An oil and gas producing company owns 47,000 acres of land in a southeastern state. It operates 700 wells which produce 15,000 barrels of oil per year and 1.4 million cubic feet of natural gas per year. The revenue from the oil is $1,500,000 per year and for natural gas the annual revenue is $561,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 14% per year on his investment over a period of 8 years. Click the icon to view the interest and annuity table for discrete compounding when i = 14% per year. $ million or less should be offered for the property. (Round to two decimal places.)

Joseph Ray just received an inheritance of $50,000 from his great aunt. He plans to invest the funds for retirement. If Joseph can earn 6% per year with quarterly compounding for 30 years, how much will he have accumulated? $271,550 $269,113 $284,622 $298,466

An oil and gas producing company owns 49,000 acres of land in a southeastern state. It operates 650 wells which produce 19,000 barrels of oil per year and 1.5 million cubic feet of natural gas per year. The revenue from the oil is $1,900,000 per year and for natural gas the annual revenue is $583,000 per year. What bid should be made to purchase this property if the potential buyer is hoping to make 17% per year on his investment over a period of 9 years. Click the icon to view the interest and annuity table for discrete compounding when i = 17% per year. $ million or less should be offered for the property. (Round to two decimal places.)

Gurpreet already had a balance of $1700 on her credit card when she used it to purchase items worth another $335. The minimum monthly payment is 3% of the outstanding balance or $30 dollars, whichever is greater, and the interest rate is 19.7%, compounded daily. If Gurpreet pays only the minimum each month, how long will it take her to pay off the balance? How much interest would she end up paying?