You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $275,000

Answer:

To answer is 73.6 months(approximately 74 days)

Explanation:

Future value (FV) = $275,000

Annual interest rate(i) = 7%

Monthly interest rate = 0.58%(7/13)

Periodic cash outflow (PMT) = $3,000

Number of months (N) = ?

Using a texas BA II Plus calculator

FV = 275,000; PMT = -3,000; I/Y = 0.583 CPT N= 73.6

Therefore the number of months is 73.6 months. Approximately, 74 days

The Molding Department of Sunland Company has the following production data: beginning work in process 25200 units (70% complete), started into production 474000 units, completed and transferred out 449700 units, and ending work in process 49500 units (30% complete). Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are:____.
a. 459150.
b. 499200.
c. 464550.
d. 449700.

Albatross Company purchased a piece of machinery for $60,000 on January 1, 2019, and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and no salvage value. On January 1, 2021, Albatross decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life did not change. Ignore income taxes.

Required:
a. What type of accounting change is this, and how should it be handled?
b. Prepare the journal entry to record depreciation for 2017. Show all calculations clearly.