The chart of accounts organizes financial transactions to allow you and your client to analyze the business’s financial data, run financial reports, and prepare for taxes.
What is a chart of accounts?
A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in the general ledger of a company, broken down into subcategories.It is used to organize finances and give interested parties, such as investors and shareholders, a clearer insight into a company’s financial health.To make it easier for readers to locate specific accounts, each chart of accounts typically contains a name, brief description, and an identification code.To learn more about chart of accounts, refer: https://brainly.com/question/13397640?referrer=searchResults
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Common size statements are presented as percentages to promote comparisons between different size companies. This statement is.
Common size statements are presented as percentages to promote comparisons between different size companies. The statement is true.
What are common size statements?The common size statement is an “income statement”, where every account is indicated as “a percentage of the value” of the sale. It is used for vertical analysis, in which in the “financial statement”, each line data is registered as a “percentage of the base”, making it easier to compare.The major aims of common size statements are as follows, it helps in analyzing changes in individual items. the statement of profit or loss is then helpful to study the trends in revenues of different items and also to assess the efficiency of enterprise.
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a company has net income of $195,000, a profit margin of 8.3 percent, and an accounts receivable balance of $134,370. assuming 70 percent of sales are on credit, what is the company’s days’ sales in receivables?
The business has $195,000 in net income, an 8.3% profit margin, and $134,370 in accounts receivable. The business's days sales in receivables are 29.82 if we assume that 70% of sales are made on credit.
Given data:
Net Income = 195,000
Profit Margin = 8.3%
Accounts Receivables = 134,370
Credit Sales = 70% of sales
Days of sales in receivables =?
You can calculate the days' sales in accounts receivable by dividing the number of days in the year (either 360 or 365) by the accounts receivable turnover ratio during the previous year.
Profit margin = Net income ÷ Sale
Sales = (195000 ÷ 0.083)
= $2349397.59
Hence credit sales = (2349397.59 × 70%)
= $1644578.31
Days sales are outstanding = (Accounts receivable ÷ Credit sales) × 365
= (134370 ÷ 1644578.31) × 365
= 29.82 days (Approx).
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Which length of time makes up a quarter, or the period of time that governments use to measure their economies?
On an economy's financial calendar, a quarter is a three-month period that serves as the foundation for reporting company earnings and disbursing dividends.
What is a Economy ?A complex system of linked trading, consumption, and production activities makes up an economy, and it ultimately decides how resources are distributed among all the players. The requirements of persons who live and work inside the economy are met by the creation, consumption, and distribution of products and services. A country, a region, a single industry, or even a family may be represented by an economy.
Hence, A three months period makes up a quarter.
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The uncertainty of investment returns associated with how a firm finances its investments is known as:______.
a. liquidity risk.
b. business risk.
c. financial risk.
d. exchange rate risk.
Answer:
Financial Risk
Explanation:
Which note-taking method is most appropriate for taking notes while reading?
a. Cornell format
b. outline format
c. list format
d. paragraph format
Answer: I think it's a. Cornell format because it is a combination of writing a list, any methods learnt, and has a notes column.
Something like this
Explanation:
attorney black represented mr. smith in a business matter. now mrs. smith would like attorney black to represent her in a divorce action. this would be
Attorney Black represented Mr. Smith in a business matter several years ago. Now Mrs. Smith would like attorney Black to represent her in a divorce action. This would be an example of successive representation.
What is successive representation?
First of all, prior to the recently proposed "Model Standards," the bar itself did not consider successive representation to be a matter that required study under its rules of professional responsibility. Individual lawyers have created their own, inconsistent codes of conduct in the absence of a normative framework to provide guidance to practitioners. In contrast to combined representation of criminal codefendants, successive representation in criminal defense is not a very noticeable event. Third, neither a party nor counsel is appointed to represent the former client in a criminal case. In order to bring the issue to the trial court's attention so that it can take appropriate preventive action, there is no process comparable to the disqualification motion in civil litigation.
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there are two ways the first law of demand can be stated: all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. all other factors being equal, the more costly it is to engage in a particular behavior the less of that behavior an individual will engage in. consider the second formulation of the first law of demand and read this article. the article describes the drop in fertility (the number of babies a women will have over her expected lifetime) that has occurred as incomes have risen in countries around the world. --------------------------------------
The law of demand states that the level of demand for a product or resource decreases as the price rises and increases as the price falls. Conversely, according to the law of supply, the supply of an economic good tends to increase as the price increases and decrease as the price decreases.
