A common practice for government entities, particularly schools, is to issue short-term (promissory) notes to cover daily expenditures until revenues are received from tax collection, lottery funds, and other sources. School boards approve the note issuances, with repayments of principal and interest typically met within a few months. The goal is to fully cover all expenses until revenues are distributed from the state. However, revenues distributed fluctuate due to changes in collection expectations, and schools may not be able to cover their expenditures in the current period. This leads to a dilemma—whether or not to issue more short-term notes to cover the deficit. Short-term debt may be preferred over long-term debt when the entity does not want to devote resources to pay interest over an extended period of time. In many cases, the interest rate is lower than long-term debt, because the loan is considered less risky with the shorter payback period. This shorter payback period is also beneficial with amortization expenses; short-term debt typically does not amortize, unlike long-term debt. Based on this information, compose a paper that addresses the following:
What would you do if you found your school in this situation?
Would you issue more debt? Explain.
Are there alternatives? Explain.
What are some positives and negatives to the promissory note practice?
Please explain at least two positives and at least two negatives
Answers
The first thing to be done here is to check the severity of the situation and whether it is temporary. Stating if it is a short tern issue a small amount of small term debt can be issued to the company
A short term debt can be given to the school in order to overcome its barriers and based on the temporariness of the situation. one of the alternatives to overcome such a situation is to limit miscellaneous expenses and more cost effective approach. Another method can be seeking out for grants and raising the profit margins.
A promissory note provides a short term solution of company deficit it can help in overcoming temporary deficit and is easy to repay while it has some negative impacts too such as a short term debt cannot amortize unlike a long term debt which can eventually increase debt cycles and paying the debt can affect the schools credit.
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Related Questions
The full cost of attendance to an institute of higher education, including tuition, room and board, books and other costs is known as _____.
A. Sticker price
B. A full ride
C. The reduced price
D: The net cost
Answers
Answer:
A. Sticker Price
Explanation:
The full cost of attendance to an institute of higher education, including tuition, room and board, books and other costs is known as Sticker Price.
consider a 5 year loan with monthly payments. the interest rate is 6% withmonth compounding, and the principal amount is $20,000. what is the monthlypayment
Answers
Contribution = Accumulation of funds * Interest divided by ((interest +1) (frequency * period) -1)))
Since the rate is 4% annually, it is.
06 /12 = .005
5000 * ( .005/ ((.005+1)^ (12*5) -1) )
$386.66
Adding a penny where necessary
Monthly cost: $386.66 cents
What is Compounding interest and how it calculated?The interest earned on savings that is computed using both the original principal and the interest accrued over time is known as compound interest. It is thought that Italy in the 17th century is where the concept of "interest on interest" or compound interest first appeared. It will accelerate the growth of a total more quickly than simple interest, which is solely calculated on the principal sum.
Beginning Balance Interest Principal Ending Balance
1 $20,000.00 $100.00 $286.66 $19,713.34
2 $19,713.34 $98.57 $288.09 $19,425.25
3 $19,425.25 $97.13 $289.53 $19,135.72
4 $19,135.72 $95.68 $290.98 $18,844.75
5 $18,844.75 $94.22 $292.43 $18,552.32
6 $18,552.32 $92.76 $293.89 $18,258.42
7 $18,258.42 $91.29 $295.36 $17,963.06
8 $17,963.06 $89.82 $296.8 $17,666.22
9 $17,666.22 $88.33 $298.32 $17,367.89
10 $17,367.89 $86.84 $299.82 $17,068.07
11 $17,068.07 $85.34 $301.32 $16,766.76
12 $16,766.76 $83.83 $302.82 $16,463.94
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jayden, a divisional vice president of a consumer goods manufacturer, gives a presentation to all divisional employees to outline the company's goals for the coming year. this is an example of what type of organizational communication?
Answers
This is an example of downward communication that is a type of organizational communication.
Which communication techniques are used downward?Downward communication is the term used to describe the flow of information and communications from managers to those who report to them. In other words, downward communication happens when upper-level employees speak with lower-level employees in a company.
What does "Upward and Downward Communication" mean?While downward communication is used to convey commands to lower-level employees regarding their duties or corporate regulations, upward communication is used to allow employees to provide feedback or suggestions to authoritative company officials.
