Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i only nee questions 1,3,5 (1) A deposit of 35 dollars is made at the beginning of each month, for a period of 4 years,
i only nee questions 1,3,5
(1) A deposit of 35 dollars is made at the beginning of each month, for a period of 4 years, in an account that pays 1.5% interest, compounded monthly. Find the balance in the account at the end of the 4 years. (2) The annual net profit for a company, from 1995 to 2005, can be approximated by the model an 100.21, n = 1, 2, 3, ... , N, where an is the annual net profit in millions of dollars, and n represents the year, with n=1 corresponding to 1995. Estimate the total net profit during this period. (3) A deposit of 15 dollars is made at the beginning of each month, for a period of 5 years, in an account that pays 0.9% interest, compounded monthly. Find the balance in the account at the end of the 5 years. (4) A deposit of 20 dollars is made every 3 months, for a period of 10 years, in an account that pays 1% interest, compounded quarterly. Find the balance in the account at the end of the 10 years. (5) A deposit of $500 can be made with two options: earn 2% interest, compounded quarterly for 3 years, or earn 1.5%, compounded monthly for 3 years. Find the balance after 3 years of both optionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started