Answer:
Results are below.
Step-by-step explanation:
Giving the following information:
Monthly deposit= $100
Interest rate= 0.06/12= 0.005
Number of periods= 12*5= 60 months
<u>a)</u>
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {100*[(1.005^60) - 1]} / 0.005
FV= $6,977
b) <u>If the deposit is at the beginning of the month, the interest is compounded one more period</u>. We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}
FV= 6,977 + {[100*(1.005^60)] - 100}
FV= 6,977 + 35
FV= $7,012
Answer:
8
Step-by-step explanation:
Answer:
The actual answer is 9.25
Step-by-step explanation:
The mistake is in Step 4, as <u>4 × 2 = 8</u>, not 6
Answer:
Multiplying to negative numbers equals a positive answer.
Step-by-step explanation:
(-4-(-7)) / (1-7) = (3) / (-6) = -1/2 = slope
