The winner of the first annual Tom Morris Golf Invitational won $115 in the competition which was held in 1901. In 2015, the winner received $1,480,000. If the winner’s purse continues to increase at the same interest rate, how much will the winner receive in 2052? (Assume annual compounding.)

Use the following information to answer this question: Windswept, Incorporated2024 Income Statement($ in millions)Net sales$ 9,800Cost of goods sold7,850Depreciation400Earnings before interest and taxes$ 1,550Interest paid96Taxable income$ 1,454Taxes305Net income$ 1,149 Windswept, Incorporated2023 and 2024 Balance Sheets($ in millions) 20232024 20232024Cash$ 250$ 280Accounts payable$ 1,570$ 1,722Accounts received1,070970Long-term debt1,0501,363Inventory1,7401,725Common stock3,3203,010Total$ 3,060$ 2,975Retained earnings630880Net fixed assets3,5104,000 Total assets$ 6,570$ 6,975Total liabilities & equity$ 6,570$ 6,975 What is the cash coverage ratio for 2024?

You want to buy a house that costs $305,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.57 percent compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments?

The winner of the first annual Tom Morris Golf Invitational won $180 in the competition which was held in 1914. In 2015, the winner received $1,610,000. If the winner’s purse continues to increase at the same interest rate, how much will the winner receive in 2048? (Assume annual compounding.)

Teddy’s Pillows had beginning net fixed assets of $466 and ending net fixed assets of $540. Assets valued at $314 were sold during the year. Depreciation was $32. What is the amount of net capital spending?

You are considering the purchase of new living room furniture that costs $1,540. The store will allow you to make weekly payments of $32.82 for one year to pay off the loan. What is the EAR of this arrangment?

Your sister just deposited $8,000 into an investment account. She believes that she will earn an annual return of 9.3 percent for the next 10 years. You believe that you will only be able to earn an annual return of 8.6 percent over the same period. How much more must you deposit today in order to have the same amount as your sister in 10 years? (Assume annual compounding.)

You have a credit card with a balance of $10,900 and an APR of 17.1 percent compounded monthly. You have been making payments of $215 per month, but you have received a substantial raise and will increase your monthly payments to $265 per month. How many months quicker will you be able to pay off the account?

You made an investment of $15,000 into an account that paid you an annual interest rate of 3.8 percent for the first 8 years and 8.2 percent for the next 10 years. What was your annual rate of return over the entire 18 years? (Assume annual compounding.)

A firm’s _________ balance reflects the firm’s mix of short-term assets and short-term liabilities.