with financial calculator You plan to make five deposits of \$1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 4% nominal interest, compounded semiannually, how much will be in your account after 3 years? Round your answer to the nearest cent.

FV= \$6,308.12

Explanation:

Giving the following information:

Semiannual deposit= \$1,000

Number of periods= 6

Interest rate= 4%= 0.04= 0.04/2= 0.02

To calculate the future value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= semiannual deposit

FV= {1,000*[(1.02^6) - 1]} / 0.02

FV= \$6,308.12

In a financial calculator:

Function: CMPD

Set: End

n= 6

i= 2

PV= 0

PMT= 1,000

FV= solve= 6,308.120963

Related Questions

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component per Job Actual Total for February
Revenue \$280 \$39,250
Technician wages \$8,400 \$8,250
Mobile lab operating expenses \$4,800 \$31 \$9,290
Office expenses \$2,400 \$3 \$2,700
Insurance \$2,870 \$2,870
Miscellaneous expenses \$970 \$1 \$425

The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be \$4,800 plus \$31 per job, and the actual mobile lab operating expenses for February were \$9,290. The company expected to work 150 jobs in February, but actually worked 154 jobs.

Required:
Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February.

I used an excel spreadsheet since there is not enough room here. I ordered the given data:

Fixed           Variable           Actual Total

Revenue                                                        \$280                \$39,250

Technician wages                \$8,400                                       \$8,250

Mobile lab operating exp.   \$4,800              \$31                   \$9,290

Office expenses                   \$2,400               \$3                   \$2,700

Insurance                              \$2,870                                       \$2,870

Miscellaneous expenses        \$970                \$1                      \$425

The actual results yielded an unfavorable operating income variance. Operating income = \$14,065, unfavorable variance = \$2,645

Toys "R" Us has decreased its receivable turnover over the last three years: which of the following may be a possible cause of this decrease? A) the company has been more selective in choosing reliable customers. B) salesmen have granted customers an extension of credit terms. C) the accounting department has increased the allowance for doubtful accounts. D) all of the above are correct

B) salesmen have granted customers an extension of credit terms.

Explanation:

receivables turnover ratio = net sales / average accounts receivable

A low receivables turnover ratio is usually a bad thing, since most companies sell on credit, i.e. their accounts receivable should be important. A high receivables turnover ratio means that the company is collecting its accounts receivable efficiently and its customers are good payers.

The key point here is average accounts receivable. What can result in a company having very high accounts receivable (compared to its total sales)? The answer is simple, their customers are not paying on time or the company had to extend their credit terms in order to attract more customers.

The capital accounts of Harrison and Marti have balances of \$160,000 and \$110,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Harrison invested an additional \$20,000. During the year, Harrison and Marti withdrew \$96,000 and \$78,000, respectively, and net income for the year was \$264,000. The articles of partnership make no reference to the division of net income. Based on this information, the statement ofBased on this information, the statement of partners' equity would show what amount in the capital account for Harrison on December 31?a.\$164,000b.\$216,000c.\$52,000d.\$380,000

b.\$216,000

Explanation:

The computation of the balance in the capital account for Harrison is shown below:

= Opening balance + additional invested amount - withdrawn amount + net income distributed

= \$160,000 + \$20,000 - \$96,000 + \$132,000

= \$216,000

We assume that the net income is equally distributed.

Since we have to determine for the Harrison only so we ignored the Marti data which is given in the question

A client has an options account that is qualified to buy options and sell covered calls. The client calls his representative, telling him that he wants to sell naked calls in the account. Which statement is TRUE about this?A. The representative can do this without taking any further action
B. The "Special Statement for Uncovered Options Writers" must be provided before executing the transaction
C. The "Options Disclosure Document" must be provided before executing the transaction
D. The representative must open a separate options account for the customer and segregate the resulting naked options positions

The correct answer is letter "B": The "Special Statement for Uncovered Options Writers" must be provided before executing the transaction.

Explanation:

A naked call is a type of strategy options traders use when writing a call option without owning the underlying assets. For this to be possible, the trader must sign an options agreement and the Registered Options Principal (ROP) must approve the account so the trader can write naked options.

Before proceeding the "Special Statement for Uncovered Options Writers" must be provided.

The production function q = 22K^0.6 L^0.3 exhibits A. constant returns to scale. B. increasing returns to scale. C. unknown returns to scale because the exponents are not equal. D. decreasing returns to scale.

D. decreasing returns to scale.

The answer and procedures of the exercise are attached in the image below.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

Ernest invents a novel, useful, nonobvious product. He:____.a. must apply for a patent within one year of selling the product commercially.
b. may receive patent protection for two years by filing a simpler, shorter, cheaper provisional patent application while he is working on his complex, regular patent application.
c. is entitled to a patent over someone else who invents the same product if he is the first to invent it.
d. may sell his product for up to five years to see how well it sells before going through the complex process of filing a patent application with the PTO Office.