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butalik [34]
1 year ago
13

Suppose United Bank offers to lend you $10,000 for one year at a nominal annual rate of 8.00%, but you must make interest paymen

ts at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is the effective annual rate on the loan?
Business
1 answer:
miss Akunina [59]1 year ago
3 0

Answer:

The effective annual rate on loan would be 8.24%

Explanation:

Formula for Effective annual rate ( EAR ) -

(1 + APR / Number of compounding periods in a year) ^ (Number of compounding periods in a year) - 1

where, the APR IS 8% ,

Number of compounding periods - 4 quarters

So now putting these values in the formula -

(1+8% / 4) ^4  - 1

= (1 + 2%) ^4  -1

= (1 + .02)^4  -1

= (1.02)^4 - 1

= 1.08243216 - 1

= .08243216

Now multiplying this by 100 to make it in percentage

= 8.24% ( approximately )

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A consumer lives on a diet of solely steak and potatoes. Her budget is ​$30 for every 10 days and she must buy enough potatoes t
Alja [10]

Answer:

Total= 20 potatoes + 2 steaks

Explanation:

Giving the following information:

Her budget is ​$30 for every 10 days and she must buy enough potatoes to eat at least 2 potatoes per day. If a potato costs ​$0.50 and the price of a steak is ​$10.

2 potatoes a day= 0.5*2= 1

Consumption of potatoes= 10 days*$1= $10

Consumption of steak= 30 - 10= 20/10= 2 steaks.

Total= 20 potatoes + 2 steaks

5 0
2 years ago
Grant Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books,
ddd [48]

Answer:

a. $4,160.

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

The adjusted cash book balance is one that contains the necessary adjustments to transactions captured in the bank statement but yet to be recorded in the books.

The adjusting items are

  • Notes receivable and interest collected by bank 850
  • Bank charge for check printing 20
  • NSF check 170

Hence the adjusted cash balance

= $3500 + $850 - $20 - $170

= $4,160

6 0
2 years ago
Stevenson, Ross, and Warner (SRW) ​ Maddie is the CEO of Stevenson, Ross, and Warner (SRW), a regional accounting firm. SRW of
Dvinal [7]

Answer:

E. have a strong background in financial management.

Explanation:

Since in the question it is mentioned that  (SRW) which is a regional accounting firm that offers services like auditing, accounting, and consultancy. But there are gaps in the information that are not solved by the firm also it violates the Sarbanes-Oxley Act.

Now to be successful there should be a strong background in the financial management

Hence, the option E is correct

8 0
2 years ago
You created a financial model for a pitchbook being presented tomorrow to a potential new client. While reviewing the final vers
sashaice [31]

Explanation:

A pitchbook is confidential document. It is basically a sales document, used by the sales force, which contains main features or attributes of the firm, the potential of the firm and the future aspects of the firm in detail.

So keeping the given question in mind, I would write to my supervisor as follows:

Subject: Assistance Required

Body:

Dear Sir,

By reviewing the whole document finally, which is to be presented to the client tomorrow, I found some mistakes in the results. I came to know that the results are incorrect and are surely needed to be corrected before the presentation.

I recommend you to delay the meeting for 3 hours by the scheduled time, as i need to check and correct the whole figures again and this would take time.

I am looking forwards for your advice.

Best Regards

6 0
1 year ago
Imagine that you are a manager at Applebee’s, a restaurant chain. Turnover is always a challenge with restaurant employees, and
Daniel [21]

Answer:

D. Your interventions to the core job characteristics are likely to be effective.

C. Growth need strength

8 0
2 years ago
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