On january​ 1, 2017, finch company issued​ $89,000 of​ five-year, 8% bonds when the market interest rate was​ 12%. the issue price of the bonds was​ $73,000. finch uses the​ effective-interest method of amortization for bond discount. semiannual interest payments are made on june 30 and december 31 of each year. how much interest expense will be recorded when the first interest payment is​ made? (round your answer to the nearest dollar​ number.)

Answers

Answer 1

Answer:

$4,380

Explanation:

The computation of the interest expense recorded in the first year is shown below:

= Issued price of the bond × market interest rate ÷ semi annual period

= $73,000 × 12% ÷ 2

= $73,000 × 6%

= $4,380

Hence, the interest expense would be recorded when the interest payment is made is $4,380

We simply applied the above formula


Related Questions

Companies that organize their sales force by customer and territory; product and territory; product and customer; or territory, product, and customer are using a ________ sales-force structure.

Answers

Answer:

complex.

Explanation:

A complex sales-force structure is one that contains a diverse sales team design. The organizations that adopt this sales force structure are usually those that offer a diverse range of products for each type of customer and in different geographic areas, so you need to combine different types of sales force structures to achieve your sales objectives and goals. sales according to the preferences and profile of each customer in each location.

The following information is for the standard and actual costs for the Happy Corporation:
Enter favorable variances as negative numbers.
Standard Costs:
Budgeted units of production - 16,000 [80% (or normal) capacity]
Standard labor hours per unit - 4
Standard labor rate - $26 per hour
Standard material per unit - 8 lbs.
Standard material cost - $12 per pound
Standard variable overhead rate - $15 per labor hour
Budgeted fixed overhead - $640,000
Fixed overhead rate is based on budgeted labor hours at 80% (or normal) capacity.
Actual Cost:
Actual production - 16,500 units
Actual fixed overhead - $640,000
Actual variable overhead - $1,000,000
Actual labor - 65,000 hours, total labor costs $1,700,000
Actual material purchased and used - 130,000 lbs, total material cost $1,600,000
Actual variable overhead - $1,000,000
Determine the Quantity Variance
a. 24,000 unfavorable
b. 24,000 favorable
c. 12,000 unfavorable
d. 12,000 favorable

Answers

Answer:

a. 24,000 unfavorable

Explanation:

Quantity Variance = Standard Price ( Actual Quantity - Standard Quantity Allowed)

             = $12 per pound  (8 lbs.*16,500 lbs-8 lbs.*16,000)

= $ 12 (132,000 lbs-130,000 lbs) = $ 12 (2000)= 24,000 unfavorable

It is unfavorable because the actual quantity used is more than the standard quantity allowed.

Quantity variance is obtained by multiplying the standard price with the difference in the actual quantity used and the standard quantity allowed.

What is the main reason that it is necessary for public companies to follow the rules and format set out in the Generally Accepted Accounting Principles​ (GAAP) when creating financial​ statements? A. It ensures that the market value of assets and debt are reported accurately. B. It ensures that information on the performance of public companies is reported on cashbasis accounting. C. It ensures that important budgetary information is not omitted. D. It makes it easier to compare the financial results of different firms.

Answers

Answer:

D. It makes it easier to compare the financial results of different firms.

Explanation:

Tariffs Group of answer choices may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). are per-unit subsidies designed to promote exports. are excise taxes on goods exported abroad. are also called import quotas.

Answers

Answer:

imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs).

Explanation:

A tariff is a compulsory sum levied on the importation of goods. the purpose of tariffs is either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). by imposing tariffs, imported goods become more expensive. this discourages importation and encourages individuals to patronise locally produced goods.

With the emergence of smartphones, users no longer have to carry a separate music player, a video game, a laptop, or a magazine to keep themselves entertained when traveling. A smartphone is loaded with a variety of applications to satisfy all the customer needs that different industries or products individually satisfied earlier. As a result, the smartphone industry has been posing a threat to a lot of other unrelated industries. What is this phenomenon best known as

Answers

Answer: Industry Convergence

Explanation: Industry Convergence has been boosted by the increased leverage of science and technology to various industries which has seen many industries break from the traditional single market focus and transition in a more robust cross industry focus whereby industries can incorporate several individual product into its production plan thereby providing more value added product and services. Smartphone companies as described above have integrated several single market products such as radio, music player, gaming, internet connectivity, camera and video recording, flash light(torch) and so on. thereby creating a robust and cross-industry product which adds more value and products able to withstand competition.

