instance, the authorities issued them in the beyond; those were referred to as and were all sooner or later redeemed i

Rate of interest = 15%

Brodie receives $1100 every 12 months

Annualized interest rate = (1+15%/12)^12 - 1 = 17.2271%

Present value of perpetuity at the end of 3 months since the first payment will be received 15 months from now, so the present value will be calculated as on 3rd month.

PV = Payment / Annualized interest rate

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Present value of perpetuity today = 3483/(1+15%/12)^3

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Hence the present value is close to 3350.

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