A firm sells its accounts receivable to a factor at a 2% discount. If the average collection period is 1 month, determine the effective annual rate of interest on the factoring.

Mr. & Mrs. Pribel wish to purchase a boat in 8 years when they retire. They are planning to purchase the boat using proceeds from the sale of their property which is currently worth $90,000 and its value is growing at 7 percent a year

The boat is currently worth $200,000 increasing at 5 percent per year. In addition to the value of their property, how much additional money should they deposit at the end of each year in an account paying 9 percent annual interest in order to be able to buy the boat upon retirement?

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors

Indicate whether the statement is true or false.