1. A man wishes to have P 100,000.00 on a bank that earns an exact simple interest rate of 10.50%. a. How much money should he deposit on an account to fulfill his wish if he decided to deposit it on February 20, 2016, and withdraw this account on February 20, 2017, and no other withdrawals will take place?
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A: The value of a current asset at a future date based on an expected rate of growth is known as future…
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A: The future value is the amount that will be received at the end of a certain period. In simple…
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A: Simple Interest = P * R *T Where P = Principal = PHP1,500R = Rate of Interest = 4%T = Time = 10…
Q: If you deposit OMR 19500 in your account in a bank; suppose the bank pays 16.25% compound interest…
A: Future value is calculated by compounding the present value at a given compounding rate.
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A: Deposit amount = Php 1500 Interest rate = 9% Period = 30 Days
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A: Solution:- Present value means value in today’s terms by discounting it back at the given interest…
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A: Given information: Present value of deposits : OMR 8854 Interest rate : 8% Time period : 5 years…
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A: Solution Concept Under exact simple interest number of days taken in a year is 365 days Given…
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A: To open the "FV function" window - MS-Excel --> Formulas --> Financials --> FV.
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A:
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A: Interest = Principal * Rate * Time For exact simple interest use 365 days
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A: Information Provided: Amount borrowed = $18,000 Interest rate = 12%
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A: Thanks for the Question. Bartleby's Guideline: “Since you have asked multiple question, we will…
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Q: If you deposit OMR 19500 in your account in a bank; suppose the bank pays 6.15% compound interest…
A: Deposit amount = OMR 19500 Annual interest rate = 6.15% Period = 15 Years
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…Saint Paul ne Apote n ts 0. Kyle used the equation y = 300(1.09)* , where x represents months and y represents the amount ne owes, to predict how much he has to pay on his credit card bill if he does not make any payments each month. a. What is Kyle's original credit card bill? b. What is the interest rate on his credit card? С. How much money will Kyle owe if he does not pay off his balance for 6 months? 9. The population of the deer on Walla Walla Island doubles every year. The island began with 8 deer. Write a function that models the change in the animal population: a. b. How many deer will there be after 5 years? How many deer will there be after 10 years? С.
- On a 32 day notice deposit account, if you opt to withdraw funds sooner than the 32 day notice period, there is a fee involved. How are these fees reflected in the GL of the bank?I need to create a bank reconciliation for Diaz's checking account on May 31, 2021Q19: Mr. Saqlain opened a saving account in MCB Bank on 1st April 2003 and initially he deposited Rs. 100,000 in his account. On 1* February 2005, he makes another deposit of Rs. 50,000 in his account. On 1ª September 2007, he had withdrawn 50% amount from his total available amount in the account. He made further deposits of Rs. 20,000, Rs. 25,000 and Rs. 5,000 on 1s* January of the years 2008, 2009 and 2010.If the bank is paying him 8% interest on his account, calculate how much amount is available in his account at 31s* December 2011.
- b) Starting from 1* June 2021 with a fresh bank account, Ah Guan save RM320.00 into the bank account every month. A fixed interest of 0.8% is given on the last day of every month. Determine the date (the last day of a month after the interest is given) where he will be able to purchase a smartphone worth RM3126.00 *display your final answer as: [last day of the month] / month / yeara. Illustrate and record the following events on a T account John deposits his $10,000 paycheck into his checking account at Chase Bank b.Chase Bank deposits the check at the Fed and Fed collects the funds for Chase Bank c.What happens to a bank's reserves when it receives a deposit? d.John withdraws $2000 cash and pays his rent. His landlord deposits the $2000 in Citi BankMay I ask for an explanation and solution to the question for a better understanding. Thank you! 11. You plan to invest an amount of money in a certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12%, compounded monthly. How much must you invest if you want the balance in the CD account to be P8,500 in 2½ years? a. P143,302.66 b. P11,941.89 c. P6,306.34 d. P11,302.14
- Marcus is trying to decide which checking account to open. Bank A's account pays 1.6%, compounded annually. Bank Q's account pays 0.4% compounded quarterly. Which account will produce the highest return? Question 14 options: Bank A Bank Q They are the same Insufficient information providedSuppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10% or $20, whichever is higher, every month. How long will it take you to eliminate the debt? Assume that the bank uses the previous-balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance.Part 2 Now assume that on December 31, 2023, Sheridan enters into the following transactions related to the company's receivables: 1. 2. Sheridan sells the note receivable to Prairie Bank for $60,000 cash plus accrued interest. Given the creditworthiness of Sheridan's customer, the bank accepts the note without recourse and assesses a finance charge of 3.10%. Prairie Bank will collect the note directly from the customer. Sheridan factors some accounts receivable at the end of the year. Accounts totalling $35,000 are transferred to Skysong, Inc., with recourse. Skysong retains 5% of the balances and assesses a finance charge of 4% on the transfer. Skysong will collect the receivables from Sheridan's customers. The fair value of the recourse obligation is $4,700. Prepare the journal entry to record the transfer of the note receivable to Prairie Bank. (Round answers to O decimal places, e.g. 8,971. Credit account titles are automatically indented when the amount is entered. Do not indent…