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Greeley [361]
3 years ago
7

A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an

account that earns an annual interest rate of 6.6% compounded monthly. Find the value (in dollars) of this investment after 20 years. (Enter a number. Round your answer to the nearest cent.)
Mathematics
1 answer:
qwelly [4]3 years ago
7 0

Answer: the value of this investment after 20 years is $112295.2

Step-by-step explanation:

We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as

S = R[{(1 + r)^n - 1)}/r][1 + r]

Where

S represents the future value of the investment.

R represents the regular payments made(could be weekly, monthly)

r = represents interest rate/number of interval payments.

n represents the total number of payments made.

From the information given,

Since there are 12 months in a year, then

r = 0.066/12 = 0.0055

n = 12 × 20 = 240

R = $225

Therefore,

S = 225[{(1 + 0.0055)^240 - 1)}/0.0055][1 + 0.0055]

S = 225[{(1.0055)^240 - 1)}/0.0055][1.0055]

S = 225[{(3.73 - 1)}/0.0055][1.0055]

S = 225[{(2.73)}/0.0055][1.0055]

S = 225[496.36][1.0055]

S = $112295.2

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Answer:

Jenn's account has a greater simple interest rate.

Lindsey's interest in 1 year was $3

Jenn's interest in 2 years was $7.50 if you divide $7.50 by 2 the answer would be 3.75 therefore Jenn's account has the greater simple interest rate.

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1 Yes 2. Yes

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they are similar because in problem one each side is related by a factor of 3

in problem 2 each side is related by a factor of 2.

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Write the fraction 4/7 as an equivalent fraction with the given denominator 28 .
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Answer:

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Suppose that birth weights are normally distributed with a mean of 3466 grams and a standard deviation of 546 grams. Babies weig
Anon25 [30]

Answer:

3.84% probability that it has a low birth weight

Step-by-step explanation:

Problems of normally distributed samples are solved using the z-score formula.

In a set with mean \mu and standard deviation \sigma, the zscore of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

In this problem, we have that:

\mu = 3466, \sigma = 546

If we randomly select a baby, what is the probability that it has a low birth weight?

This is the pvalue of Z when X = 2500. So

Z = \frac{X - \mu}{\sigma}

Z = \frac{2500 - 3466}{546}

Z = -1.77

Z = -1.77 has a pvalue of 0.0384

3.84% probability that it has a low birth weight

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