Patrick is scheduled to receive $1480 in 60 days from now. How much should he accept today
Question:
Patrick is scheduled to receive $1480 in 60 days from now. How much should he accept today as an equivalent payment if his money can earn 6.75%?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
A P1rt Where A Final Amount P Initial Principal Amount r rate per an...View the full answer
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
Brendyn was scheduled to pay $5000 in 8 months from now to settle a debt. If money can earn 4.5% on low-risk investments, how much should the lender be willing to accept today as an equivalent...
-
1. As the beneficiary of a life insurance policy, you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $4,000 every quarter...
-
1. Mr. Smith wishes to purchase a $10,000 sailboat upon his retirement in 3 years. He has just won the state lottery and would like to set aside enough cash in a savings account paying 3.4% interest...
-
Three years ago, Witt Gas Controls purchased equipment for $80,000 that was expected to have a useful life of 5 years with a $9000 salvage value . Increased demand necessitated an upgrade costing...
-
The equilibrium constant for the reaction SO3 SO2 + O has the following values: Determine the average heat of dissociation using graphical method. T 800 K 900 K 1000 K 1105K | 0.0319 | 0.153 | 0.540...
-
Consider the following hypothesis test: A sample of 48 provided a sample mean 17 and a sample standard deviation s 4.5. a. Compute the value of the test statistic. b. Use the t distribution table...
-
To gain knowledge of the different kinds of security measures available. LO.1
-
University Press produces textbooks for university courses. They recently hired a new editor, Leslie White, to handle production and sales of books for an introduction to accounting course. Leslies...
-
A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, Year 1, is shown as follows. Accounting Period Year 1 Year 2 Year 3 Principal Balance January 1 $...
-
Malcolms trial balance as at 30 June 20X2 was as follows: Capital account as at 31 July 20X1... Malcolms trial balance as at 30 June 20X2 was as follows: Capital account as at 31 July 20X1 29,000...
-
An agreement required that Joseph pay you $1000 six months ago, and an additional $500 today. Joseph missed the $1000 payment. What single payment today would you accept as full settlement of the...
-
How many months would it take for an investment of $6800 to grow to be worth $6958.66 at 4%?
-
Identify primary and secondary data sources for marketing information.
-
Briefly, discuss the use of survey research in exploratory, descriptive, explanatory, and evaluation studies. Using a criminal justice example select one type of research study and develop one...
-
Medical Helicopters In a study of helicopter usage and patient survival, results were obtained from 47,637 patients transported by helicopter and 111,874 patients transported by ground (based on data...
-
Woodland Hills Company reported income before taxes (pretax financial income) in its income statement of $60,000. Among the items included in the computation of pretax financial income were the...
-
cest Shouldice Hospital in Canada is widely known for one thing-hernia repair! In fact, that is the only operation it performs, and it performs a great many of them. Over the past two decades this...
-
The activation energy for the gas phase decomposition of isobutyl bromide is 211 kJ. (CH3)2CHCH2 Br (CH3)2C=CH2+ HBr The rate constant at 676 K is 5.73 x 10-4 s. The rate constant will be 0.00647 s...
-
In Example 6.70 we described a programming idiom in which an iterator takes a loop body function as argument, and applies it to every element of a given ontainer or set. Show how to use this idiom in...
-
What kind of financial pressures can an LBO cause?
-
Implement the test in Problem 9.45, and report a two-tailed p-value? Table 9.15: (Weight change, control period) (weight change, lack-of-consistency period) among 23 adolescent diabetic boys 4, A....
-
What parametric test can be used to compare weight change during the control period vs. weight change during the lack-of-consistency period? Table 9.15: (Weight change, control period) (weight...
-
Conduct the test recommended in Problem 9.22? Hypertension An instrument that is used in some blood-pressure studies is the random-zero device, in which the zero point of the machine is randomly set...
-
An underlying asset price is at 100, its annual volatility is 25% and the risk free interest rate is 5%. A European call option has a strike of 85 and a maturity of 40 days. Its BlackScholes price is...
-
Prescott Football Manufacturing had the following operating results for 2 0 1 9 : sales = $ 3 0 , 8 2 4 ; cost of goods sold = $ 2 1 , 9 7 4 ; depreciation expense = $ 3 , 6 0 3 ; interest expense =...
-
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
Study smarter with the SolutionInn App