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Chapter 2.2 Key Terms
Directions: Take the vocabulary terms from
chapter 2.2 (page 31-36) and provide a definition
for each one in your own words. Then, choose
FIVE of the terms to write a paragraph which
answers the question "WHAT ARE THE
BENEFITS OF HAVING A FREE MARKET?"
Answers
How did the relationship between Parliament and the Restoration monarchs, Charles II and James II, change following the English Civil War? The monarchs respected Parliament’s limits on their power. The monarchs succeeded in increasing their power at the expense of Parliament. The monarchs continued to challenge Parliament's authority. The monarchs generally deferred to Parliament when there was a disagreement.
Answers
Answer:
The monarchs continued to challenge Parliament's authority.
Explanation:
Following the English Civil War, tensions between the monarchs and Parliament began to grow. Queen Elizabeth did not leave any heir, therefore, James I began the Stuart Dynasty. James I believed in Divine Rule, which was in oppose of Queen Elizabeth's rule who worked with Parliament.
After the English Civil War, the monarchs continues to challenge Parliament's authority. During Restoration monarchs, Charles II and James II, Parliament and monarchs were in conflict with each other.
Therefore, option C is correct.
Answer:
The monarchs continued to challenge Parliament's authority.
Explanation:
HOW IMPORTANT IS INNOVATION TO ENTREPRENEURSHIP?
Answers
Answer:
Successful innovation allows you to add value to your business so that you can increase your profits—if you don't innovate well, your business will plateau. Innovation helps you stay ahead of the competition. With globalization and a rapidly changing market, there are more competing businesses than ever before.
Hope This Helped!Calculate the gross profit percentage and the net income percentage for the income statement of Harvey Company, Round to the nearest whole percentage.
Net Sales $1,300,000
Cost of Goods sold 750,000
Gross Profit $550,000 answer 1.) ______
Operating Expenses 312,000
Net Income 238,000 answer 2.) ______
Calculate the percentage increase or decrease over the previous year for the following unrelated items taken from the balance sheet of Rikke Company. Round tothe nearest whole precentage.
Year 2 Year 1
answer _____ 1.) Cash $158,000 $99,000
answer _____ 2.) Accounts Payable 65,000 70,000
Answers
The gross profit percentage for Harvey Company is **50%**, and the net income percentage is **14%**.
To calculate the gross profit percentage, we need the gross profit and total revenue. Unfortunately, these values are not provided in the question. However, I can explain the formula: Gross Profit Percentage = (Gross Profit / Total Revenue) x 100. Similarly, to calculate the net income percentage, we use the formula: Net Income Percentage = (Net Income / Total Revenue) x 100. In this case, the Net Income is 238,000. If we had the total revenue, we could calculate the net income percentage. Since we're rounding to the nearest whole percentage, the values are presented as whole numbers. Please provide the missing information for a more accurate answer.
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In three to four sentences, explain what determines the allocation of resources and distribution of goods in a market economy versus a planned economy.
Answers
In a market economy, the allocation of resources and distribution of goods are determined by the forces of supply and demand.
Producers compete with each other to sell their goods and services to consumers who are willing to pay the most for them. This competition drives prices up or down, and producers adjust their production levels accordingly to maximize profits.
In a planned economy, the government controls the allocation of resources and distribution of goods. The government decides what goods and services should be produced and how much should be produced. The prices of goods and services are also set by the government rather than by market forces.
The aim of a planned economy is to distribute resources and goods in a way that benefits society as a whole, rather than just the individual interests of producers and consumers. However, planned economies have historically struggled to efficiently allocate resources and often suffer from shortages or surpluses.
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Organizational Behavior:
What is the viable action plan to implement Human Relations
Theory in a workplace?
Answers
The viable action plan to implement Human-Relations Theory in a workplace is described as follows: First, establish an open-door policy that encourages workers to communicate with superiors at all times and creates a culture of collaboration.
Encourage employees to share their feedback, complaints, and ideas with their supervisors in an open and honest manner. This may assist in the development of a company culture that values communication and teamwork.Next, build a sense of community and belonging by focusing on team-building exercises. Activities that are intended to bring employees together, such as team-building exercises or company-wide events, may help to establish a sense of community among workers and increase engagement and productivity. When people feel like they are part of a team, they are more motivated to contribute to the organization's goals.Individuals are diverse and have various needs and motivations. As a result, treat each employee as an individual by establishing a system of recognition and reward. Recognizing and rewarding employees for their work can help to increase motivation, satisfaction, and productivity, as well as reduce turnover. Additionally, recognize that each employee is unique and has distinct requirements. Provide flexible work hours and schedule changes for employees who need it, and assign work according to their abilities and interests instead of relying solely on position descriptions.Explanation:Human Relations Theory focuses on the study of human behaviour in organisations and the relationship between management and employees. Human Relations Theory emphasizes employee cooperation, motivation, and performance as well as the creation of a pleasant and comfortable working environment. This is achieved through the development of relationships with employees based on trust and mutual respect.
