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NEW QUESTION: 1
Assume you deposit $300 now into an account that had nothing in it previously, make an additional deposit of $400 in 1 year, and a final deposit of $200 in 4 years. How much is in your account in 6 years, if the account earns interest at 7% per year, compounded annually?
A. $1,431.88
B. $418.29
C. $1,120.04
D. $925.51
E. $1,240.22
Answer: E
Explanation:
Explanation/Reference:
Explanation:
Solve this question by working several compound interest problems, moving each dollar amount over to year 5. On the BAII Plus, press 6 N, 7 I/Y, 300 PV, 0 PMT, CPT FV, which yields $450.22. Then press STO
1, 5 N, 400 PV, CPT FV, which yields $561.02. Then press + RCL 1 = STO 1. Then press 2 N, 200 PV, CPT FV, which yields $228.98. Then press + RCL 1 = to see the answer. On the HP12C, press 6 n, 7 i,
300 PV, 0 PMT, FV. Then press STO 1, 5 n, 400 PV, FV. Then press RCL 1 + STO 1. Then press 2 n, 200 PV, FV. Then press RCL 1 + to see the answer. Note that the answer will be displayed as a negative number. Also note that the value of "N" for each dollar amount is based on the distance from year 6.
NEW QUESTION: 2
Improvements in the design and implementation of a control will MOST likely result in an update to:
A. risk tolerance
B. inherent risk.
C. residual risk.
D. risk appetite
Answer: C
NEW QUESTION: 3
During the course of an audit,an internal auditor discovers that a valuable employee in the research department has been patenting new developments in the employee's name that are unrelated to the basic business of the organization.
The organization does not have a policy addressing this specific issue,but does have a general policy that all important new discoveries by employees are the property of the organization.
Division management views the employee's actions as extra incentive to retain the employee.
A decision to include the employee's action in the engagement final communication wouldbe:
1.A violation of the IIA Code of Ethics.
2.A violation of the reporting requirements in the Standards.
3.Justified and necessary,according to the IIA Code of Ethics and Standards.
A. 3only
B. 1only
C. 2only
D. 1 and 2only
Answer: A