Department R had 4,700 units in work in process that were 78% completed as to labor and overhead at the beginning of the period. During the period, 26,200 units of direct materials were added, 28,500 units were completed, and 2,400 units were 32% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was a.25,602 b.35,600 c.28,500 d.30,302

Answers

Answer 1

Answer: 25602

Explanation:

The number of equivalent units of production for conversion costs for the period will be calculated as follows:

Beginning work in process = 4700 × (100% - 78%) = 4700 × 22% = 1034

Add: Unit started and completed = 28,500 - 4700 = 23800

Add: Ending work in process = 2400 × 32% = 768

The equivalent units of production for conversion costs will be:

= 1034 + 23800 + 768

= 25602


Related Questions

5) Big Corporation had the following sales over the last 4 years; Year Sales (in 000s) bgs 1 225.00 2 236.25 3 243.125 4 248.00 a) What was the growth rate in sales between years 1

Answers

Answer:

5%

Explanation:

a) What was the growth rate in sales between years 1 and 2

Growth rate measures the increase in the level of sales over a period of time

Growth rate from year 1 to 2 = (increase in sales from year 1 to 2 / sales in year 1) x 100

increase in sales from year 1 to 2 = 236.25 - 225 = 11.25

(11.25 / 225) x 100 = 5%

Database Systems is considering expansion into a new product line. Assets to support expansion will cost $500,000. It is estimated that Database can generate $1,990,000 in annual sales, with an 7 percent profit margin. What would net income and return on assets (investment) be for the year

Answers

Answer:

Net income= 139,300

ROA= 27.86%

Explanation:

The assets to support the expansion is $500,000

It is estimated the entire database can generate $1,990,000

The profit is 7%

The net income can be calculated as follows

= 1,990,000×7/100

= 1,990,000×0.07

= $139,300

The ROA can be calculated as follows

= 139,300÷500,000

= 27.86%

MC Qu. 78 A firm expects to sell... A firm expects to sell 25,400 units of its product at $11.40 per unit and to incur variable costs per unit of $6.40. Total fixed costs are $74,000. The total contribution margin is:__________

Answers

Answer:

$127000

Explanation:

Calculation to determine what The total contribution margin is

Using this formula

Total CM = Sales - VC

Let plug in the formula

Total CM=(25,400* 11.40) - (25,400 *6.40)

Total CM=$289,560-$162,560

Total CM= $127000

Therefore The total contribution margin is $127,000

Internal information: A. attempts to describe something that is unknown. B. describes the environment surrounding the organization. C. describes specific operational aspects of an organization. D. quantifiably describes something that is known.

Answers

Answer:

Option c: Describes specific operational aspects of an organization

Explanation:

Management information systems (MIS)

This is commonly used in planning for, development, management, and use of information technology tools to help individuals carry out all tasks related to information processing and management

Internal Information

This are simply refered to as a form of information that is gotten or developed from activities that occur within the organization. Example is sales

External Information

This simply gives a reason or an understanding of factors outside of the organization.

Internal data sources

They are said to be sources that are available within the organization. Examples of internal data sources includes: Customer profiles, Sales analysis reports, inventory analysis, production reports etc.

Cost of debt with fees. Kenny Enterprises will issue a bond with a par value of ​$1,000, a maturity of twenty​ years, and a coupon rate of 7.5 ​% with semiannual​ payments, and will use an investment bank that charges ​$25 per bond for its services. What is the cost of debt for Kenny Enterprises at the following market​ prices?
a. ​$982.48
b. ​$1,004.93
c. ​$1,068.15
d. ​$1,171.91

Answers

Answer:

Kenny Enterprises

Cost of Debt with fees:

Market Prices                    $982.48     $1,004.93     $1,068.15       $1,171.91

Cost of debt   (b- a)             $48.59          $26.14        ($37.08)     ($140.84)

Cost of debt in percentage  4.86%           2.61%           -3.71%        -14.08%

Explanation:

a) Data and Calculations:

Market Prices                    $982.48     $1,004.93     $1,068.15      $1,171.91

Investment bank charges    25.00            25.00          25.00          25.00

a) Net bonds proceeds    $957.48        $979.93    $1,043.15      $1,146.91

b) Repayments:

