In the case of compounded interest, nominal interest refers to the amount of interest that an investor or depositor would earn if interest was not compounded. The price index is applied to adjust the nominal value Q of a quantity, such as wages or total production, to obtain its real value. The real value is the value expressed in terms…
Tips can come in the form of cash or through an electronic payment system. A merchant or business cannot compel a consumer to make a tip and the consumer bank service charge definition must be able to determine the amount. The tip is specifically intended as a reward for the individual service worker. During the year, bank ‘A’ charged the company $10,000 for…