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Home Question Bank Economics Archive 2024 December 15

Economics Questions from Dec 15,2024

Browse the Economics Q&A Archive for Dec 15,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Which of the following is the explicit formula for a compound interest geometric sequence? A. \( P_{n}=P_{1} \bullet(1-i)^{n-1} \) B. \( P_{n}=P_{1} \bullet(1-i)^{n+1} \) C. \( P_{n}=P_{1} \bullet(1+i)^{n+1} \) D. \( P_{n}=P_{1} \bullet(1+i)^{n-1} \) Madeline invests \( \$ 25,000 \) in an account that offers a compound interest rate of \( 9.5 \% \) per year. Which of the following is the correct equation for how much Madeline will have after 8 years? A. \( P_{8}=25,000 \bullet(1+.095)^{8+1} \) B. \( P_{8}=25,000 \bullet(1+.95)^{8-1} \) C. \( P_{8}=25,000 \bullet(1+.095)^{8-1} \) D. \( P_{8}=25,000 \bullet(1+.095)^{8} \) Name: 16. You deposit \( \$ 1200 \) in an account that earns simple interest. After 42 months, the account earns \( \$ 96.60 \) in interest. What is the annual interest rate to the nearest tenth of a percent? a. \( 1.0 \% \) b. \( 2.3 \% \) c. \( 35.0 \% \) d. \( 0.8 \% \) Which of the following best describes the scenario below? A \( \$ 500 \) principal in a savings account paying an annual interest rate of \( 8 \% \) will earn \( \$ 40 \) in interest at the end of the year. Interest for the next year will be applied to \( \$ 540 \). A. Commission B. Compound interest C. Simple interest D. Sales tax How much would \( \$ 400 \) be worth after 11 years, if it were invested at \( 4 \% \) interest compounded monthly? (Use the formula below and round your answer to the nearest cent.) \( A(t)=P\left(1+\frac{r}{n}\right)^{n t} \) A. \( \$ 620.63 \) B. \( \$ 4978.96 \) C. \( \$ 1256.45 \) D. \( \$ 5905.81 \) (1)) Edgar has \( \$ 7,000 \) in an account that earns \( 15 \% \) interest compounded annually. (1) To the nearest cent, how much interest will he earn in 3 years? (1)) Use the formula \( B=p(1+r)^{t} \), where \( B \) is the balance (final amount), \( p \) is the principal (starting amount), \( r \) is the interest rate expressed as a decimal, and \( t \) is the time in years. Q7: The principle of insurable interest requires that the insured must have a financial stake in the insured item to prevent................... a) Increased profits from insurance claims. b) The ability to gamble on losses. c) Reduced premiums for coverage. d) Simplified insurance policies. Page 2 of 9 Find amount and compaind interest on 5000 , for syeass, at \( 2 \% \) rake I Nancy calculated her 2015 taxable income to be \( \$ 128,200 \). Using the 2015 federal income tax brackets and rates, how much federal income tax should she report? \begin{tabular}{|l|l|}\hline Taxable Income \\ (Income tax brackets) & Tax Rates \\ \hline\( \$ 44,701 \) or less & \( 15 \% \) of taxable income less than or equal to \( \$ 44,701 \); plus \\ \hline\( \$ 44,701 \) to \( \$ 89,401 \) & \( 22 \% \) of taxable income greater than \( \$ 44,701 \) and less than or equal to \( \$ 89,401 ; \) \\ plus \\ \hline 899,401 to \( \$ 138,586 \) & \( 26 \% \) of taxable income greater than \( \$ 89,401 \) and less than or equal to \( \$ 138,586 \); \\ \hline\end{tabular} Nancy should report a federal income tax of \( \$ \square \) (Round to the nearest cent as needed.) \( 1 \leftarrow \) Question 28 of \( 30, \begin{array}{l}\text { This quiz: } 30 \text { point(s) } \\ \text { possible } \\ \text { This question: } 1 \text { point(s) } \\ \text { possible }\end{array} \) \( \begin{array}{l}\text { A stock index was } \$ 14,548.26 \text { on November } 5,2014 \text {, and } \$ 13,558.78 \text { on November } 5,2015 \text {. Allain holds an investment portfolio } \\ \text { representative of the stocks in the index. If the value of the portfolio on November } 5,2014 \text {, was } \$ 344,512 \text {, what was the value of the } \\ \text { portfolio on November } 5,2015 \text { ? }\end{array} \) \( \begin{array}{l}\text { The portfolio value on November } 5,2015 \text {, is } \$\end{array} \) (Round to the nearest cent as needed.)
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