At the end of each year for 5 years, $500 is deposited into a credit union account. The credit union pays 5% interest compounded annually. At the end of 5 years, how much will be in the account?
In: Economics
Sally Medavoy will invest $6,740 a year for 23 years in a fund that will earn 5% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 23 years? If the first payment occurs at year-end, what amount will be in the fund in 23 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)
First payment today $ ?
First payment at year-end $ rounded to 0 decimal places ?
In: Finance
Consider an economy. The growth rate of nominal GDP in the recent year was 8% and the growth rate of real GDP was 5%. What does such difference indicate? What do you think the government of this country should do next year?
In: Economics
Lori is a student who teaches golf on the weekend and in a year
earns $30,000 after paying her taxes.
At the beginning of 2016 , Lori owned $2,500 worth of books,
DVDs, and golf clubs and she had $3,000 in a savings account at
the bank.
During 2016 , the interest on her savings account was $150 and
she spent a total of $ 20,000 on consumption goods and services.
The market value of her books, DVDs, and golf clubs did not
change.
How much did Lori save in 2016 ? What is her wealth at the end
of2016 ?
In 2016 , Lori saved $ HOW MUCH?
Lori's wealth at the end of 2016 is $ HOW MUCH
In: Economics
What types of taxes do we pay throughout the year and to whom?
In: Economics
The rate of increase in velocity is 2 percent a year, the money growth rate is 17 percent a year, and the inflation rate is 12 percent a year.
What is the real GDP growth rate?
The real GDP growth rate is __ percent a year.
In: Economics
Ritania is calculating its balance of payments for the
year. All transactions for the year are listed below (all amounts
are expressed in US dollars). Ritania received weapons worth $200
from the US under its military program; no payment is necessary. A
Ritanian firm exported $400 of cloth. A Ritanian resident is paid
$10 in interest on a loan to a foreigner. Foreign tourists visited
Ruritania and spent $100 in traveler’s checks. Ritanian investors
invested $200 overseas and received $50 in interest on the
investment that same year. A Japanese construction firm received a
$150 installment payment for work done in Ruritania.
Calculate Ritania’s current account (CA) and Financial
Account (FA) balances. Briefly (in one, very short sentence)
interpret the CA balance.
What change in the official reserve (OR) account is
implied such that the balance of payments balances? Interpret (in
one, very short sentence) this change.
In: Economics
For the past year, Coach, Inc., had a cost of goods sold of
$68,382. At the end of the year, the accounts payable balance was
$11,889.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
In: Finance
For the past year, Coach, Inc., had a cost of goods sold of
$59,882. At the end of the year, the accounts payable balance was
$13,589.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
In: Finance
Tonken Company had $300 of supplies at the beginning of the year. They purchased $1,350 of supplies throughout the year. At the end of the year, they had $520 of supplies on hand. How would Tonken record the supplies used throughout the year?
a. Debit Supplies Expense: $520, credit Cash: $520.
b. Debit Supplies Expense: $1,130, credit Supplies: $1,130
c. Debit Supplies Expense: $520, credit Supplies: $520.
d. Debit Supplies Expense: $1,130, credit Cash: $1,130
In: Accounting