PV of interest payments   $770.66      $770.66       $770.66     $770.66

PV of principal ($1,000)       235.41         235.41          235.41        235.41

Total repayments           $1,006.07   $1,006.07     $1,006.07  $1,006.07

Cost of debt   (b- a)            $48.59        $26.14        ($37.08)     ($140.84)

Cost of debt in percentage  4.86%       2.61%           -3.71%        -14.08%

Present values of interest payments:

N (# of periods)  40

I/Y (Interest per year)  7.5

PMT (Periodic Payment)  37.5

FV (Future Value)  0

Results

PV = $770.66

Sum of all periodic payments $1,500.00

Total Interest $729.34

Present value of principal repayment:

N (# of periods)  20

I/Y (Interest per year)  7.5

PMT (Periodic Payment)  0

FV (Future Value)  1000

 

Results

PV = $235.41

Total Interest $764.5

Your client has called for help with their bank feeds in QuickBooks Online. You begin by asking them to open the Banking tab in the Left Navigation bar and your client tells you that she doesn't see this option listed.

Answers

Choices:

A) Your client doesn't have bank feeds enabled  

B) Your client has Business view selected in their settings  

C) Your client has turned off the Banking option in their settings  

D) Your client has the Simple Start subscription for QuickBooks Online

Choice B

Explanation:

There are two views when it comes to Quickbooks Online: Business view and Accountant view. Accounting view is for more seasoned users who have some form of accounting training so it has more features.

Business view on the other hand is simplified for those who don't know much about accounting. It is easy to follow and some features are reordered for simplicity.

The Banking tab is one of those features and it is not openly shown in the business view so the most probably the reason your client can't see it is that she is using the Business view.

Company xyz made the following transactions 6 marks
 Borrowed loan of ksh 50000 to start a business
 Obtained Ksh 150,000 in cash from proceeds of sales
 Paid out ksh 240000 in form of salaries
 Purchased Ksh 600000 worth of machinery in cash
 Purchased a track valued at Ksh 1, 500 000 by paying Ksh 300000 in cash and getting a
loan for the reminder
 Paid rent of rent of Ksh 80000 and advertising of ksh 50,000 in cash each
Determine the value of the company’s assets, liability and equity​

Answers

Answer:

Company XYZ

Total assets     ksh 1,030,000

Total liabilities ksh 1,250,000

Total equity      ksh (220,000)

Explanation:

a) Data and Analysis:

Cash ksh 50,000 Loan payable ksh 50,000

Cash ksh 150,000 Sales revenue ksh 150,000

Salaries expense ksh 240,000 Cash ksh 240,000

Equipment ksh 600,000 Cash ksh 600,000

Track ksh 1,500,000 Cash ksh 300,000 Loan payable ksh 1,200,000

Rent Expense ksh 80,000 Advertising Expense ksh 50,000 Cash ksh 130,000

Assets:

Cash                    ksh 50,000

Cash                  ksh 150,000

Cash                ksh (240,000)

Equipment        ksh 600,000

Cash                ksh (600,000)

Track              ksh 1,500,000

Cash               ksh (300,000)

Cash                ksh (130,000)

Total assets  ksh 1,030,000

Liabilities:

Loan payable       ksh 50,000

Loan payable  ksh 1,200,000

Total liabilities ksh 1,250,000

Equity:

Sales revenue                ksh 150,000

Salaries expense         ksh (240,000)

Rent Expense                ksh (80,000)

Advertising Expense    ksh (50,000)

Total equity                ksh (220,000)

1. All of the following are considered phases of the management process except _____. planning directing controlling executing b 2. The process by which managers run day-to-day operations is called _____. planning directing controlling executing 3. _____ is the philosophy of continually improving employees, business processes, and products. Improvement process Continuous process improvement Quality process None of these choices are correct.

Answers

Answer:

1. Executing

2. Directing

3. Continuous process improvement

Explanation:

According to Managerial Accounting Concepts and Principles

1. All of the following are considered phases of the management process except EXECUTING

2. The process by which managers run day-to-day operations is called DIRECTING

3. CONTINUOUS PROCESS IMPROVEMENT is the philosophy of continually improving employees, business processes, and products.