Human Relations Theory highlights the importance of the social context of work in terms of its impact on employee performance and job satisfaction. The viable action plan to implement Human Relations Theory in a workplace includes several critical steps. The first step is to establish an open-door policy that encourages workers to communicate with superiors at all times and creates a culture of collaboration. Encourage employees to share their feedback, complaints, and ideas with their supervisors in an open and honest manner. This may assist in the development of a company culture that values communication and teamwork. The second step is to build a sense of community and belonging by focusing on team-building exercises. Activities that are intended to bring employees together, such as team-building exercises or company-wide events, may help to establish a sense of community among workers and increase engagement and productivity. When people feel like they are part of a team, they are more motivated to contribute to the organization's goals.The third step is to treat each employee as an individual by establishing a system of recognition and reward. Recognizing and rewarding employees for their work can help to increase motivation, satisfaction, and productivity, as well as reduce turnover. Additionally, recognize that each employee is unique and has distinct requirements. Provide flexible work hours and schedule changes for employees who need it, and assign work according to their abilities and interests instead of relying solely on position descriptions. Overall, a successful implementation of Human Relations Theory requires a focus on building strong relationships between management and employees, fostering a sense of community among workers, and treating each employee as an individual.
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What is the purpose of a bank?
A financial investigator
A financial tracker
A financial intermediary
A financial advisor
Answers
Financial advisor would be your answer
why is auditor important
Answers
Answer:
Auditors provide assurance of an organization's financial statements from an objective and independent opinion. It benifets the company by maintaining consistency, finding errors in their processing, or detecting fraud.
What role do sources play in validating an argument? Are we able to rely on the internet to provide complete and truthful information? Of course not, but how do we discern? How do we determine the motives of the people we're reading? One thing we have learned is that the people screaming most loudly about dishonesty are the ones being most dishonest. That isn't by accident. So, what do you do? And how does that apply to this week's content?
Answers
Incomplete question. However, I answered from a general research perspective.
Explanation:
What role do sources play in validating an argument?
Well, the term source basically refers to the originator of any information. We have sources that are considered credible sources (like Encyclopedia, Journal Magazine, Newspaper, etc) and others that are considered incredible sources (general social media post). Knowing the kind of source could thus help validate an argument.
Relying on the internet to provide complete and truthful information is difficult considering the amount of fake news available today.
Gregory is the marketing head of his company. His company has been manufacturing and selling canned processed foods for decades. These canned foods have been widely sold all across the nation. Consumers have grown to identify his company's brand of canned foods. What type of product advertisement should Gregory use to sell his company's canned food
Answers
Answer:
the answer is D. Its not c
Explanation:
Drag the tiles to the correct boxes to complete the pairs.
Match the different resources to the scenarios where they are used.
natural resources
human resources
man-made resources
entrepreneurship
A power plant uses an Industrialdesign power generator to generate large-scale
electricity for the neighborhood.
A power plant uses coal to heat water and then converts it into steam, which
then turns the turbines.
>
A power plant is set up by a group of industrialists as they come together to
solve the power crisis in their nelghborhood.
A power plant employs local workers who work in shifts to keep the plant
running for most of the day.
Answers
Answer:
1. Man-made
2. natural resources
3. entrepreneurship
4. Human resources
Explanation:
Natural resources are those which are present in the environment and are limited in number.
The man-made resources are those where a power generator is used to initiate the electricity on large scale.The natural resources are those where the water is heated from coal and then converting it to steam for running the turbines.The entrepreneurship is represented when the industrialists come together to solve the power crisis of their own neighborhood.The human resources are those where the workers are working in shifts to keep their plants in running condition.Therefore, the given resources are matched with the scenarios in which they are used.