In an addendum to the purchase and sale contract, the seller agrees to paint the house before conveying the house to the buyer. The weather changes, and the seller is unable to finish painting the house before closing. This is an example of _______.

Answers

Answer:  Partial performance

Explanation:

Partial performance is described as the completion of a job that forms a portion of a contract.

Here,  the seller agrees to paint the house before conveying the house to the buyer. The weather changes, and the seller is unable to finish painting the house before closing.

This indicates a part of job is done.

Hence, this is an example of partial performance.

Oilers, Inc. refines and markets its energy products in different nations around the world. In addition, Oilers' stockholders and managers come from many different nations. If some of the nations where it operates decided to take over the assets of the company, this act would constitute

Answers

Answer: expropriation

Explanation:

Expropriation is a situation that occurs when the government collects a particular property from the owner of the property and utilizes it for public benefits or use.

Since we are informed in the question that some of the nations where the company operates decided to take over the assets of the company, this act would result in expropriation.

Your answer

__________defines quality system standards, based on the premise that certain generic characteristics of management practices can be standardized and that a well-designed, well-implemented, and carefully managed quality system provides confidence that the outputs will meet customer expectations and requirements.

Answers

Answer:

International Organization for Standardization (ISO).

Explanation:

ISO defines quality system standards, based on the premise that certain generic characteristics of management practices can be standardized and that a well-designed, well-implemented, and carefully managed quality system provides confidence that the outputs will meet customer expectations and requirements. ISO is an acronym for International Organization for Standardization, it was founded in October 1946 and it is made up of 164 members from 91 different countries across the world. ISO is a Non-governmental organization that has its headquarters in Geneva, Switzerland.

In an inert organizational culture, poor working relationships frequently develop between the organization and its employees. the organization tries to avoid layoffs. the organization emphasizes long-term employment. employees regularly receive rewards for their performance. values and norms help the organization build momentum.

Answers

Answer:

The correct answer is:  the organization emphasizes long-term employment.

Explanation:

An inert organizational culture is one that does not seek to adapt to new work processes and trends whose objective is to innovate and facilitate work and processes.

They are usually organizations whose culture is focused on more inflexible and rigid internal policies, whose focus is on the establishment of processes and does not focus on the relationships and integration of workers.

This type of organization focuses on long-term employment, which can culminate in the lack of innovation in personnel, ideas, processes and the improvement of total quality.

In an inert organizational culture, poor working relationships frequently develop between the organization and its employees the organization emphasizes long-term employment. Thus, option B is correct.

An organizational culture that is inert does not attempt to change in response to emerging trends and work processes with the aim of innovating and streamlining work and procedures.

They are often businesses whose internal rules are more strict and inflexible, whose emphasis is on establishing procedures rather than on fostering connections and worker integration.

Long-term employment is the main focus of this kind of organization, which can lead to a lack of innovation in staff, concepts, procedures, and overall quality.

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The marketing manager from a heavy-equipment manufacturer in Dallas,Texas was attending an international trade show in Japan.There were many prospective customers from different countries who seemed interested in the firm's product.However,they had difficulty following the manager's explanations of product features due to his heavy Texas drawl.In this case,the accent would be considered:__________.
A) an encoding error
B) a decoding error
C) culture shock
D) noise
E) distortion

Answers

Answer:

D) noise

Explanation:

Since it is mentioned in the question that there were many possible customers who belong from different countries are seemed interested in the firm product but at the time when the manager explained the features of the product, there was difficulty due to heavy Texas drawl.

So this situation represents the noise and hence the same is to be considered

Profits from a sole proprietorship are reported as taxable income and Question 5 options: can be reported as a deduction. are subject to a self-employment tax of approximately 15%. can be deferred to the next tax year. can't be taxed again in a future tax year.

Answers

Answer:

(B) are subject to a self-employment tax of approximately 15%.

