**Compound Interest Calculation****Problem Statement:**Use the compound interest formula to find the account balance $ A $, where $ P $ is the principal, $ r $ is the interest rate, $ n $ is the number of compounding periods per year, $ t $ is time in years, and $ A $ is the account balance.**Given Parameters:**| Principal ( $ P $ ) | Interest Rate ( $ r $ ) | Compounded ( $ n $ ) | Time ( $ t $ ) ||-----------------------------|--------------------------------|-------------------------------|-----------------------------------|| \$53,530 | $ \frac{9}{2} \% $ | Quarterly | $ \frac{1}{2} $ |**Formula:**\[ A = P \left( 1 + \frac{r}{n} \right)^{nt} \]**Explanation:**The above table provides the specific values needed to calculate the account balance. **Calculation Steps:**1. **Convert the interest rate from percentage to decimal:** \[ \frac{9}{2} \% = 0.045 \text{ per quarter} \] 2. **Identify the number of compounding periods per year:** Since the interest is compounded quarterly, $ n = 4 $.3. **Calculate the time duration in terms of years:** Given $ t = \frac{1}{2} $.4. **Substitute the values into the compound interest formula:** \[ A = 53530 \left( 1 + \frac{0.045}{4} \right)^{4 \cdot 0.5} \] 5. **Simplify inside the parentheses first:** \[ 1 + \frac{0.045}{4} = 1 + 0.01125 = 1.01125 \]6. **Calculate the exponent value:** \[ 4 \cdot 0.5 = 2 \]7. **Perform the final calculation:** \[ A = 53530 \times (1.01125)^2 \] \[ A \approx 53530 \times 1.02256 \] \[ A \approx 54769.69 \]The account balance is approximately

Future Value: A present asset's future value, abbreviated as FV, is the value that asset is…

Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. P compounded t r 1 $53,530 9-% 2 Quarterly C The account balance is approximately $ (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.) 1

Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. P compounded t r 1 $53,530 9-% 2 Quarterly C The account balance is approximately $ (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.) 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

b. Comment on each of the ratios calculated in part (a). ABOVE IS THE QUESTION THAT I NEED ANSWER, BELOW IS THE QUESTION (A) ANSWER THAT MENTIONED IN QUESTION (B) a) Calculate the following ratios for Company A and Company B. State clearly the formulae used for each ratio: ANSWER iv) Receivables Collection Period (days) Receivables Collection Period (days) = ( Receivables / Net sales ) x 365 days Company A: = ( 6000 / 160000 ) x 365 = 13.68 Days Company B: = ( 20000 / 240000 ) x 365 = 30.41 Days v) Payables Payment Period (days) Company A: Payables payment period= * 365 Accounts payable= RM 10,000 Cost of sales= RM120,000 Payable payment period= *365 = 30.42 days Company B: Accounts payable= RM 20,000 Cost of sales= RM 180,000 Payable payment period= *365 = *365 = 40.55 days vi)Current Ratio Company A Current ratio= Current assets= RM 40,000…
1 Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principal Amount on Notes Annual Interest Time Period Rate Interest Earned Receivable ok a S 65,000 11.4 % 6 months b. $ 43,000 % 9 months $ 3,483 C. 9.3 % 12 months $ 3,069 nces
Complete the following without using Table12.1. Note: Round the "Total amount" and "Total interest" to the nearest cent. Principal: $1,360 Time (years): 1 Rate of compound interest: 10% Compounded: Quarterly Periods: Rate: % Total amount: Total interest: Period 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 1 1.0050 1.0100 1.0150 1.0200 1.0250 1.0300 1.0350 1.0400 1.0450 1.0500 1.0550 1.0600 1.0650 1.0700 1.0750 1.0800 1.0850 1.0900 1.0950 1.1000 2 1.0100 1.0201 1.0302 1.0404 1.0506 1.0609 1.0712 1.0816 1.0920 1.1025 1.1130 1.1236 1.1342 1.1449 1.1556 1.1664 1.1772 1.1881 1.1990 1.2100 3 1.0151 1.0303 1.0457 1.0612 1.0769 1.0927 1.1087 1.1249 1.1412 1.1576 1.1742 1.1910 1.2079 1.2250 1.2423 1.25.97 1.2773 1.2950 1.3129 1.3310 4 1.0202 1.0406 1.0614 1.0824 1.1038 1.1255 1.1475 1.1699 1.1925 1.2155 1.2388 1.2625 1.2865 1.3108 1.3355 1.3605 1.3859 1.4116 1.4377 1.4641 5 1.0253 1.0510 1.0773 1.1041 1.1314 1.1593 1.1877…
Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90
Solve by using compound table: (Round the "Total Amount" and "Total Interest" to the nearest cent.) # of Periods to Rate of When Principal Time be Total Amount Total Interest Compound Compounded Compounded $ 300 1 year 16 % Quarterly 4
What is the value in year 4 of a $710 cash flow made in year 6 if interest rates are 9 percent? ( do not round intermediate calculations. Round your answer to 2 decimal places.)
calculate these (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days
Complete the table.
Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $5,000 6.00% 30 days 1,000 7.50 60 4,500 8.00 120 %24 950 6.80 95 1,250 7.25 102 2,900 7.00 90 %24 %24
Please answers parts 4,5, and 6. I have the first three already
If the accounts receivable turnover is 42 days, what is the account receivable turnover ratio? * a. 7.14 times b. 8.69 times c. None of the choices d. 4.52 times
Determine the following (1–18) measures for 20Y2, rounding to one decimal place, except the dollar amount, which should be rounded to the nearest cent. Use the rounded answer to the requirement for subsequent requirements, if required. Assume 365 days a year. Show each formula and calculation on the worksheet. amount which should be rounded to the nearest cent. use the rounded answer to the requirment for subsequent requirements, if required. Assume 365 days a year. Formula Calculation and Answer 1 Working Capital Stargel Inc. 2 Current ratio Comparative Retained Earnings Statement 3 Quick ratio For the Years Ended December 31, 20Y2 and 20Y1 4 Accounts receivable turnover 20Y2 20Y1 5 Number of days' sales in receivables days Retained…