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Many managers believe that being empowered to create their own **self**-**imposed** budgets is the most effective method of **budget preparation**.

**What is budget?**

A** budget** is an estimate of income and expenditures for a given future period of time, and it is often created and updated on a regular basis. A individual, a group of people, **a corporation**, a government, or pretty much anything else that makes and spends money can all have budgets.

**Budgeting** is essential if you want to control your monthly spending, be ready for life's unforeseen events, and be able to buy expensive products without falling into debt. It doesn't have to be tedious, you don't have to be good at math, and keeping track of your income and expenses doesn't mean you can't buy the things you want. It simply means that you will be more aware of where your money is going and that you will have more **financial control.**

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Question

PT: True or False: Point transfers can be initiated for frequent flyer/guest accounts whose account names differ from MR Account.

Solution 1

**False ,****Point transfers** cannot be initiated for frequent flyer/guest accounts whose account names differ from** MR Account**.

**What does MR Account mean?**

**MR Account** is an abbreviation for Money Reimbursement Account. It is a type of** bank account** used to hold funds set aside for the purpose of reimbursing employees or customers for specific expenses incurred. This type of account enables** businesses **to easily manage, track, and control the expenses for which they are responsible.

**What is an Bank Account?**

A **bank account** is a financial account held at a financial institution, usually a bank, that allows the account holder to **deposit** and withdraw funds. Bank accounts are used to save money and make payments. They are also used to gain access to other** financial services** such as overdraft protection, loans, and credit cards.

Therefore the answer will be **False** as point tranfer cannot be initiated for frequently flyer guest account whose name differ from** MR account.**

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Question

Julie put half of her savings in a savings account that pays an annual simple interest and half in a savings account that pays an annual compound interest. After two years she earned $120 and $126 from the simple interest account and the compound interest account respectively. If the interest rates for both accounts were the same, what was the amount of Julie's initial savings?

600

720

1080

1200

1440

600

720

1080

1200

1440

Solution 1

Julie put half of her **savings** in a savings account. The amount of Julie **initial saving** in both accounts is **1200.**

Since** simple interest** is calculated only on the principal, the simple interest income per year will be half of the **simple interest **income after two years. So a** simple interest **account earns $60 in the first year and another $60 in the second year.

In the second year, the **compound interest** account will earn the remaining $66, while the **simple interest** account will only earn $60. The difference of $6 between simple and compound interest earned on the same amount two years later is due to the interest earned in **compound interest.**

Now, calculate the **interest rate** using the interest earned on interest for the **compound interest** account.

The $6 interest earned on the** interest **was calculated out of the total interest earned on the first year, which is 60$.

Divide 6 by 60 to find the interest rate: (6 ÷ 60) x 100 =** 10%.**

Given that **interest rate** is 10%, Julie's investment in the simple interest account is

**Interest = Principal x Rate x Time**

120 = P x 10% x 2

120 = P x 20%

120 = P x 20/100

P = 120 x 100/20

** P = 600**

Hence, the** initial investment** in both accounts was **1200** (600 + 600).

**Simple interest** is calculated by multiplying the daily interest rate by the principal amount by the number of days until the next payment. **Simple interest** benefits consumers who pay their loans on time or at the beginning of each month. Auto loans and short-term personal loans are usually** simple interest** loans.

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Question

Anna took out a $10,000 loan to pay tuition fees. How much will she owe after one year, if she does not make any payments and her bank charges 10% annual interest, compounded semiannually?

11,000

11025

11075

11200

11250

11,000

11025

11075

11200

11250

Solution 1

The amount** Anna** will owe if she doesn't make any payments and her bank charges** 10% annual interest** compounded semiannually =** $11,025 **

**Option B** is correct .

**Simple interest** is a quick and easy way to calculate** interest **on a loan. **Simple interest** is the daily interest rate multiplied by the principal multiplied by the number of days until the next payment. This type of **interest** is typically applied to auto and short-term loans, but some mortgages use this method of calculation.

**Compound interest** is calculated on the principal plus interest already accrued.

**Balance= P**[tex](1+r/n)^{t}[/tex]**ⁿ**

, where

P = Principal,

r = Interest rate (in %),

** n = number of times per year, **

t = number of years.

Calculate the** simple interest** given terms, add it to the** principal,**

Calculates simple interest and adds it to the principal,

**Simple interest = Principal Amount x Interest Rate x Time**

Simple interest = 10,000 x 10/100 x 1

** Simple interest = 10,000 x 1/10**

Simple interest = 1000

Now add** simple interest **to the principal amount to find the** balance** after one year.

Balance = 10,000 + 1000

** Balance = 11000**

After** compounding** the interest, the balance after one year will be **11,000.** Compound interest is only slightly more than simple interest,

Add** 5%** to the principal to find the balance **after 6 months**, then add another** 5% calculated **from the new balance.

