Introduction to Accounting: An Intergrated Approach Chapter 11

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*Levi McArthur graduated with a masters of accountancy degree and has accepted a staff accounting position with a firm; he will receive a salary of $50,000. The firm guarantees that Levi will receive a 5 to 9 percent raise each year for the next five years depending on his performance. What will Levi's salary be in five years if he gets a 5 percent raise each year? What would his salary be in five years if the annual raise is 9 percent? 

P11.2 The Grooms Diner has just purchased a counter and stools for $45,000. Nick paid $5,000 down and is going to borrow the remaining $40,000. The Manhattan National Bank will loan him the money for four years if he agrees to make monthly payments. Lo2

  A. What are the monthly payments if the bank charges 5 percent interest?
  B. What are the monthly payments if the bank charges 7 percent interest?
  C. What are the monthly payments if the bank charges 9 percent interest?

P11.3. **Michael Paul wants to start his own business when he graduates from college in three years and he needs $600,000 to do so. How much money must he put aside today under the following conditions? Lo2

  A. He can earn 8 percent compounded semiannually.
  B. He can earn 8 percent compounded annually.
  C. He can earn 8 percent compounded quarterly.

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