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Friendly’s Quick Loans, Inc., offers you $6.50 today but you must repay $8.35 when you get your pay check in one week (or else).
Requirement 1: What is the effective annual return Friendly’s earns on this lending business? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Effective annual return % ______________ (round to 2 decimal places)
Requirement 2: If you were brave enough to ask, what APR would Friendly’s say you were paying? (Round answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Annual percentage rate % __________ (Round to 2 decimal places)
You are planning your retirement in 10 years. You currently have $176,000 in a bond account and $616,000 in a stock account. You plan to add $6,400 per year at the end of each of the next 10 years to your bond account. How much can you withdraw each ..
Write a memo to your supervisor explaining the cash conversion cycle at your company, a manufacturer of plastic toys. Be sure to address the following: Material ordering costs-Labor costs-Credit sales (accounts receivables)
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A declining stock market index due to lower share prices _____.
Filer manufacturing has 9.1 million shares of common stock outstanding. The current share price is $61, and the book value per share is $3. Filer manufacturing also has two bond issues outstanding. The first bond issue has a face value of $71.6 milli..
Kendall Company has sales of 1,500 units at $60 a unit. Variable expenses are 30% of the selling price. If total fixed expenses are $53,000, the degree of operating leverage is:
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