**Balance after 6 months = 10,500**

Add 5% of 10,500:

** 10,500 + 5%10,500**

= 10,500 + 525

** = 11,025.**

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Question

Nathan deposited $4,500 into a savings account that pays 8% annual interest, compounded quarterly. Which of the following is the best approximation of the interest will he earn in one year if he does not make any further deposits or withdrawals from this account?

360

371

752

1083

1445

360

371

752

1083

1445

Solution 1

Nathan deposited $4,500 into a** savings account** . The interest he earn in 1 year is** 360**

**Compound interest** is calculated on the **principal amount,** as well as on any interest already earned.

P = Principal, r = Interest rate (in %), n = number of times per year, t = number of years.

**Simple interest = Principal Amount x Interest Rate x Time**

Simple interest = 4500 x 8/100 x 1

Simple interest = 45 x 8

**Simple interest = 360**

**Compound interest** is calculated by multiplying the initial principal amount by 1 and adding the annual interest rate minus the number of **compounding** periods. After that, the total amount of the first loan is subtracted from the resulting value**.Compound interest **is adding interest to the principal of a loan or deposit, i.e. principal plus interest.

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Question

Compound interest is calculated on the principal, as well as on any interest already earned. Use compound interest when the question explicitly uses the term "Compound".

Example:

John takes out a $10,000 loan at an annual interest of 12%, compounded semiannually. what will be the balance of the loan at the end of the year?

Notice the following:

1) Interest rate = 12% annual

2) Time - 1 year

3) Compound - semiannually. Interest is calculated after six months, then again at the end of the year.

Example:

John takes out a $10,000 loan at an annual interest of 12%, compounded semiannually. what will be the balance of the loan at the end of the year?

Notice the following:

1) Interest rate = 12% annual

2) Time - 1 year

3) Compound - semiannually. Interest is calculated after six months, then again at the end of the year.

Solution 1

**John **interest after** 6 months = $10,600** and balance at the **end of year = $11,236 .**

**Compound interest** is adding interest to the principal of a loan or deposit, i.e. principal plus** interest**. This can be done by reinvesting the **interest, **adding it to the principal borrowed instead of repaying it, or requiring the borrower to pay and earn** interest **on the principal plus previously accrued** interest** in the next period. ** Compound interest** is the norm in finance and economics.

Six months later, **John's loan** has reached half the annual interest rate, or 6%.

The balance of the** loan after six months** would be :

$10,000 + 10,000·6%

** = 10,600.**

The remaining interest accrues on this balance at the **end **of the** year.** **Another 6%**.

The** year-end balance **sheet is as follows:

10,600 + 10,600·6%

** = $11,236.**

Consider that the interest rate for every** 6-month period **is 6% - half of the** 12% annual rate.**

Interest....6%

**Principal= $10,600....**

$10,600(1+6%)

$10,600 + 636

** =$11,236**

**Compound interest** is in contrast to simple interest. With** simple interest, **there is no** compound interest** because previously accrued interest is not added to the principal for the current period. APR is the amount of **interest** per period multiplied by the number of periods per year.

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Question

That's pretty cool. Can I see an example?

Sure.

In the beginning of 1997, Priscilla invested $5,000 in a savings account that that pays 8% annual income, compounded quarterly. If Priscilla makes no further deposits into or withdrawals from the account, approximately how much money will she have in the account two years later, at the end of 1998?

$800

$858

$5,800

$5,858

$10,000

Sure.

In the beginning of 1997, Priscilla invested $5,000 in a savings account that that pays 8% annual income, compounded quarterly. If Priscilla makes no further deposits into or withdrawals from the account, approximately how much money will she have in the account two years later, at the end of 1998?

$800

$858

$5,800

$5,858

$10,000

Solution 1

In the beginning of 1997, Priscilla invested $5,000 in a **savings account**. She have in the **account **two years later, at the end of 1998 is** **$5,800

**Option D** is correct.

Interest rate = 8% annual

Time - 2 years

**Compound -** quarterly.

P = $5,000, r = 8%, n = 4 times a year (compounded quarterly), t = 2 years.

Balance after** two years** will be 5,000(1 + 8%/4)4×2

** 5,000(1.02)8.**

A 8% annual **simple interest** on a principal of $5000 will give

5,000×8%

= 5,000 × 8 / 100

= 50 × 8

** = $400 a year.**

Over two year, the savings account will earn 2×$400 =** $800** using simple interest, and the balance at the end of 1998 will be 5000+800 = **$5800.**

**Compound interest** is interest on a deposit calculated on both the principal amount and the accumulated **interest **from previous periods. Or, more simply put, **compound interest** is interest earned on **interest**. Interest can be **compounded** according to different frequency schedules such as daily, monthly, and yearly.

** Compound interest** allows your money to grow faster because interest is calculated based on accrued interest over time, not just the original principal.** Compound interest** can create a snowball effect as the original investments and the income from those **investments** grow together.