You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to pay off the house quicker at an interest rate of 2%. However, the 30-year mortgage offers a lower mortgage payment at an interest rate of 2.75%. Which of the following answers is closest to the difference between the 15 and 30-year monthly mortgage payment?

a. 800
b. 600
c. 400
d. 1200
e. 1000

Answers

Answer:

d

Explanation:

i believe this should be correct

Gordon Corporation's stock is expected to pay a dividend of $4 per share at the end of this year. The dividend is expected to grow at a constant rate of 7%. The stock is currently selling for $100 per share. What would be the investor's expected rate of return on the stock

Answers

Answer: 11%

Explanation:

Using the Gordon Growth Model, the price of a stock is:

= Next dividend / (Expected return - Growth rate)

The growth rate will therefore be:

100 = 4 / (r - 7%)

(r - 7%) * 100 = 4

r - 7% = 4 /100

r = 4% + 7%

= 11%

What is the reasoning behind having the seven Fed Board of Governors remain for 14 years on the Federal Reserve?
a) Participating in the Fed for the 14 year time period allows the board members to build up seniority and on-the-job understanding
b) Longer terms for board members fosters longer relationships and builds strong networks to push through financial changes to the economy.
c) The longer terms are to insulate the members from immediate political pressures and have them focus solely on economic solutions for the nation.

Answers

Answer: c) The longer terms are to insulate the members from immediate political pressures and have them focus solely on economic solutions for the nation.

Explanation:

The Fed is independent of the U.S. Government but can still face significant pressure from the U.S. Government as it is the President that nominates the Board of Governors and the Senate confirms them.

Much like Justices on the Supreme Court who get their positions the same way, these governors have to be protected from being used as political pawns so they are given long terms in office to ensure that they can pursue an independent policy without having to worry about the current administration coming after them if they go contrary to its will.

In the market for wireless earbuds​ (a normal​ good), indicate whether the following events would cause an​ "increase or a decrease in demand​" or an​ "increase or a decrease in the quantity demanded.​" a. There is an increase in the price of carrying cases for wireless earbuds. A. increase in demand. B. decrease in demand. C. increase in quantity demanded. D. decrease in quantity demanded.

Answers

Answer: D. decrease in quantity demanded.

Explanation:

A change in demand is caused by the factors that affect demand except the price. The movement along the demand curve is as a result of the price change.

An increase in demand will lead to the rightward shift of the demand curve and a decrease in send will lead to the leftward shift of the demand curve.

On the other hand, an increase or decrease in the quantity demanded will lead to the movement along a given demand curve.

Based on the question, when there is an increase in the price of carrying cases for wireless earbuds, this will lead to a reduction in the quantity demanded of wireless earbuds as less people will buy the earbuds.

On December 31, 2021, Coolwear Inc. had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $42,500 and $1,700, respectively. During 2022, Coolwear wrote off $875 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $4,200 at December 31, 2022. Bad debt expense for 2022 would be:

Answers

Answer:

the bad debt expense for 2022 is $5,025

Explanation:

The calculation of the bad debt expense for 2022 is given below:

= Allowance for uncollectible accounts - ending balance for uncollectible accounts - account receivable written off

= $4,200 - $1,700 - $875

= $5,025

Hence, the bad debt expense for 2022 is $5,025

The same should be considered and relevant

In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $110,000. Overhead totaled $365,000 for the month. Information on inventories was as follows: September 1 September 30Materials $110,000 $120,000Work in process $60,000 $90,000Finished goods $75,000 $75,000Required:1. What was the cost of direct materials used in September ?$2. What was the total manufacturing cost in September ?$3. What was the cost of goods manufactured for September ?$

Answers

Answer:

1. Cost of Direct materials in September

= Opening stock of materials + Purchases - Closing stock

= 110,000 + 200,000 - 120,000

= $190,000

2. Total manufacturing cost in September:

= Direct material + Direct labor + Manufacturing overhead

= 190,000 + 110,000 + 365,000

= $665,000

3. Cost of good manufactured:

= Total manufacturing cost + Beginning work in process - Ending work in process

= 665,000 + 60,000 - 90,000

= $635,000

Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year.

