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Likurg_2 [28]
1 year ago
9

a) Sixteen years ago your parents opened a saving account in your name and made a lump sum deposit, today the balance of this ac

count is $260,000. If the account has been earning 6% compounded annually, how much did your parents initially deposit
Business
1 answer:
Sonbull [250]1 year ago
8 0

Answer:

$102,348.034

Explanation:

It is a simple problem of Compound Interest, we have to find the Principle amount invested.

Given:

Future value (F) = $260,000

Rate(R) = 6% = 6/100 = 0.06

Number of years (n) = 16 years

Initial deposit (C) = ?

Calculation:

Future value (F) = C\times (1+R)^n\\Future value (F) = C (1+0.06)^{16}\\260,000 = C(2.54035168)

$260,000/2.54035168 = C

$102,348.034 = C

So, Initial cash Deposit = $102,348.034

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2 years ago
An upset forging plant will be built to produce 2,000,000 parts per year. The plant will operate for three 8-hour shifts per day
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Answer:

A. 16

B. 57.14

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forging presses = 20

setup time = 3 hours

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total workforce = 7 in all;

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total time required to produce 1 forged part = 3 + 7.5 = 10.5 hours;

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total no of working days = 21/month;

total no of batches produced n= 21*8/10.5;

n = 16;

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2 years ago
If the USA could produce 1 ton of potatoes or 0.5 tons of wheat per worker per year, while Ireland could produce 3 tons of potat
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Answer:

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