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Question

For interest questions, Notice the following three pieces of the puzzle:

1) Interest rate - usually given as a %

2) Time - How long the interest is calculated for.

3) Compounded - Annually, semi-annually (every six months), quarterly, monthly.

Simple Interest formula = Principal × Rate × Time

Use simple interest in the following cases:

1) The question explicitly use the phrase "simple interest"

2) The calculation time for the interest is shorter than the stated interest period. e.g. 12% annual interest calculated after a 6-month time period.

1) Interest rate - usually given as a %

2) Time - How long the interest is calculated for.

3) Compounded - Annually, semi-annually (every six months), quarterly, monthly.

Simple Interest formula = Principal × Rate × Time

Use simple interest in the following cases:

1) The question explicitly use the phrase "simple interest"

2) The calculation time for the interest is shorter than the stated interest period. e.g. 12% annual interest calculated after a 6-month time period.

Solution 1

The above puzzle is done** To Sum up** the simple interest compounded annually or **semi annually**.

**Interest** can be calculated in two ways: **Simple interest **is calculated on the principal or original amount of the loan. Compound **interest **may be considered** "interest"** because it is calculated on the principal plus interest accrued in previous periods.

**Simple interest **is based on the principal amount of the loan or initial deposit amount in a savings account. **Simple interest** earns no interest. In other words, the creditor pays **interest** only on the balance of the principal and the borrower does not have to pay **interest **on the previously accumulated interest.

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Question

Some GMAT questions will introduce the concept of interest earned on a Principal. These questions are easily identified by the use of the term "Interest" somewhere in the question (Duh!).

We recognize two different kinds of interest - Simple interest, and Compound interest. Look for the following three pieces of the puzzle in the question:

1) Interest rate - usually given as a %

2) Time - How long the interest is calculated for.

3) Compounded - Annually, semi-annually (every six months), quarterly, monthly.

We recognize two different kinds of interest - Simple interest, and Compound interest. Look for the following three pieces of the puzzle in the question:

1) Interest rate - usually given as a %

2) Time - How long the interest is calculated for.

3) Compounded - Annually, semi-annually (every six months), quarterly, monthly.

Solution 1

**Simple interest **is calculated only on the principal. John's loan will have incurred** $600** after a** six-month** period.

**Simple interest** is calculated by multiplying the daily interest rate by the principal amount by the number of days until the next payment. **Simple interest** benefits consumers who pay their loans on time or at the beginning of each month. Auto loans and short-term personal loans are usually** simple interest** loans.

**Simple interest **is calculated only on the principal. The formula for **simple interest** is principal x interest rate x hours.

1) The question explicitly uses the term **“simple interest”**

2) The interest calculation period is shorter than the specified interest period.

Example: **12% annual interest **calculated after 6 months.

**Example:**

John takes out a $10,000 loan at an annual interest of 12%. How much interest will the loan incur after six months?

**1) Interest rate = 12% annual**

2) Time - 6 months. Interest is an annual interest rate, so use time as a fraction of **6 months / 12 months = 1/2 year. **Since the calculation period is shorter than the specified interest period, this is an indicator for using simple interest.

**3) Compound interest **- not mentioned - Another reason to use the simple formula.

Resolution: use the** simple interest** formula =

** $10000 × 12% × ½ **

= 1200 × ½

** = $600.**

John's loan will have incurred** $600** after a** six-month** period.

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Question

Stimulating BLANK demand, which is demand for the product class rather than a specific brand, if frequently the objective of promotions at the introduction stages of the product life cycle.

Solution 1

At the introduction stage of the product life cycle, __the __**primary**__ objective of __**promotions **__is to increase demand for the product __class as a whole.

** What is Primary objective?**

The **primary goal **of a project or activity is its overall goal. It is the most important thing that must be accomplished in order to be successful. Depending on the scope of the project or activity, it can be **short-term** or long-term. One of the primary goals is to reduce or eliminate problems while also promoting successful personal development. The Cambridge English Corpus was used. This method keeps one primary goal and treats the remaining goals as **constraints.**

**Promotions **also aim to increase overall demand for the product class, making it more attractive to retailers and **distributors**. This can include discounts, contests, and other incentives

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Question

A BLANK products life cycle does not have the characteristic shape, but instead shows growth, decline, and then reemergence months, years, or even decades later.

Solution 1

There are **no specific stages **that are typically associated with a **product life cycle**, as each product is unique and may have different factors that affect its growth and decline.

**What do we mean by Product life Cycle?**

The** product life cycle **describes the stages that a product goes through from the time it is introduced to the market until it is removed from the market. Introduction, growth,** maturity, **and decline are four stages of a product's life cycle.Many products are still in their early stages of maturity. The product life cycle describes how a product progresses through five distinct stages: **development,** introduction, growth, maturity, and decline.

Instead, a blank product life cycle can be thought of as a graph that shows a **product's sales** and market share over time, with periods of growth and decline as well as periods of **stagnation. **

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