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X
✓
The primary function of the Gini coefficient is to
(4 points)
measure the quality of human capital in an economy
O explain the cause of income inequality
O measure income inequality in an economy
show the efficiency of an economy
show the amount of wealth in an economy
Points
Answers
Answer:
The primary function of the Gini coefficient is to measure income inequality in an economy. It is a statistical measure that is used to represent the distribution of income or wealth among a population. A Gini coefficient of 0 indicates perfect equality, where everyone in the population has the same income or wealth. A Gini coefficient of 1 indicates perfect inequality, where one person has all the income or wealth in the population. The Gini coefficient is often used to assess the level of income inequality in a country or region and can be used to inform policy decisions related to redistributive measures such as taxes and welfare
Which of the following is an example of promotion?
A The quality of a product
B. The price of a product
C. An advertisement
D. An employee who works for your company
Answers
Answer:
A. An advertisement
Explanation:
Answer:
it is c
Explanation:
on edg 2021
What are some physical cues I should look for when carding guests?
Select all that apply and then click Submit.
• Height
• Weight
• Age
• Bone structure
• Gender
• Eye color
Answers
Answer:
Our accredited state alcohol training certification courses and food handlers courses help provide best practices and training tips for you to meet state, local, business, and professional needs. Our focus is to help you serve your patrons safely and be a successful bartender or server. Get your alcohol training certification online quickly with our training courses. Choose from the state-level seller-server course, Responsible Alcohol Manager course, Master Bartender course, Food Handler courses, and food manager certification. For bartender training, we have a two-for-one deal with our The Ultimate Guide To Bartending e-book and our Master Bartender course. Together, these provide the best seriously in-depth yet easy-to-follow book and course combination available on your iPhone, Android phone, tablet, or computer. We cover topics in our bartender courses about how to become a bartender, how old you need to be to become a bartender, how much is a bartending license, and how to get your bartender license. For reference, we have a web page dedicated to some helpful bartender career statistics in the US. For general information on obtaining a bartending license (not specific to any state), see our Ultimate Guide to Getting a Bartending License.
The Most Reputable and Recommended Alcohol Training Certification Happy bartender making a cocktail ServingAlcohol. offers the best option to accomplish your online certification. We go beyond the basics of alcohol awareness and carding techniques to deliver everything you need to know as an alcohol seller-server in your state. Over the past 35 years, we have become the most widely respected authority in responsible alcohol training by state and local officials. Our alcohol server certification program prepares alcohol sellers to sell and serve alcoholic drinks on and off-premises responsibly. We offer a wide host of state courses and bundles (combined with food safety handling courses) to suit your employment needs and business operations.
Pls Mark As Brainliest If The Answer Is Correct
Age is a physical cue I should look for when carding guests. Thus option C is correct.
What are physical cues?Use physical clues like examples, eye contact, facial emotions, and hand-over-hand touch. Other cues can be signs, a church bells, or dimmer lights.
State rules and regulations differ when it to requesting IDs, and the FDA also establishes a minimum carding age. Congress enacted laws in December 2019 that set the frisking age at under 30 and increased the legal drinking age from 18 to 21 for all tobacco and vapor products.
While some establishments set its carding practices at a specified age level, others require employees to card ALL clients. In a few years, it's conceivable that all IDs will be scanned prior to the purchase of a time-of-life commodity. Therefore, option C is the correct option.
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formula for active balance
Answers
Active balance is a term commonly used in accounting and finance to refer to the balance of an account or a financial statement. The formula for active balance is: Active Balance = (Total Credits) - (Total Debits)
What is financial statement?A financial statement is a formal document that presents the financial performance and financial position of an organization over a specific period.
It is used to communicate financial information to various stakeholders, including investors, creditors, and government agencies.
The balance of an account in a financial statement is known aa active account.
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I) Started a business with cash of 500000 as capital ii)Purchased plant for Rs. 3,00,000 by paying Rs. 15,000 in cash and balance later. (iii) Deposited Rs. 6,00,000 into the bank. (iv) Purchased office furniture for Rs. 1,00,000 and made payment by cheque. (v) Purchased goods worth Rs. 80,000 for cash and for Rs. 35,000 in credit. (vi) Goods amounting to Rs. 45,000 was sold for Rs. 60,000 on cash basis. (vii) Goods costing to Rs. 80,000 was sold for Rs. 1,25,000 on credit. (viii) Cheque issued to the supplier of goods worth Rs. 35,000. (ix) Cheque received from customer amounting to Rs. 75,000. (x) Withdrawn by owner for personal use Rs. 25,000.