The law of demand states that the price and quantity required for all goods and services are inversely proportional to each other, all else being equal . When the price of one good increases, the demand for the same good decreases. Similarly, when the price of a good or service decreases, the demand for that good or service increases. It contains only two variables: price and quantity. That's what the law of demand is all about. It indicates how a change in the price of a good or service affects the quantity demanded. According to the law of demand, when the price of a good increases, the quantity demanded for that good decreases, and when the price of a good decreases, the quantity demanded for that good increases. Demand for a product increases or decreases depending on several factors. This includes changes in product prices, perceived quality, advertising spending, consumer income, consumer confidence, tastes and fashion. Historically, high infant mortality, including infant and infancy deaths from disease, has resulted in low population growth and high fertility rates. As child mortality has declined (and in some countries sharply), so has the birth rate.
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Holding all other personal characteristics-such as age, gender, and income-constant, economists would expect that a) people without health insurance will be less likely to have follow healthy habits than people with health insurance. b) people without health insurance will be more likely to follow healthy habits than people with health insurance. c) people without health insurance will be equally likely to follow healthy habits as people with health insurance. d) there is no correlation between not having health insurance and follow healthy habits.
Holding all other personal characteristics-such as age, gender, and income-constant, economists would expect that:
a) people without health insurance will be less likely to have follow healthy habits than people with health insurance.
b) people without health insurance will be more likely to follow healthy habits than people with health insurance.
c) people without health insurance will be equally likely to follow healthy habits as people with health insurance.
d) there is no correlation between not having health insurance and follow healthy habits.
The correct option is Option A.
What is health insurance?
Health insurance is a type of insurance that covers all your medical expenses that arise due to an illness.
What are the different types of Health Insurance?
1. Mediclaim Plans
The Mediclaim or hospitalization plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to the hospital. The payment is made on actual expenses incurred in the hospital by submitting original bills.
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific life-threatening diseases. Unlike hospitalization plans, the payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital.
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manufacturing overhead costs include . multiple select question. office equipment depreciation the factory supervisor's salary the ceo's salary factory insurance direct materials
manufacturing overhead costs include the factory supervisor's salary and factory insurance
Manufacturing overhead or (MOH) cost is the sum of all the indirect expenses which are incurred while manufacturing any product. It is added to the cost of the final product in addition to the direct material cost and direct labor costs.
Usually manufacturing overhead costs includes depreciation of equipments or salary or wages paid to factory personnel as well as electricity used to operate the equipment.
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The absorption cost approach provides for the absorption of all manufacturing costs, fixed and variable, into units of product. True or false?.
The absorption cost approach provides for the absorption of all manufacturing costs, fixed and variable, into units of product is a true statement.
What is absorption cost approach?Absorption costing or absorption cost approach is often called as “full costing.
It is a method of managerial accounting for capturing all costs which are associated with manufacturing of a particular product.
The "direct" and "indirect" costs, such as insurance,direct labor,direct materials, rent etc are accounted for using this method.
Absorption costing is required by GAAP or Generally Accepted Accounting Principles for external reporting.
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What do you think are some of the reasons that employers want candidates who have both the specific training in a field but also the breadth of a general education?.
Employers think that a liberal education or general education more than a specific job provides information and skills that are crucial for career success.
Employers typically regard a college degree and are confident in higher education. Additionally, companies claim that college graduates are better at articulating their value proposition.
Employers assert that personal abilities and mindsets also have an impact on career performance. Long-term performance depends on both the breadth and depth of learning. Candidates for jobs have a distinct advantage in the recruiting process if they complete active and practical learning activities while in college.
Employers value both breadth and depth of learning, which is evident in their desire for employees to develop independent thought, flexibility and adaptability, technical proficiency, and a broad range of skills.
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Why do we face the problem of determining what goods and services society should produce?
The problem of determining what goods and services society should produce: exists because there are not enough resources to provide all of the goods and services that people want to purchase.
A service is "an (intangible) act or use for which a consumer, business, or government is willing to pay". Examples include work by hairdressers, doctors, lawyers, mechanics, banks, insurance companies, etc. Public services are those paid for by society as a whole (state, financial union, or region). Examples of goods are cars, appliances, and clothing. Examples of services include legal advice, house cleaning, and consulting his services. A company's output may fall somewhere between these two concepts. For example, a landscaping company can sell trees (goods) and mow lawns (services) to homeowners.
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An analyst should be careful when conducting ratio analysis to ensure that ________.
An analyst should be careful when conducting ratio analysis to ensure that the overall performance of a firm is not judged by a single ratio.
