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aleksandrvk [35]
3 years ago
13

Matt is saving to buy a new motorcycle. If he deposits $70 at the end of each month in an account that pays an annual interest r

ate of 2.5%, how much will he have in 30 months? Assume that the compounding is being done monthly.
Mathematics
2 answers:
gladu [14]3 years ago
6 0
P = $70,  p = 2.5% = 0.025
q = 1 + 0.025 / 12 = 1.002
Future value of a periodic deposit:
A = P · q · ( q^30 - 1 ) / ( q - 1 )
A = 70 · 1.002 · ( 1.002^30 - 1 ) / ( 1.002 - 1 )
A = $2,166
Answer:
He will have $2.166 in 30 months.
ELEN [110]3 years ago
3 0

<u>Answer</u>

$20,448.6567

<u>Explanation</u>

The rate per month = 2.5%/12

                                  = 0.208333%

The formula  for compound interest is;

Amount = P(1+r)ⁿ   Where p ⇒ deposit+

                                          r ⇒ rate

                                           n ⇒ period

∴ Amount saved after 30 months = 70(1+0.20833)³⁰

                                                         = 70 × 292.1236672

                                                       =  <em>$20,448.6567</em>

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Mariana [72]

The question is incomplete. The map is attached as a photo and here is the complete question:

a. What is the actual distance between Saugerties and

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b. Catskill is 15 miles from Saugerties. What would the

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c. On another map, the distance between Saugerties and

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Since you have asked the answer for part (c) only, here is the answer:

Answer:

<u>The distance from Saugerties to Catskill would be </u><u>3 inches</u><u> on this map.</u>

Step-by-step explanation:

On the given map, the distance between Saugerties and Kingston is 4 inches and the scale is <u>1 inch = 2.5 miles.</u>

To calculate the actual distance in miles between Saugerties and Kingston, consider the given scale:

1 inch ---------- 2.5 miles

4 inches ------ x miles

Cross multiplying:

1x = 2.5 x 4

x = 10 miles

The actual distance between Saugerties and Kingston is 10 miles.

On another map, the distance between Saugerties and Kingston is 2 inches. Which means the scale is 2 inches = 10 miles. So 1 inch = 10/2 = 5 miles

The scale on the other map is 1 inch = 5 miles.

Catskill is 15 miles from Saugerties (given in the previous part). So on the map:

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y = 15/5

<u>y = 3 inches.</u>

The distance from Saugerties to Catskill would be 3 inches on this map.

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3 years ago
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yan [13]

The binomial cumulative probability with p=0.5 for 3+ successes is as follows:

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Answer:

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