Answers
Question Completion:
Record the transactions in the journal.
Answer:
Journal Entries:
i) Debit Cash Account Rs. 500,000
Credit Owner's Capital Rs. 500,000
To record the capital.
ii) Debit Plant Rs. 300,000
Credit Cash Account Rs. 15,000
Credit Accounts Payable Rs. 285,000
To record the purchase of plant.
iii) Debit Bank Account Rs. 600,000
Credit Cash Account Rs. 600,000
To record the deposit put into the bank.
iv) Debit Office Furniture Rs. 100,000
Credit Bank Account Rs. 100,000
To record the purchase of office furniture by check.
v) Debit Inventory Rs. 115,000
Credit Cash Account Rs. 80,000
Credit Accounts Payable Rs. 35,000
To record the purchase of goods.
vi) Debit Cost of Goods Sold Rs 80,000
Credit Inventory Rs. 80,000
To record the cost of goods sold.
Debit Accounts Receivable Rs. 125,000
Credit Sales Revenue Rs. 125,000
To record the sale of goods on credit.
viii) Debit Accounts Payable Rs. 35,000
Credit Bank Account Rs. 35,000
To record the issue of check to a supplier.
ix) Debit Bank Account Rs. 75,000
Credit Accounts Receivable Rs. 75,000
To record the receipt of check on account.
x) Debit Drawings Rs. 25,000
Credit Cash Account Rs. 25,000
To record the amount withdrawn by the owner for personal use.
Explanation:
The purpose of the above journal entries is to record the transactions systematically and correctly so that they are not posted to the wrong general ledger accounts.
Eve's apples opened its business on january 1, 2018, and paid for two insurance policies effective that date. The liability policy was $34,200 for 18 months, and the crop damage policy was $14,700 for a two-year term. What is the balance in eve's prepaid insurance as of december 31, 2018
Answers
Answer:
Balance in Prepaid insurance as of December 31 is $18,750
Explanation:
Computation of Prepaid Insurance
Insurance 1 ($34,200 * 6/18) $11,400
Insurance 2 ($14,700 * 12/24) $7,350
Total Prepaid Insurance $18,750
boi, why am i alive.-
Answers
Answer: so you can grow older
Explanation:
Type the correct answer in the box. Spell all words correctly. Karan works at a shoe store where the latest trends in shoes are displayed. Down the road from his store, two more stores opened up and began selling similar styles of shoes. His store no longer has a monopoly in shoes on that road. What would happen to the price of shoes in Karan's area?
Answers
The correct answer is price "de-escalation".
I got it right.
A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving is called____________.
Answers
Answer:
Management Information System
Explanation:
MIS which stands for Management Information System which is designated for decision making. It is not any kind of software, rather it is a system developed by gathering information from different resources in the organisation.
These resources include people, processes, products etc:
In order to control, and more importantly co-ordinate between various activities of the organisation, this provides for better control and solving the problems in the organisation.
This system works on creating information through study of various above stated resources in the organisation.
When a computer is frozen and cannot properly be shut down, manually hold down the manual power button until the computer restarts. true or false
Answers
Answer:true
Explanation:
Suppose that the market portfolio is equally likely to increase by 24% or decrease by 8%. Security "X" goes up on average by 29% when the market goes up and goes down by 11% when the market goes down. Security "Y" goes down on average by 16% when the market goes up and goes up by 16% when the market goes down. Security "Z" goes up on average by 4% when the market goes up and goes up by 4% when the market goes down. The expected return on security with a beta of 0.8 is closest to: 3.2% 6.4% 0.0% 7.2%
Answers
Answer:
The expected return on security with a beta of 0.8 is closest to 7.2%.
Explanation:
This can be determined as follows:
Since the return of security Z remains at 4% despite the change in the market, security Z is the risk-free asset.
Note that a risk free asset is an asset which its returns does not change with change in the market.
Using the Capital Asset Pricing Model (CAPM) formula, we have:
Er = Rf + (B * MPR) ............................................ (1)
Where;
ER = Expected return = ?
Rf = Risk-free rate = Rate of return of security z = 4%
B = Beta = 0.8
MPR = Market risk premium = Expected return on the market rate - Risk-free rate
Expected return on the market rate = (50% * 24%) + (50% *(-8%)) = 8%
Therefore, we have:
MPR = 8% - 4% = 4%
Substituting the values into equation (1), we have
Er = 4% + (0.8 * 4%)
Er = 0.072, or 7.2%
Therefore, the expected return on security with a beta of 0.8 is closest to 7.2%.