Ratio analysis
Ratio analysis is a mathematical approach of getting insight into a company's liquidity, operational efficiency, and profitability through the examination of its financial statements, such as the balance sheet and income statement. Fundamental equity research is built on ratio analysis. Current ratio, gross profit margin ratio, and inventory turnover ratio are examples of ratio analysis.
Comparison of the estimated ratios to previous ratios of the same company concern.
Therefore, the overall performance of a firm is not judged by a single ratio is the correct answer.
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On january 1, 2021, the general ledger of dynamite fireworks includes the following account balances: accounts debit credit cash $ 24,400 accounts receivable 5,800 supplies 3,700 land 56,000 accounts payable $ 3,800 common stock 71,000 retained earnings 15,100 totals $ 89,900 $ 89,900 during january 2021, the following transactions occur: january 2 purchase rental space for one year in advance, $7,800 ($650/month). january 9 purchase additional supplies on account, $4,100. january 13 provide services to customers on account, $26,100. january 17 receive cash in advance from customers for services to be provided in the future, $4,300. january 20 pay cash for salaries, $12,100. january 22 receive cash on accounts receivable, $24,700. january 29 pay cash on accounts payable, $4,600. exercise 3-21a part 3 3. prepare an adjusted trial balance as of january 31, 2021.
A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing a specific type of asset, liability, equity, revenue, or expense.
Date GENERAL JOURNAL Debit Credit
January 31 Rent Expenses $650
Prepaid Rent $650
(To record rent expenses)
January 31 Supplies Expenses $4,400
Supplies $4,400
(To record supplies expenses) ($3,700 + $4,100 - $3,400)
January 31 Deferred Revenue $3,650
Service Revenue $3,650
(To record rendered of service)
January 31 Salaries Expenses $5,380
Salaries payable $5,380
(To record salaries expenses)
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You have data showing demand for plumbing services rising for each of the last five years. This would best be displayed on a:
Answer:
line graphs
Explanation:
line graphs aid in making PREDICTIONS about the outcomes of data that has not yet been recorded
even if data isn't perfect, a line graph can show a general pattern
Line graphs are used to track changes across time, both short and long.
When there are fewer changes, line graphs are preferable over bar graphs.
Line graphs can also be used to compare changes for multiple groups over the same time period.
Line graphs are valuable because they clearly display data variables and patterns
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at the beginning of the year (january 1), wild horses drilling has $11,000 of common stock outstanding and retained earnings of $7,900. during the year, wild horses reports net income of $8,200 and pays dividends of $2,900. in addition, wild horses issues additional common stock for $7,700.
Shares Outstanding refers to the number of shares of common stock issued by a company to investors and company executives.
Solution:
Common stock Retained earnings Beginning balance $11,000 $7,900
Issue of common stock $7,700
Add: Net income $8,200
Less: Dividends ($2,900)
Ending balance $18,700 $13,200
Total stockholders equity
$18,900
$7,700
$8,200
($2,900)
$31,900.
Common stock and retained earnings appear both on the equity section of the balance sheet and on a separate statement of equity. Share capital is the amount invested in the company by all ordinary shareholders. The main one is the value of the common stock itself, but it also includes retained earnings and additional paid-in capital. Take the total shares held by a shareholder and subtract the number of common share positions. The difference is retained earnings.
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Reggie needs to buy a snowblower, but he has a gravel driveway and is concerned that the machine will pick up stones, causing a malfunction. This is what type of risk?.
it is a cost risk because if he breaks his snowblower it will cost him
Suppose a u. S. Treasury bond will pay $4,475 five years from now. If the going interest rate on 5-year treasury bonds is 4. 25%, how much is the bond worth today?.
The calculated worth of the given U.S. Treasury bond today is mathematically given as
Present worth =$3634.23
This is further explained below.
How much is the bond worth today?Generally, the equation for the bond is mathematically given as
The present worth of the U.S. Treasury bond is given by:
Future value /(1+interest rate })^ \{number of years}
[tex]=\frac{\$ 4,475 }{(1+4.25)^5}\\\\=\frac{\$ 2,500}{(1.0425)^5}[/tex]
Present worth =$3634.23
In conclusion, the present worth of the bond is
Present worth =$3634.23
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Although 80% to 95% of americans cherish their privacy as a very important right and principle, what percentage also act in ways that allow others to easily monitor and track their activities?.
Although 80% to 95% of Americans cherish their right to privacy as a very important right and principle, 45% also act in ways that allow others to easily monitor and track their activities.
A fundamental legal principle, the right to privacy encompasses the following: The freedom from unwelcome publicity. theft of one's individuality without authorization, and leaking information about one's personal life if it isn't necessary. The right to privacy is a component of many legal systems that aims to prevent governmental and private activities that endanger people's privacy. The right to privacy is included in the constitutions of more than 150 countries. Despite the American Constitution's omission of the right to privacy, the Supreme Court has ruled that several of the amendments really establish this right.
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An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. what is the accumulated value of the investment at the end of 9 years? a. $11,964.17 b. $11,867.66 c. $9,338.56 d. $8,554.94 please select the best answer from the choices provided a b c d
The accumulated value of the investment at the end of 9 years is $11,964.17.
What investment means?An investment is an asset or item purchased with the intention of earning revenue or increasing in value. An increase in the value of an asset over time is referred to as appreciation. When a person buys a good as an investment, the intention is not to consume the good but rather to use it to build wealth in the future.
An investment is any asset bought for a low cost with the expectation that it will provide value in the future that exceeds its initial cost and time to value. This is due to an increase in the asset's value. This could be due to: a shift in market conditions.
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rahul needs a loan and is speaking to several lending agencies about the interest rates they would charge and the terms they offer. he particularly likes his local bank because he is being offered a nominal rate of 8%. but the bank is compounding bimonthly (every two months). what is the effective interest rate that rahul would pay for the loan?
Effective interest rate Rahul pays on the loan: $14,426.43
Effective interest rate = (1 + (Nominal interest rate / Frequency of compounding)) Number of periods - 1
Effective interest rate = (1 + (8% / 6)) ) 6 - 1 = 0.08271 or 8.271%
Amount Due = Amount Borrowed * (1 + (Daily Interest)) Days
Daily Interest = Annual Interest / 365 = 9% / 365 = 0.02466%
Days in 4 Months = (4 / 12) * 365 = 121.67
Amount owed = $14,000 * (1 + 0.02466%) 121.67 = $14,426.43
A loan is a type of debt owed by an individual or other legal entity. A lender (usually a corporation, financial institution, or government) makes an advance payment to a borrower. In return, the borrower agrees to certain terms, including financing costs, interest, repayment dates, and other terms.
A loan is defined as an agreement to lend money with interest and its repayment plan. An example of a loan is a contract that provides money to buy a house.
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Suppose that the board of directors pays the ceo a bonus in any year that the share price goes up compared to the previous year, but no bonus if the share price either falls or stays the same. What would this particular type of compensation scheme be designed to control?.
The CEO receives a bonus from the board of directors whenever the share price increases over the prior year, but not when it remains constant. This style of compensation plan is intended to control Agency Costs.
An employee may receive a bonus in addition to his or her normal salary. Many organizations utilize it to show appreciation or acknowledgment to staff members or a team that has accomplished important objectives. Additionally, bonus pay is provided to boost staff morale, drive, and output.
Agency costs are expenses incurred by shareholders as a result of conflicts between an organization's owners and management. When managers invest funds in projects that benefit just themselves and not the shareholders, they incur one sort of agency cost.
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Why do LLC members deserve limited liability?
Answer:
to protect their personal assets from the assets of the business
Explanation:
because limited liability is about reducing your personal exposure to financial risk.
Question: Hello: ) Why do LLC members deserve limited liability?
Answer:
Because an LLC is a separate entity, the owners of the company have limited liability. This is one of the most important benefits to operating as a limited liability company. Limited liability means that the individual assets of LLC members cannot be used to satisfy the LLC's debts and obligations. LLC members receive the same personal liability protection as shareholders of a corporation without having to incorporate. This is an attractive feature because you save the time and expense of going through the incorporation process.
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On june 8, williams company issued an $80,000, 5%, 120-day note payable to brown industries. Assuming a 360-day year, what is the maturity value of the note?.
Assuming a year of 360 days, the maturity value of the note is $81,333.
The term notes payable can be found in the accounts receivable accounting cycle. For example, when we buy gadgets, furniture, or vehicles on credit. Usually we sign official documents, so from the buyer's point of view, these documents are notes payable. Meanwhile, for creditors, the document is a note receivable.
Notes payables are also usually issued when a customer gets a loan from a bank. Although they have varying terms, many banks will accept notes payable which bear interest on the amount borrowed.
From the above understanding there are several things that can characterize notes payable, including:
Seen from the borrower's point of viewIncrease on the credit sideIncluding passiveYou can learn more about Notes payables here brainly.com/question/21315882
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You are choosing between two texting plans. Plan a has a monthly fee of $15 with a charge of $0. 08 per text. Plan b has a monthly fee of $3 with a charge of $0. 12 per text. How many text messages in a month make plan a the better deal?.
