Question
1. Chip and Dale are best friends from university. Chip invested $3,000, earned 6.76% annually, and now has $3,821.66. Dale invested $4,000, earned 6.47% annually,
1. Chip and Dale are best friends from university. Chip invested $3,000, earned 6.76% annually, and now has $3,821.66. Dale invested $4,000, earned 6.47% annually, and now has $4,653.08. Chip invested his money _____ years _____ Dale.
2.Green Hornet Inc. has inventory of $6,400; total current liabilities of $18,750; net fixed assets of $5,000; accounts receivable of $4,000; cash of $10,000; and long-term debt of $3,000. Calculate the firm's current ratio.
3.Groucho and Harpo are each investing $62,600 today. Harpo will earn 5.6 percent simple interest and Groucho will earn 5.6 percent interest compounded annually. Groucho will have ______ more than Harpo after six years.
4.Your friend Imma Kruck is lending you some money and he wants to earn an effective rate of 25.25 percent. If the loan interest is compounded monthly, what annual percentage rate will he be charging you?
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