Hank earns per hour with timeandahalf for hours in excess of per week. He worked hours at his job during the first week of March 2018. Hank pays income taxes at % and % for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net pay for the week.
Answers
Answer:
$1,021.02
Explanation:
Calculation for Hank's net pay for the week
Straight Time Pay $960
(40 × $24)
Overtime pay 360
(10 × $24× 1.5)
Less Federal Income tax (198)
[(960+360)×15%]
=1,122
OASDI and Medicare 100.98
(7.65% × $1,320)
Net Pay $1,021.02
(1.122-100.98)
Therefore Hank's net pay for the week will be $1,021.02
What are the key policies, procedures, operating practices, and core values underlying Target Corp.'s efforts to implement and execute its competitive strategy? What weaknesses?
Answers
The main policy, process, operational practice, and core philosophy of Target Corp.'s competitive strategy is that the company strives to provide superior customer value through product quality, merchandising, and competitive pricing.
Shortcoming :
1) The enterprise has no homegrown presence in metropolitan business sectors that are seeing quick development.
2) The business can't attract new clients.
3) It is presently incapable to effectively contend with organizations like Walmart and Amazon.
The highly aggressive business strategy that Target Corporation has maintained has made it easier for the company to expand into other sectors. The core values of this business are the source of its motivation and market dominance.
The competitive strategy of Target Corp. aims to give customers a wide range of private label and branded goods at low prices while also making sure they have a great shopping experience.
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A perfect price discriminating monopolist is able to extract consumer surplus off of the last unit sold to the least willing buyer. True False
Answers
True.
A perfect price discriminating monopolist has the ability to charge each individual buyer the maximum price they are willing to pay for each unit of the good or service.
This means that the monopolist can extract the entire consumer surplus from each buyer, including the last unit sold to the least willing buyer. By setting different prices for different buyers based on their willingness to pay, the monopolist can capture all the surplus and maximize its profits.
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Joyce Kronecki buys 350 shares of KOW Inc. Which have high of $42. 50 per share and a low of $23. 60. Last year the company paid annual dividends of $0. 58 per share. A. What is the total annual dividend? b. What is the annual yield based on the low? c. What is the annual yield based on the high?
Answers
a. The total annual dividend is $202.00 ($0.58 x 350 shares).
b. The annual yield based on the low is 2.44% ($202.00 / $23.60).
c. The annual yield based on the high is 1.38% ($202.00 / $42.50).
a. The total annual dividend is $203,000. This is calculated by multiplying the number of shares purchased (350) by the dividend per share ($0.58). 350 x 0.58 = 203.
b. The annual yield based on the low is 2.51%. This is calculated by dividing the dividend per share ($0.58) by the share price at the low ($23.60). 0.58 / 23.60 = 0.025. To get the yield, multiply the result by 100. 0.025 x 100 = 2.51%.
c. The annual yield based on the high is 1.37%. This is calculated by dividing the dividend per share ($0.58) by the share price at the high ($42.50). 0.58 / 42.50 = 0.0137. To get the yield, multiply the result by 100. 0.0137 x 100 = 1.37%.
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Jim makes a deposit of $12,000 in a bank account. The deposit is to earn interest compounded annually at the rate of 6 percent for seven years. a. How much will Jim have on deposit at the end of seven years? (Hint: What is future value?) b. Assuming the deposit earned a 9 percent rate of interest compounded quarterly, how much would he have at the end of seven years? c. In comparing (a) and (b), what are the respective effective annual yields?
Answers
Jim will have $18043.56 on deposit at the end of seven years and assuming the deposit earned a 9 percent rate of interest compounded quarterly, at the end of seven years Jim will have $22374.54.
A) Future Value = Present Value * (1+Rate) ^Time
Future Value = 12000*(1+6%)^7 = 18043.56
B) Future Value = 12000*(1+9%/4)^(7*4) = 22374.54
How to calculate compound interest?
The starting principal sum is multiplied by both of these variables, and the annual interest rate is increased to the number of compound periods minus one. Since compound interest is calculated using both the principal and the accrued interest from previous periods, it is frequently referred to as "interest on interest".
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