How many accounts did the bank have

Assignment Help Accounting Basics
Reference no: EM132001152

Question - Recall that the salami technique means using a computer to skim a small amount of money from hundreds or thousands of accounts and then diverting the proceeds for personal gain. Suppose that a computer programmer uses this technique to skim a penny form each customer's account at a small bank. Over the course of 3 months, he takes $200,000 and is never caught.

Assuming that this hacker took only one penny per month form each customer, how many accounts did the bank have?

If the bank had 100,000 accounts and the hacker stole one penny from each account's interest (which was computed daily), how much could the hacker steal in 3 months?

Reference no: EM132001152

Questions Cloud

Discuss the importance of effective communication : Discuss the importance of effective communication in the personal relationship, the therapeutic relationship, and the relationship within the interprofessional.
Make the consolidated eliminating entries for land sales : Petronet sold the land to an outside party on January 1, 2014 for $3,000,000. Make the consolidated eliminating entries for the intercompany land sales
Dollar amounts indicated and with betas specified : An investor has put money in four stocks in the dollar amounts indicated and with betas specified. What is the portfolio beta?
What observations can you make about results : What would be the value of these bonds if the market discount rate were. What observations can you make about these? results?
How many accounts did the bank have : Assuming that this hacker took only one penny per month form each customer, how many accounts did the bank have
Starting pay for employee pending promotion : How will you determine an appropriate starting pay for this employee’s pending promotion?
Impact of a particular technology on an industry or field : ITECH 1100 Understanding the Digital Revolution - Video and Disruption Report Assignment - create a two-minute video and written proposal about the impact
Cost of debt is just the same as the promised yield : Assume that the cost of debt is just the same as the promised yield. The tax rate is 35 percent. What is the company’s WACC?
Prepare the journal entry to record the previous transaction : Prepare the journal entry to record the previous transaction, under the following conditions - Employing the incremental method

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd