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VLD
3 months ago
8

It will take Cody 3 months to save up enough money to purchase a stereo. He has a credit card with a 12% interest rate. Cody’s f

riend Mark says it will cost Cody less money if he saves for 3 months instead of using the credit card. Is Mark correct? Mark is correct.
If Cody uses the credit card, he will have to pay interest during each month in which he does not pay off the balance of the card. If he saves money, he will not have to pay interest.
Business
2 answers:
marusya05 [3.7K]3 months ago
4 0

ANSWER: Mark's suggestion is correct.

EXPLANATION: Mark's reasoning that Cody should avoid using his credit card to prevent paying interest aligns with the facts. Since Cody requires three months to accumulate enough funds for the stereo, using the credit card would result in interest charges accruing during that time until he clears the balance. Therefore, by saving up for three months instead, Cody avoids paying any interest, making Mark's recommendation more financially prudent.

harina [3.8K]3 months ago
3 0
I agree that Cody should ideally accumulate the necessary funds beforehand to avoid incurring the 12% credit card interest. However, if he chooses to use the credit card, provided he pays off the entire balance before the monthly statement closes, he can avoid interest charges, making it a possible option for convenience without extra cost. 
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Answer:

Dow Jones Industrial Average on May 30, 2017:

As stated on valueline.com, on May 30, 2017, the Dow Jones Industrial Average concluded at 21029.47, reflecting a decrease of 50.81.

Closing index = 21029.47

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Opening index = 21080.28

This indicates that the opening figure was 21080.28.

Explanation:

The Dow Jones Industrial Average tracks the stock performance of 30 significant companies listed on U.S. stock exchanges. This is classified as a stock price index, alongside the S&P 500 and NASDAQ.

The opening index reflects the average price at the start of the trading day before any trades occurred. Throughout the trading period, prices likely fluctuated with various movements. By the trading day's conclusion, the closing price recorded was 21029.47, with a downward change of 50.81.

From this closing index data, one can deduce that the opening price exceeded the closing price by 50.81 or approximately 51 basis points.

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