300 text messages in a month make plan a the better deal between two texting plans.
Texting
Texting is the act of composing and delivering electronic messages, primarily made up of alphabetic and numeric characters, between two or more users of mobile devices, desktop/laptop computers, or any form of compatible computer. Text messages can be sent over a cellular network or via an Internet connection.
Let m be the number of minutes were spent on long-distance calls in a monthly for plan A to be the better deal.
Plan A's costs are thus $15 + 0.08 million, while Plan B's costs are $3 + 0.12 million.
By given scenario,
3 + .12m > 15 + .08m
12m - .08m > 15 - 3
.04m > 12
m> 12/0.04
m> 1200 x 100/4
m > 300
Therefore, Plan A will be more advantageous if there are more than 300 messages in a month.
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mike and amy are married and have one child, age 15. amy is a "nonworking" spouse who devotes all of her time to household activities. estimate how much life insurance mike and amy should carry to cover amy.
Answer: the standard amount of life insurance for both Mike and Amy!
Explanation: if both Amy and Mike have a standard plan for those of 18 years of age to 24, that's a $500k policy for less than $19/month! I hope this helps! Good luck!
According to henri fayol's principles of management, ____________ refers to systematically rewarding efforts that support the organization's direction.
According to henri fayol's principles of management, ORGANIZING refers to systematically rewarding efforts that support the organization's direction.
WHO ORGANIZES WHAT?
Parts and their relationships are the two main components of organizing since it is a system in which parts cooperate. Physical and human resources make up parts. Establishing authority ties between chosen individuals, tasks, and workspaces enables a group to collaborate effectively.
After planning, it's time to put the teams and resources in place so that the action plans may be carried out. To organize is to concentrate on how to accomplish goals. An organization can only function effectively if it is well organized, which implies the requirement for significant funding, resources, and personnel to enable the organization to run smoothly and construct an effective structure.
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If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because.
If the rate of metal will increase substantially, the quantity of steel demanded by using the constructing enterprise will fall extensively over the long term because shoppers of steel are extra sensitive to a charge change in the event that they have greater time to adjust to the price trade.
Quantity judgment of the way top-notch something or someone is. An instance of quality is a product that may not wreck easily. An example of high quality is a nicely-made product. The definition of pleasure is a different characteristic or trait.
Quantity, just like a number, can be used for singular or plural nouns that you can depend on or degree. the main distinction is that it's quality to apply quantity whilst you speak to me about an inanimate object. however, there are times wherein you may use amount and variety interchangeably, especially while the noun is plural. In physics, there are seven fundamental bodily portions that are measured in base or physical fundamental units: period, mass, time, electric current temperature, the quantity of substance, and luminous depth.
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an economic principle, i.e. a confirmed positive statement, is the first law of demand which states: all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. a variant of the first law of demand states: all other factors being equal, the more costly it is to engage in a particular behavior the less of that behavior an individual will engage in.
an economic principle, i.e. a confirmed positive statement, is the first law of demand which states: all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. a variant of the first law of demand states: all other factors being equal, the more costly it is to engage in a particular behavior the less of that behavior an individual will engage in .
The First Law of Demand is a confirmed positive statement as the Law.
Given a finite supply, the law of demand states that if more people desire to buy something, the price will increase. Likewise, buyers will buy fewer goods, the more expensive they are, on average. According to the rule of demand, which is a cornerstone of economics, customers will demand fewer units of a good at a higher price. The law of diminishing marginal utility, which states that consumers use economic commodities to initially meet their most pressing wants, is what drives demand.
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Madeline’s friends invited her to go to Cancun next year for vacation. She really wants to go, but she’s not sure if she can afford the $1,000 trip. She has $500 saved in her dresser and has one year to save the rest, but she’s not sure where to keep her money so she can maximize her savings. What is the best savings strategy for Madeline and why?
The best type of savings that Madeline would have would be the certificate of deposit.
What is savings?This is the action that has to do with actively saving up money or keeping money periodically for use at a later time period. The money that is kept is basically to be able to take care of unforeseen circumstances that may arise in the life of the person.
The certificate of deposit is the type of strategy that Madeline would be using to save up her money. This is because this strategy has a way of taking care of the issues that may come around later and still give her the the fixed time at the higher rate that would make her to leave the money for a year and still work for the other sum.
The best type of savings that Madeline would have would be the certificate of deposit.
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