Terry was supposed to pay $800 to Becky on March 1. At a later date, Terry paid

Question:

Terry was supposed to pay $800 to Becky on March 1. At a later date, Terry paid Becky an equivalent payment in the amount of $895.67. If they provided for a time value of money of 8% compounded monthly, on what date did Terry make the payment?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

See More Books

Question Posted: Oct 21, 2020 05:37 AM

See More Questions

Marilyn was supposed to pay $1450 to Bernice on March 1. Some time later Marilyn paid Bernice an equivalent payment of $1528.01, allowing for a time value of money of 4.5% compounded monthly. When...
The following is an actual promotional pamphlet prepared by Trust Company Bank in Atlanta, Georgia: "Lower your monthly car payments as much as 48%." Now you can buy the car you want and keep the...
Thompson Limited, a private company with no published credit rating, completed several transactions during 2017. In January, the company bought under contract a machine at a total price of $1.2...
Mr. Jalal Talabani is a resident of Bangladesh. The information regarding his investments in securities during the income year 2019-20 are as follows: a) 15% Beximco Debentures were purchased from...
In problem 7-3-13 [OLL], assume the heat addition can be modeled as heat transfer from a source at 1700oC. Determine (a) The energy transferred from the reservoir and (b) The energy rejected to the...
Write the phrase as a mathematical expression. 5 less than twice a number.
The press consists of two rigid heads that are held together by the two A-36 steel 1/2 -in.-diameter rods. A 6061-T6 solid aluminum cylinder is placed in the press and the screw is adjusted so that...
The City of South Dundee budget for the fiscal year ended June 30, 2012, included an appropriation for the police department in the amount of $16,000,000. During the month of July 2011, the following...
Set out below are the draft statements of profit or loss of Smiths and its subsidiary company Flowers for the year ended 31 December 20X7. On 1 January 20X6 Smiths purchased 75,000 ordinary shares in...
Check my Demarco and Janine Jackson have been maried for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple recelved salary income of...
The following table shows the rates of total return in successive years from 2011 to 2015 for the BMO Global Diversified Fund Series T5 and for the benchmark Toronto Stock Exchange S&P/MX Composite...
Consider the Province of Nova Scotia strip bond in Table 9.1. a. Present calculations to verify, to the nearest dollar, the bond's price on February 26, 2016, based on the quoted yield of 1.75%...
A gas turbine operates between an inlet pressure of 15 bar and an exhaust pressure of 1.2 bar. The inlet temperature to the turbine is $1500 \mathrm{~K}$ and the turbine has an isentropic...
Adjustments Debit Credit Prepaid Rent (A) 1,700 Office Supplies (B) 300 Accumulated Depreciation, Equipment (C) 375 Salaries Payable (D) 1,000 Rent Expense (A) 1,700 Office Supplies Expense (B) 300...
Develop a 3-year financial projection for your proposed cancer tele-genetics program . State any and all assumptions you make in creating your estimates. Please consider the following in creating...
Cost of goods sold is expected to be 70% of sales. Hampton's policy is to maintain an ending inventory equal to 25% of the next month's projected cost of goods sold. Supplier requires that hampton's...
In response to the 2021 Capitol insurrection(Links to an external site.) , social media companies like Twitter and Facebook took a substantial step to take down former President Trump's accounts...
Khan, age 34 and single, has $133,800 AGI, $108,200 of which is compensation income. Compute Khan's maximum contribution to a Roth IRA
The following are the financial statements of Nosker Company. NOSKER COMPANY Income Statement For the Year Ended December 31, 2019 Sales revenue.....................................$242,000 Cost of...
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...
How have 25- to 34-year-olds with university degrees fared financially since 1984? To answer this question, the Pew Research Center conducted surveys in 1984, 1996, and 2009 recording monthly...
Repeat Exercise 14.98 for the 2012 General Social Survey. In exercise 14.98 Is there sufficient evidence to conclude that there are differences in the years of education between American adults and...
Refer to Exercise 14.52. Apply Tukeys method to determine whether there is enough statistical evidence to infer that each pair of means differ. Developing an Understanding of Statistical Concepts. In...
Explain why leasing is an option for a company expansion. include, what leasing is and how it will benefit the company in it's expanding efforts. Also, how is capital or operating leasing recorded on...
Discuss the following statement: " A head of state signs a treaty on behalf of his country in excess of authority of his country, such treaty shal be void for inconsistency with domestic law of the...
A company is looking at new equipment with an installed cost of $415,329. This cost will be depreciated straight-line to zero over the project's 5-year life, at the end of which the equipment can be...

Terry was supposed to pay $800 to Becky on March 1. At a later date, Terry paid

Question:

Step by Step Answer:

Terry made the payment 17 months after March ...View the full answer

Fundamentals Of Business Mathematics In Canada

Related Video

Students also viewed these Mathematics questions