Required:
Wrie the necessary adjusting journal entry to record depletion expense.

Answers

Answer: See explanation

Explanation:

Following the information given in the question, the adjusting journal entry to record depletion expense will be:

Debit Depletion expense - Coal deposit = $280,000

Credit Accumulated Depletion - Coal Deposit = $280,000

Note that the depletion expense was calculated as:

= ($900000 - $100000) / 200000] × 70000

= $280000

Suppose that the firm pays its workers $46 per day. Each unit of output sells for $12. How many workers should the firm hire

Answers

Solution :

A firm hires labor till a point where the cost of hiring is equal to the value of the additional revenue it produces.

We know ,

the wage rate = cos of hiring an additional worker

the value of the additional revenue that the firm produces = price x (MPI) marginal product of the labor.

Therefore, the firm will hire when :

Wage = value of the additional revenue it generates

Thus, wage = price  x (MPI) marginal product of the labor ...........(i)

Therefore, given :

wage of a worker = $ 45

Price = $ 12

So, 45 = 12 x MPI

MPI = 3.8

So the marginal product of employing three days of labor = 25-18/4-3 = 7

Marginal product of employing four days of labor = 30-25/4-3 = 5

So the 4th day produces less revenue than the cost that it generates.

So, the firm should hire 3 workers.

Organizational learning and creativity play an important role in helping managers improve their decisions. Managers must take steps to promote organizational learning and creativity at individual as well as group levels to improve the quality of decision making. Managers can encourage and promote entrepreneurship that mobilizes resources to take advantage of an opportunity to provide customers with new or improved goods and services. The quality of managerial decision making ultimately depends on innovative responses to opportunities and threats. How can managers increase their ability to make nonprogrammed decisions that will allow them to adapt to, modify, and even drastically alter their task environments so they can continually increase organizational performance

Answers

Answer:

Organization learning is the process by which the managers seeks employees desires and ability to understand the task environment.

Explanation:

Organizational learning plays an important role in managers by raising their ability to make programmer decisions that will allow them by adapting to, modifying, and even alter their work environment. Creativity helps managers in thinking and problem solving.

A product sells for $30 per unit and has variable costs of $16.75 per unit. The fixed costs are $861,250. If the variable costs per unit were to decrease to $15.25 per unit, fixed costs increase to $958,750, and the selling price does not change, break-even point in units would:

Answers

Answer:

Remain unchanged

Explanation:

Breakeven quantity are the number of  units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

Initial Breakeven quantity = $861,250 / ($30 - $16.75) = 65,000

New = $958,750 / ( $30 - $15.25 ) = 65,000

The new and initial breakeven quantity are the same : 65,000

The market value of the equity of Hudgins, Inc., is $582,000. The balance sheet shows $21,000 in cash and $192,000 in debt, while the income statement has EBIT of $93,000 and a total of $137,000 in depreciation and amortization. What is the enterprise value-EBITDA multiple for this company

Answers

Answer:

3.27

Explanation:

Calculation to determine the enterprise value-EBITDA multiple for this company

First step is to calculate the

Enterprise value

Using this formula

Enterprise value = Market Capitalization + Total Debt - Cash and equivalents

Let plug in the formula

Enterprise value=$582000 + $192000 - $21000

Enterprise value=$753000

Second step is calculate EBITDA using this formula

EBITDA = EBIT + Depreciation and Amortization

Let plug in the formula

EBITDA= $93000 + $137000

EBITDA=$230,000

Now let determine the EBITDA multiple using this formula

EBITDA multiple = Enterprise Value / EBITDA

Let plug in the formula

EBITDA multiple=$753000 / $230000

EBITDA multiple= 3.27

Therefore enterprise value-EBITDA multiple for this company is 3.27

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2015, its Cash account shows a $29,700 debit balance. The company’s May 31 bank statement shows $28,000 on deposit in the bank. a. The May 31 bank statement included a $210 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,700. c. May 31 cash receipts of $7,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $510 check written by Smith Company was mistakenly drawn against Wright’s account. e. A debit memorandum for $380 refers to a $380 NSF check from a customer; the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information.