Explanation:

Land and other real estate held as investments by endowments in a government's permanent fund should be reported at

Answers

Complete Question:

Land and other real estate held as investments by endowments in a government’s permanent fund should be reported at

Group of answer choices

A. Historical cost.

B. Fair value less costs of disposal.

C. Fair value.

D. The lower of cost and net realizable value.

Answer:

C. Fair value.

Explanation:

Land and other real estate held as investments by endowments in a government's permanent fund should be reported at fair value of the reporting date except for the exception of life insurance contract, external investment pool, money market investment etc.

The fair value can be defined as the actual or real value of an asset, security, product or item in financial accounting.

Sheridan Company, had 837000 shares of common stock issued and outstanding at December 31, 2017. On July 1, 2018, an additional 40600 shares of common stock were issued for cash. Sheridan also had unexercised stock options to purchase 31400 shares of common stock at $15 per share outstanding at the beginning and end of 2018. The average market price of Sheridan's common stock was $20 during 2018. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2018

Answers

Answer:

865,150  shares  

Explanation:

The calculation of shares for diluted earning per share is shown below:-

Shares for diluted earning per share = Outstanding shares + Issued shares + Stock option

= 837,000 + (40,600 × 6 ÷ 12) + ((31,400 - (31,400 × $15 ÷ $20)

= 837,000 + 20,300 + 7,850

= 865,150  shares

Therefore we have applied the above formula.

what is current capital , future human capital and human capital ? is there a difference?

Answers

Answer:

it's money or dollarsand no there's no difference

Many gluten-free food options are found on the store shelves in the United States, but they are scarcely available in international markets. Given the increasing awareness of a healthy lifestyle, such products satisfy an unmet need. Therefore, a product such as gluten-free food in international markets:_________.

Answers

Answer: Is likely to have greater value

Explanation:

Gluten-free food are food that are safe to eat. Examples are most dairy products, such as cheese, butter and milk, fruit and vegetables, meat and fish (although not breaded or battered)

potatoes, rice and rice noodles. Although they are available at stores in America, they are scarce in the other part of world due to how they are valued. The demand of such food in those region is higher than that of America hence their shortage there.

You've been brought in as a security consultant for a small bicycle manufacturing firm. Immediately, you notice that they're using a centralized key-generating process, and you make a note to dissuade them from that without delay. What problem is created by using a centralized key-generating process?

Answers

Answer: Key transmission

Explanation:

Using a centralized key-generating process always leads to key transmission.

A small publishing company is planning to publish a new book. The production costs will include one-time fixed costs (such as editing) and variable costs (such as printing). The one-time fixed costs will total 49982. The variable costs will be $8.50 per book. The publisher will sell the finished product to bookstores at a price of 25.25 per book. How many books must the publisher produce and sell so that the production costs will equal the money from sales

Answers

Answer:

Break-even point in units= 2,984 units

Explanation:

Giving the following information:

The one-time fixed costs will total 49982. The variable costs will be $8.50 per book. The publisher will sell the finished product to bookstores for 25.25 per book

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 49,982/ (25.25 - 8.5)

Break-even point in units= 2,984 units

write 3 importance/ benefits of life insurance.​

Answers

Answer:

A life insurance policy can pay off any debts that you leave behind that would be a burden to your family. Debts such as a mortgage, credit cards, car loans and even your funeral expenses can have a dramatic impact on your family and their lifestyle.

Explanation:

Any debts that you leave behind and that would be a burden on your family can be paid off by a life insurance policy. Debts like a mortgage, credit card debt, auto loans, and even funeral costs may significantly affect your family's livelihood.

By purchasing life insurance, you may shield your spouse and kids from the potentially catastrophic financial losses that could arise in the event of your passing. It offers financial stability, aids in debt repayment, assists in covering living expenditures, and aids in covering any last or medical costs.

The vast majority of experts concur that you absolutely must obtain life, health, long-term disability, and car insurance. Small company owners, working parents, stay-at-home parents, retirees, childless singles, and empty nesters all stand to gain from life insurance, in general.

