question 23 (4 points)\nthe amount of $1,975.00 is invested in a savings account. after 4 years the account…

question 23 (4 points)\nthe amount of $1,975.00 is invested in a savings account. after 4 years the account has $2,178.56. find the return on investment for this account.\nuse this formula:\nroi = \\frac{fv - p}{p}×100\nround your answer to two decimal places.\nyour answer:\nanswer units\nquestion 24 (4 points)\ndetermine if the expenses listed are fixed or variable and match accordingly.\nutilities\ninternet service\nrent\nclothing\nsubscriptions\n1. fixed expense\n2. variable expense

question 23 (4 points)\nthe amount of $1,975.00 is invested in a savings account. after 4 years the account has $2,178.56. find the return on investment for this account.\nuse this formula:\nroi = \\frac{fv - p}{p}×100\nround your answer to two decimal places.\nyour answer:\nanswer units\nquestion 24 (4 points)\ndetermine if the expenses listed are fixed or variable and match accordingly.\nutilities\ninternet service\nrent\nclothing\nsubscriptions\n1. fixed expense\n2. variable expense

Answer

Explanation:

Step1: Identify values

Let $P = 1975$ (principal - initial investment) and $FV=2178.56$ (future - value of the investment).

Step2: Substitute into ROI formula

$ROI=\frac{FV - P}{P}\times100=\frac{2178.56 - 1975}{1975}\times100$. First, calculate the numerator: $2178.56−1975 = 203.56$. Then, $\frac{203.56}{1975}\times100$. $\frac{203.56}{1975}=0.10307$. $0.10307\times100 = 10.307$.

Step3: Round the result

Rounding $10.307$ to two decimal places gives $10.31$.

Answer:

$10.31$%

Explanation for Question 24:

Fixed expenses are those that do not change with the level of production or consumption, while variable expenses change.

  • Utilities: Variable expense as usage can vary month - to - month.
  • Internet service: Can be fixed if on a flat - rate plan, but may be variable if usage - based (more common to consider it fixed for simplicity in basic accounting).
  • Rent: Fixed expense as it is usually a set amount for a lease period.
  • Clothing: Variable expense as the amount spent can vary greatly depending on purchases.
  • Subscriptions: Can be fixed if on a regular payment plan.

Answer for Question 24:

Utilities: 2. Variable expense Internet service: 1. Fixed expense (assuming flat - rate) Rent: 1. Fixed expense Clothing: 2. Variable expense Subscriptions: 1. Fixed expense (assuming regular payment plan)