# Pei's savings account balance is \$12,000 today. Pei opened the account exactly 7 years ago with a \$10,000 deposit. Pei has made no other deposits or withdrawals. What annual interest rate (compounded annually) has the account earned?

2.64%

Explanation:

A = P(1 + r)^n

A = \$12,000

P = \$10,000

n = 7 years

12,000 = 10,000(1 + r)^7

(1 + r)^7 = 12,000/10,000 = 1.2

(1 + r)^7 = 1.2

1 + r = (1.2)^1/7

I + r = 1.0264

r = 1.0264 - 1 = 0.0264

r = 0.0264 × 100 = 2.64%

## Related Questions

Tina is very skilled at knowing what gifts are acceptable to give coworkers and clients when she travels around the world representing Pepsi.

Cultural competence

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You purchase a raffle ticket to help out a charity. The raffle ticket costs \$5. The charity is selling 2000 tickets. One of them will be drawn and the person holding the ticket will be given a prize worth \$4000. Compute the expected value for this raffle.

-\$3

Explanation:

Data provided in the question:

Cost of raffle ticket = \$5

Number of tickets sold = 2000

Probability of winning = 1 ÷ 2000 = 0.0005

Winning prize = \$4,000

Now,

The expected value of prize =  Probability of winning × Winning prize

= 0.0005 × \$4,000

= \$2

Therefore,

The expected value for this raffle

= expected value prize - Cost of raffle ticket

= \$2 - \$5

= -\$3

Look carefully at the following list. a. The coins in your pocket. b. The funds in your checking account. c. The funds in your savings account. d. The​ traveler's check that you have left over from a trip. e. Your Citibank Platinum MasterCard. Which of the things above are NOT included in the M1LOADING... definition of the money​ supply?

C and E.

Explanation:

Money supply: Amount of money currently circulating within a system.

• Your saving accounts funds are at hold, not circulating, and same goes for the MasterCard the money won't start circulating till it's used.

Fixed costs are \$1300000 and the variable costs are 80% of the unit selling price. What is the break-even point in dollars?

the break-even point in dollars is \$6,500,000

Explanation:

The computation of the break even point in dollars is shown below;

As we know that

Break even point in dollars is

= Fixed cost ÷ contribution margin ratio

Since the variable cost is 80%, so the contrbibution margin is 20% so that the total selling price would be 100%

now

= \$1,300,000 ÷ 20%

= \$6,500,000

Hence, the break-even point in dollars is \$6,500,000

Your order is supposed to be delivered between 5PM-6PM, and it’s now 5:45PM. You’re stuck in a long line waiting to check out. In this situation, you will be late delivering the order. Provide an example of the text message you would send to the member.

Explanation:

If I am stuck in a long line waiting to check out and I was supposed to deliver the parcel between 5 PM to 6 PM, then I will text the receiver telling him about my problem and tell him that his order will be delivered late and will give him a time boundary. My text message to him will look like the following:

This is abc from xyz company. Your parcel was scheduled to deliver between 5 PM to 6 PM, but due to some uncertain situation, there is a short delay in the delivery. Your parcel is hoped to deliver within the next one hour.

Your patience will be highly appreciated, and apologies for the delay.

Best Regards.

A sample of the text message sent to apologize for the delay would look like this:

This is ABC from XYZ company. Your parcel was scheduled to deliver between 5 PM to 6 PM, but due to some unforeseen delays, we would deliver within the next hour.

Your patience will be highly appreciated, and apologies for the delay.

### What is an Apology?

This is a statement that shows that a person is sorry for the action and would want to rectify the situation.

Hence, we can see that based on the hypothetical situation about sending a parcel and not delivering on time, an apology text needs to be sent and it is shown above.

brainly.com/question/9507653

Motors is a chain of car dealerships. Sales in the fourth quarter of last year were \$4,600,000. Suppose management projects that its current​ year's quarterly sales will increase by 3​% in quarter​ 1, by another 7​% in quarter​ 2, by another 5​% in quarter​ 3, and by another 4​% in quarter 4. Management expects cost of goods sold to be 45​% of revenues every​ quarter, while operating expenses should be 30​% of revenues during each of the first two​ quarters, 25​% of revenues during the third​ quarter, and 20​% during the fourth quarter.Required:a. Prepare a budgeted income statement for each of the four quarters and for the entire year.b. Prepare the first portion of the budgeted income statement through gross profit, then complete the statement.

Budgeted Income Statement for each of the four quarters and for the entire year

Quarter                        1st                    2nd                3rd                  4th

Sales                     \$4,738,000    \$5,069,660    \$5,323,143     \$5,536,069

Cost of Sales       (\$2,132,100)     (\$2,281,347)  (\$2,395,414)     (\$2,491,231)

Gross Profit          \$2,605,900     \$2,788,313    \$2,927,729     \$3,044,838

Operating Costs  (\$1,421,400)    (\$1,520,898)  (\$1,330,786)      (\$1,107,214)

Operating Profit    \$1,184,500      \$1,267,415     \$1,596,943      \$1,937,624

Explanation:

Pay attention to the calculation of the following amounts :

1. Sales - These are based on increments per quarter
2. Cost of Sales - The Cost for quarter is at 45% of Revenue
3. Operating Costs - Based on Sales amounts ( 30 % in the first two quarters , 25% in third and 20% in the 4th quarter.)