Learn more about insurance here:

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Maya owes $20,000 on her credit cards, her adjustable mortgage rate has just gone up, and she has been out of work for 3 months. Her husband of 15 years came home today to tell her he was having an affair and wants a divorce. With that news, she collapsed and had to be taken to the emergency room. According to Hans Selye, Maya is in which stage of the general adaptation syndrome

Answers

Answer: exhaustion

Explanation:

Given the information provided in the question, we are told that Maya collapsed and had to be taken to the emergency room. According to Hans Selye, Maya is in the exhaustion phase of the general adaptation syndrome.

At this stage, Maya's energy resources has been depleted after failing to recover from shock.

A federal bank examiner came to a bank in Jacksonville. He audited the books and he checked out the staff and the office facilities. He checked the public rooms and the lunch room. Everything was thoroughly examined. Later, he charged the branch manager with a violation of the Federal Fair Housing Act because he did not see:

Answers

Answer:

Eminent domain for the public good.

Explanation:

He charged the branch manager because he didn't see eminent domain for public use.

In eminent domain the government, the government the government has the power to take private property for public use.

The bank is a public place and as such are required to have a public domain that is members of the public or for civic use. Such a party is likely going to be for public use or it could be delegated to third parties.

In concert with quality management programs, _______ controls help monitor the quality of goods or services at each step in the production process to alert managers to problems. feedforward concurrent feedback bureaucratic clan

Answers

Answer:

The correct answer is B) Concurrent Controls

Explanation:

Concurrent controls is a management sub-concept in Organisational Control.

Concurrent control is exerted while the activity such as production or manufacturing or service delivery is ongoing, not before or after.

If the control is executed afterwards, it no longer Concurrent but Feedback Control.

Another word for concurrent control is "Yes-No" control or Screening control. Where this is deployed, regular checks are put in place in real-time to ensure that timely course correction is made during the event.

Cheers!

The HR department at Trevor Communications oversees the recruitment and training of employees at the firm.As the firm grows and recruits more employees,overseeing individual training programs has been come too much for HR staff to handle.Which of the following applications should the HR department use to help with employee training?A) A customer relationship management systemB) A management information systemC) A learning management systemD) A decision support systemE) An executive decision-making system

Answers

Answer:

C) A learning management system

Explanation:

Analyzing the above scenario, it is clear that the learning management system would be very useful to the HR department at Trevor Communications.

This system can be defined as a learning process that takes place in a virtual way, in an environment where each individual can access learning content in an interactive and dynamic way, by accessing a tool that contains the content and information necessary for specific learning.

This system confers several advantages to the organization, such as the elimination of personnel costs, greater ease of monitoring and follow-up, greater availability, ease of implementation and evaluation.

3. What does the segment suggest to guard against employee misuse of workplace technology? *

Answers

Answer:

Economics

Explanation:

Antiperspirant deodorants were introduced to the market in 1941. The market for antiperspirant deodorants is currently characterized by slowing product class revenue, fierce price competition, and repeat purchase behavior. Antiperspirant deodorants are currently at the ________ stage of the product life cycle.

Answers

Answer:

Maturity

Explanation:

In this scenario, Antiperspirant deodorants were introduced to the market in 1941. The market for antiperspirant deodorants is currently characterized by slowing product class revenue, fierce price competition, and repeat purchase behavior. Antiperspirant deodorants are currently at the maturity stage of the product life cycle.

A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.

Generally, there are four (4) stages in the product-life cycle;

1. Introduction.

2. Growth.

3. Maturity.

4. Decline.

Hence, maturity is the stage in which product experiences a peak in sales growth and then eventually slows as the product reaches more customers, and lastly price competition is fierce.

Blue Nile is an online retailer of diamonds that has used responsive transportation to ship diamonds to customers in the United States, Canada, and several countries in Europe and Asia. Which is the mode of transportation used with this strategy

Answers

Answer:

Air transportation.

Explanation:

Responsive transportation is a form of shared transportation system where regular public transit or a personalized taxi that are frequent on a particular route are used to enhance a speedy and economical delivery of items and passengers en - route different destinations but in the same direction.

Looking at the three major modes of transportation which are road , air and sea, the one that suits this scenario is the Air system.

Being an international route , the road system does not fit in , and the ship on the sea is not a good option for responsive transportation considering its speed.

