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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. $925.51
C. $1,240.22
D. $1,120.04
E. $418.29
Answer: C
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 appetite
B. residual risk.
C. risk tolerance
D. inherent risk.
Answer: B
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. 1only
B. 1 and 2only
C. 3only
D. 2only
Answer: C