Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need help on the borrom part. {e) Suppose that you made this investment on the occasion of the birth of your daughter. Your

image text in transcribed
image text in transcribed
I just need help on the borrom part.
{e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 19. How large a college fund will she have? (Round your answer to the nearest cent.) (n) How long does it take your money to double in value? (Round your answer to two decimal places) months How much longer does it take it to double in value gun? (Round your answer to two decimal places) months Need Help? You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months Time in months Savings balance 0 $1600.00 . $162240 2 51045 11 3 51663 14 4 5160149 5 $1715 12 (a) How much money was original invested? $ 1000 (b) Show that the data are exponential (Round your answer to three decimal places) Each successive ratio of new old is 1016 which shows that the data is exponenta Find an exponential model for the account balance. (be the time in month and the savings balance in dollars. Round your parameters to the decimal places) 2001 - 100001010 (c) What is the monthly interest rate? (Round your answer to the decimal place (d) What is the yearly interest rate? (Round your answer to one decimal place) 182 ZAM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Why are ethics a serious concern?

Answered: 1 week ago

Question

Distinguish between poor and good positive and neutral messages.

Answered: 1 week ago

Question

Describe the four specific guidelines for using the direct plan.

Answered: 1 week ago