Answers

Answer:

Wright Company

Bank Reconciliation Statement

                                                                                    $                          $

Balance per bank                                                                                 28,000

Add:

Debit memorandum for bank services                                                    210

Cash receipts placed in the bank’s night depository                          7,300

Check written by Smith Company mistakenly drawn                             510

A debit memorandum that refers to NSF check                                     380

Subtract;

Outstanding checks                                                                             (6,700)  

Balance per cash book                                                                         29,700  

Explanation:

Debit memorandum for bank services is a charge that has been recognized as a deduction from the bank balance but is yet to be recognized in the cash book hence it is added back.

Outstanding checks are checks that have been deducted from the cashbook but are yet to be deducted from the bank balance hence the deduction.

Cash receipts of $7,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement, hence the addition to he bank balance.

Check written by Smith Company was mistakenly drawn against Wright’s account. This will be added back to the bank balance as the deduction would not have been captured in the cash book.

A debit memorandum for $380 refers to a $380 NSF check from a customer; the company has not yet recorded this NSF check. This will be added back to the bank balance.

What do you call it when you don't invest in your new and smaller businesses?

Answers

Answer:

investment foe buisness

When you don't invest in your new and smaller businesses, it is called debt investment.

Debt investment basically means opting to use an amount borrowed to finance one's business (either big or small business). This investment refers to a scenario when an investor (i.e. banks) lend money to the entrepreneur with the expectation that the entrepreneur will pay-back the investment with interest.

This type of business running system is somewhat burdensome because of repayment of the loan with interest.

The advantage of this method of financing is that the capital is fully provided to the business owner.

Learn more about this here https://brainly.com/question/20518955

At your new job you estimate that your average salary over your working years will be $95,000 per year. How many more years would you have to work to receive as much benefit from a flat benefit of $3,000 times years of service as you would receive from 3.75 percent of your average salary times years of service?

Answers

Answer:

1.1875 or 1.19 times

Explanation:

The calculation of the no of years is to be given below;

= 3.75 % of average salary × years of service = 3000 × years of service

So,

= 0.0375 × 95000 × years of service = 3000 × years of service

So, the years of service is  

= 3562.5 ÷ 3000

= 1.1875 or 1.19 times

If your short-term interest rate (the rate on your current debt) is 12.1%, then your bond rate (the rate on your long-term debt) is:

Answers

Answer: 13.5% (14% higher than the current debt rate)

Explanation:

Since the short-term interest rate (the rate on your current debt) is 12.1%, then it should be noted that the rate on the long term debt will be higher than the rate on the short term debt.

The long term debt have a higher duration and therefore have a higher rate when compared to the short term debt. Therefore, the correct option will be 13.5% (14% higher than the current debt rate) since it's higher than the 12.1% given as the short term rate.

2. Through stores that employ a team-based management approach and that offer an appealing shopping environment / experience, Whole Foods can charge higher prices because they offer the highest quality natural and organic foods available with customer service superior to their competitors. This explanation is best described as Whole Foods' ______.

Answers

Answer:

differentiation strategy

Explanation:

Based on the information above, it is possible to affirm that Whole Foods is a company that uses a strategy of differentiation in its products and services, as its management approach is based on a team that offers an attractive shopping environment / experience, in addition to charging higher prices for offering high quality natural and organic foods, as well as superior customer service than its competitors.

The differentiation strategy consists of actions used by companies to make their products and services attractive to their potential audience, offering added benefits and advantages that the consumer can perceive and value, making the company more competitive and well positioned in relation to its competitors .

Cyberdyne Systems and Virtucon are competitors focusing on the latest technologies. Selected financial data is provided below. (Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) ($ in millions)CyberdyneVirtucon Net sales$39,905 $5,684 Net income 10,375 1,194 Operating cash flows 14,865 1,334 Total assets, beginning 58,905 15,184 Total assets, ending 60,905 14,884 Required: 1. Calculate the return on assets for both companies.

Answers

Answer:

Return on assets for Cyberdyne Systems and Virtucon are 0.2 and 0.1 respectively.

