This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A furniture store has a sofa on sale for 399.00, with the payment due one year from today. The store ... (Read 113 times)

Destiiny22

  • Hero Member
  • *****
  • Posts: 557
on: Jul 10, 2018
A furniture store has a sofa on sale for 399.00, with the payment due one year from today. The store is willing to discount the price at an annual rate of 5 if you pay today. What is the amount if you pay today?
 
  A) 380
  B) 399
  C) 419
  D) 394

Question 2

You intend to buy a vacation home in seven years and plan to have saved 50,000 for a down payment. How much money would you have to place today into an investment that earns 8 per year to have enough for your desired down payment?
 
  A) 29,175
  B) 29,100
  C) 37,065
  D) 25,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blazinlyss

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 10, 2018
Answer to Question 1

Answer: A
Explanation: A) PV = = = 380.00
MODE = END
INPUT 1 5 ? 0 -399
KEY N I/Y PV PMT FV
CPT 380

Answer to Question 2

Answer: A
Explanation: A) PV = = = 29, 174.52
MODE = END
INPUT 7 8 ? 0 -50,000
KEY N I/Y PV PMT FV
CPT 29,174.52


Destiiny22

  • Member
  • Posts: 557
Reply 2 on: Jul 10, 2018
:D TYSM

JCABRERA33

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Norway lobsters on sale at a Spanish market Norway lobsters on sale at a Spanish market
Security Tips for Accepting Various Forms of Payment Security Tips for Accepting Various Forms of Payment
Types of ecosystem service vs. total global value per year Types of ecosystem service vs. total global value per year
Overfished per year Overfished per year
Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ... Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ...
Video: Male Reproductive System - The gonadotropin releasing hormone

For a complete list of videos, visit our video library