Managers who believe that their native country, culture, language, and behavior are superior to all others are ____ managers. Multiple Choice maquiladoras geocentric polycentric ethnocentric diverse

Answers

Answer:

ethnocentric

Explanation:

ethnocentric managers believe that their culture is superior to other cultures.

polycentric mangers are mangers who believe that native managers in foreign offices are best suited to mange native workers

geocentric Managers believe that there are differences and similarities between home and foreign workers and practices. they believe that techniques adopted should be the most effective.

Tell me 3 characteristics of money? ​

Answers

1.) durability

2.) acceptability

3.) scarcity

4.) portability

5.)divisibility

6.)uniformity

choose any three u want! :)

Characteristics of Money.

Answer:

(a) Divisibility

(b) Limited supply

(c) Durability

More:

(d) Portability

(e) Acceptability

(f) Uniformity

These are the characteristics of money.

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When presenting solutions, Chris (a salesperson)often has to handle buyer resistance. Chris should think of buyer resistance as a(n)___________ event.
A) Negative
B) Unimportant
C) Positive
D) A buyer initiated challenge (BIC)
E) Show stopper

Answers

Answer:

C) Positive

Explanation:

Although in the question it is stated that Chris, who is a salesman, manages the buyer resistance while presenting the solutions, the Chris also thinks that buyer resistance is a positive event

Thus, in the provided scenario, option c is right, as it does not satisfy all other options available

So the right option is c.postive

The Housing Financial Discrimination Act (Holden Act) prohibits all financial institutions from discriminating in real estate loan approvals based on the geographic location, the neighborhood, or any other characteristic of the property, known as:

Answers

Answer:

Redlining

Explanation:

Redlining stems from discrimination that consists denial of services, maybe financial based on the group one may fall under such as race, ethnicity or location. The Holden act(1977) is a real estate act of California meant to protect individuals from discriminations such as ones that involve denial of mortgage loan on the basis of something other than the credit worthiness of the individual . These discriminations could take the form of mortgage loan and, insurance loan denials or other financial services based on creditworthiness history of the group the person may fall under and not necessarily the individual's qualifications on his own

ADAP Advisers is offered a large block of ACME stock (a NYSE-listed issue) by an institutional investor at a 20% discount to the current market price, if ADAP Advisers is willing to buy the block that day. Which statement is TRUE if ADAP purchases the block for its own account rather than for its customers

Answers

Options :

A. This action is prohibited without exception, since ADAP Advisers is benefiting at the expense of its customers

B. This action is permitted if ADAP Advisers rebates any profit that it earns to its customers when it sells the block

C. This action is permitted if the purchased stock is not a suitable investment for ADAP's customers

D. This action is permitted if the block is purchased in the Third Market during the hours that the NYSE is closed

Answer: C.) This action is permitted if the purchased stock is not a suitable investment for ADAP's customers

Explanation: ADAP being a professional in the aspect of advisory investment, have a legal and ethical responsibility or obligation called fiduciary duties to their clients, both buyers and sellers. Therefore it is always very important to keep this at the forefront of their dealings in other to avoid soiling their reputation and integrity. Therefore, even though the stock offered to ADAP advisers is at substantial discount, ADAP advisers must ensure that the stock is a suitable investment for it's customers before offering it to them.

The fact that ADAP purchased the stick on it's own account may reasonably infer that the stick is not a suitable investment for it's customers.

