PROBLEM 3A: Four friends go together to purchase some gold coins as an investment. The total needed is$10,000 for a set of 100 coins. They contribute their savings as indicated below. Because they don't havequite enough money in savings, Abe's Uncle Ed is asked to contribute the remainder. Apportion the coins byHamilton's method.DivisorPersonAbeBethChadDaveUncle EdTotalPersonAbeBethChadInvestment$3619$1859$2257$2010DaveUncle EdTotal$$10,000PROBLEM 3B: When the four friends get to the coin broker he mentions that there will be $50 in taxes thatthey hadn't accounted for. The friends empty their pockets and find Abe has $5, Beth has $16, Chad has $2,and Dave has $32. They pool their money and pay the taxes, with the extra $5 going back to Uncle Ed.Recalculate their apportionment of the 100 coins by Hamilton's method.Divisor =Investment$$3624$1875$2259$2042Quotas$10,050QuotasRatioWill Chad be upset? Explain why or why not.RatioInitialApportionmentIs there a paradox exhibited here? If so, which one?FinalApportionmentInitialApportionmentFinalApportionment

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Answered: PROBLEM 3A: Four friends go together to…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section: Chapter Questions

Problem 5FPC

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Formulate a system of equations for the situation below and solve.Michael Perez deposited a total of $2000 with two savings institutions. Bank A pays interest at the rate of 6%/year, whereas Bank B pays interest at the rate of 8%/year. If Michael earned a total of $128 in interest during a single year, how much did he deposit in each institution? Bank A $___ Bank B $___
Jake received $300 for his birthday. He must decide how much of it to save and how much to spend. His bank has a 5% interest rate. How much more money would be in his account after 5 years if he saved $300 than if he saved $250? A. $9528.31 B. $382.88 O C. $319.07 O D. $63.81 O O
Clear my chOice Corry has an income of $80,000 that he is willing to spend over a year. If his bank account's interest rate is 3.05% and the cost associated for him to visit the bank is $5.00. What is Corry's average money holding? O a. $488.00 O b. $2,560.74 O c. $5,000.00 O d. $16.00 Previous page O Type here to search
Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!
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Rick has an income of $100,000 that he is willing to spend over a year. If his bank account is giving him 2.50% and the cost associated for him to visit the bank is $2.00. What is the optimal number of bank trip for Rick? a. 25 O b. 4,000 O c. 1,250 d. 2,000 Type here to search 23
Practice (Simple and Compound) 9. Beau's grandmother started depositing $1000 in a saving account for him each year on his birthday. The account pays 2.5% simple interest. How much interest will the account earn after year 3? Round to the nearest cent. Directions: 1. Write the formula: 2. What are you looking for? 3. Numbers involve in the formula:
Dave invests $3,700 in a savings account at his local bank which gives 3.296 simple annual interest. He also invests $3,000 in an online savings account which gives 5.9% simple annual interest. After 15 years, which one will have earned more interest, and how much more interest will it have earned, to the nearest dollar? (Use I = Prt) The online account has $879 more than the local bank b. The online account has $179 more than the local bank C. The local bank has $776 more than the online account. d. The local bank: has $345 more than the ontine account.
SITUATION 3: Vanessa wants to be a 'wise' money saver. She has 20,000 Php and is willing to put it in the bank. She found two banks that accepts saving based on a simple interest. One bank offers 15% simple interest and another offers 10% simple interest, and she invested in both banks. After a year, she withdraws all interest and capital and finds out she has 22,650 Php. 11. How much money did she put on the bank that has the 10% interest? b. 7000 A a. 6000 c. 8000 d. 3000 12. How much money did she put on the other bank? a. 17000 c. 14000 b. 12000 d. 13000 13. If she plans on getting a total of 30,000 Php, how much money shall she add to her original capital if the bank that charges 15% interest can only take a maximum of 20,000 Php investment? a, 7474.74 c. 6363.64 b. 9696.97 d. 8567.13
Investor A needs $1,000 in 4 years. Investor B needs $1,000 in 5 years. Who needs to deposit more money today to reach their goal? Select one: a. B b. A=B c. A
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Phil Frugal has been saving his pennies since he was 5 years old. He is now 45 and deposits his savings in a bank. His pennies total $5,000. Using this information and your knowledge of the banking system, select the best match for each item. Then calculate the values of reserves, required reserves, and excess reserves. Assume a required reserve ratio of 10%. Answer parts a. & b. a. The amount of reserves the bank owes to other banks: (Choose one of the 4 options) : required reserves, excess reserves, reserves or none of these The maximum amount of reserves available for loans: required reserves, excess reserves, reserves or none of these The amount of reserves the bank must set aside to loan to member banks: required reserves, excess reserves,reserves or none of these b. Enter the values of reserves, excess reserves, and required reserves. Reserves: $ Excess reserves: $ Required reserves: $

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