Solve the Problem

question 214

Multiple Choice

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-John forgot to pay his $413.00 income tax on time. The IRS charged a penalty of 3% for the 35 days The money was late. Find the penalty that was paid. (Use a 365 day year.)

• A) $414.19
• B) $0.14
• C) $1.15
• D) $1.19

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Definitions:

Value-Chain Analysis

An analytical framework for identifying business activities that add value to the final product or service in order to gain competitive advantage.

SPA

Typically stands for Sales and Purchase Agreement, a legally binding contract outlining the terms of sale between a buyer and seller.

Operations

Encompasses all the activities involved in the production, selling, and distribution of a company's goods or services.

Competitive Advantage

A unique attribute or capability that allows a company to outperform its competitors, creating greater value for its customers or stakeholders.