Tutor profile: Jennifer K.
If we invest $500 in the bank at the end of each year for the next 5 years, how much will we have in the bank by the end of the 5 years, assuming a 6% interest rate in the market?
Using the FV of an ordinary annuity table, we would find the FV (i=6%, n=5) factor to be 5.6371. Using this FV factor, we would find that we will have $2,818.55 (5.6371 * $500) in the bank at the end of the 5 years.
If we started the month's production with 100 units of direct materials, ended production with 50 units of direct materials, and used 600 units of direct materials for the current month's production, how many direct materials were purchased throughout the month?
The direct materials purchased was 550 units. The direct materials formula is shown below: Beginning Direct Materials + Purchases - Direct Materials Used = Ending Direct Materials 100 + X - 600 = 50 We need to isolate X (purchases) 100 + X - 600 = 50 100 + X = 650 X = 550
Solve for X: 100 + 4x = 500
After solving, you should find that X = 100. The solution is broken down below: 100 + 4x = 500 We want to isolate X by subtracting 100 from both sides to give us: 4X = 400 We want to continue to isolate X by dividing both sides by 4 to get: x = 100
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