Other Questions
Read this passage: In the years leading up to World War I, many Serbs for outrage that Austria-Hungary control territories with large ethnically populations. They wanted these territories to be controlled by the independent nation state of Serbia. This created tensions between Serbs and Austria-Hungary that would eventually contribute to the assassination of archduke Franz Ferdinand. Which contributing factor to the World War I does this passage most clearly reflect? A nationalism, B militarism, c the alliance system or D imperialism I need a lot of help a hotel manager wants miriam to tile their lobby using the dame design she created for Mr.Rivera.The lobby measures 45 feet by 45 feet. he wants the outer edge to be the same color as the center tile. will this occur ? justify your answer In a competitive industry, it takes a fixed ratio of one skilled worker and two unskilled workers to produce a unit of output. If the immigration of unskilled workers lowers the wage of unskilled workers, it will likely A Water flows through a pipe at a rate of 10 milliliters every 8.5 seconds. Express thisrate of flow in liters per minute. Round your answer to the nearest hundredth zeugen and yardang differences summery of the story of an invitation What is a positive attribute of globalization The Basque people of northern Spain have a distinctive language and culture, which they want to protect from outside influences. Although Spain's central government has given this group some autonomy, periodic violence has erupted by those seeking complete independencea.economic conflictb. religious conflictc. cultural conflictd. political conflict Describe the role of securities markets and of investment bankers: what role do investment bankers playing securities markets Which of the following statements are true of software engineers? Check all of the boxes that apply. They are responsible for writing programming code. They are usually strong problem-solvers. They spend most of their work hours running experiments in a laboratory. They must hold advanced degrees in computer science. A small group of harmonious colors used together is called a _[blank]_. Consider a university that purchases replacement chairs for its classrooms. The purchasing manager knows that the annual demand for replacement chairs is 500. The pricing schedule is as follows: Use the following Excel solution to this quantity discount problem with constant carrying cost. Carrying cost = $ 15 Ordering cost = $ 200 Annual Demand = 500Quantity Price Q Discount Q Total Cost100 $130 115.47 115.47 $ 66,732.05200 $122 115.47 200.00 $ 63,000.00500 $120 115.47 500.00 $ 63,950.00What is the inventory ordering cost using the economic order quantity?A. $1,000B. $866C. $500D. $200 During an independent emergency ascent, you should stop periodically and attempt to inhale through your regulator because:__________. a) Doing so reduces the risk of decompression sickness. b) Doing so reduces the risk of lung-overpressure injuries. c) The decreasing pressure may allow your regulator to function, even if it could not do so at depth. d) The air in your cylinder will expand on ascent, allowing you to breathe. Suppose that initially the price is $20 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently, some firms leave the industry, and the industry returns to a long-run equilibrium. What will be the new equilibrium price, assuming cost conditions in the industry remain constant AND OBJECTSACTIVITY1. Choose the correct word from the brackets to completethe sentences.a) Agnes is wearing auniform. (brain, browb) Nakato is a verygirl. (kindly, kind)-) That tonman is my father. (toll, tall)) All my sisters are(sin, thinYour teacher hates pupils withhandwriting.(bud, bad)badUse the words in the brackets to complete the sentencNamubiru is a very Which of the following choices is a result of the others?1.European leaders decided on a policy of appeasement rather than stopping Hitler.2.Hitler exaggerated his military capabilities3.World War I deeply scarred Europe.4.France believed it was safe from German invasion. On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The companys cost per new razor is $20 and its retail selling price is $75 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 8% of dollar sales. The following transactions and events occurred.2016Nov. 11 Sold 105 razors for $7,875 cash.30 Recognized warranty expense related to November sales with an adjusting entry.Dec. 9 Replaced 15 razors that were returned under the warranty.16 Sold 220 razors for $16,500 cash.29 Replaced 30 razors that were returned under the warranty.31 Recognized warranty expense related to December sales with an adjusting entry.2017Jan. 5 Sold 150 razors for $11,250 cash.17 Replaced 50 razors that were returned under the warranty.31 Recognized warranty expense related to January sales with an adjusting entry.1.1 Prepare journal entries to record above transactions and adjustments for 2016.2. How much warranty expense is reported for November 2016 and for December 2016?Warranty Expense for November 2016 ?????Warranty expense for December 2016 ?????3. How much warranty expense is reported for January 2017?4. What is the balance of the Estimated Warranty Liability account as of December 31, 2016?5. What is the balance of the Estimated Warranty Liability account as of January 31, 2017? Which sentence uses an apostrophe correctly?A The puppys' toy was found under the couch.B The new professor is Blaines' sister-in-law.C The rattle was the baby's favorite toy.D The black horse belong's to Franciscos family. In recent years, the interest rates on home mortgages have declined to less than 6%. However, arecent study shows that the rate charged on credit card debt is more than 14%. A sample of 10 creditcards showed that the mean rate charged is 15.64% with a standard deviation of 1.561%. At 1% levelof significance, is it reasonable to conclude the mean rate charged is greater than 14%?