Explanation:

Return on asset is a measure of the ratio of the net income to the total average assets of an entity or organization. It givens and insight into the company's ability to generate profits from the use of its assets.

For Cyberdyne Systems, given that Net income $10,375 and the assets at the beginning and end of the period are $58,905 and $60,905

Total average assets = ($58,905 + $60,905)/2

= $59,905

Return on assets = $10,375/$59,905

= 0.17319088

To one decimal place = 0.2

For Virtucon, given that Net income $1,194 and the assets at the beginning and end of the period are 15,184 and 14,884

Total average assets = ($15,184 + $14,884)/2

= $15,034

Return on assets = $1,194/$15,034

= 0.079419981

To one decimal place = 0.1

Current Forecast is 2500 units, current 1st shift capacity is 1300 units. Market growth rate is 10%. How much capacity do you need to buy for next round (answer rounded up to next 50 units)

Answers

Answer:

250 units

Explanation:

Calculation to determine How much capacity do you need to buy for next round

Using this formula

Next round capacity needed=Current Forecast*Market growth rate

Let plug in the formula

Next round capacity needed=2500 units*10%

Next round capacity needed=250 units

Therefore How much capacity do you need to buy for next round is 250 units

A computer microphone company finished its competitive advantages exercise and needed a way to gauge its position in the market with its competitors. Which tool would be the best way for the company to display its position

Answers

Answer: Perceptual map

Explanation:

Perceptual map ref to the diagrammatic technique that is used in visually displaying the perceptions of the customers.

The perceptual map is also referred to as the visual representation with regards to the customers perception about the attributes of a company and its brand.

The perceptual map can be used by the microphone company.

Coronado Company received proceeds of $209000 on 10-year, 5% bonds issued on January 1, 2016. The bonds had a face value of $220000, pay interest annually on January 1, and have a call price of 102. Coronado uses the straight-line method of amortization. Coronado Company decided to redeem the bonds on January 1, 2018. What amount of gain or loss would Coronado report on its 2018 income statement

Answers

Answer:

Coronado Company

The amount of gain or loss that Coronado would report on its 2018 income statement is:

= $13,200.

Explanation:

a) Data and Calculations:

Bonds proceeds = $209,000

Bonds face value =  220,000

Bonds Discounts = $11,000

Period of bonds = 10 years

Straight-line amortization = $1,100 annually

Interest payment = annually

Coupon rate rate = 5%

Fair value on January 1, 2017 = $210,100 ($209,000 + $1,100)

Fair value on January 1, 2018 = $211,200 ($210,100 + $1,100)

Call price = 102

Total call value (cash payment) = $224,400 ($220,000 * 102/100)

Loss to report on its 2018 income statement = $13,200 ($224,400 - $209,000 - $2,200)

You estimate that your cattle farm will generate $0.10 million of profits on sales of $2 million under normal economic conditions and that the degree of operating leverage is 5.a. What will profits be if sales turn out to be $1.6 million

Answers

Answer:

Profit would decrease to $0.0 million

Explanation:

The degree of operating leverage is the change in profit as a result of the change in sales revenue

DOL=% change in profit/% change in sales

DOL=5

% change in profit=unknown

% change in sales=($1.6m-$2.0m)/$2.0m

% change in sales=-20%

5=% change in profit/-20%

% change in profit=5*-20%

% change in profit=-100%

the new amount of profit=current amount of profit*(1-% change in profit)

current amount of profit=$0.10 million

the new amount of profit=$0.10 million*(1-100%)

the new amount of profit=$0.0 million

Jose wants to cash in his winning lottery ticket. He can either receive seven, $2,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment

Answers

Answer:

Hence the Lumpo-sum Payment is $12834.38(Approx).

Explanation:  

Present value of annuity due= (1+interest rate)*Annuity[1-(1+interest rate)^-time                                                                    

                                                                                           period]/rate

                                               = (1+0.03) x 2000 [1-(1+0.03)^ -7] / 0.03  

                                               [tex]=1.03\times 2000[1-(1.03)^{-7} ]/0.03\\=2060 \times 6.23\\=$12834.38(Approx).[/tex]

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