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Rus_ich [418]
3 years ago
14

Use your TVM Solver to determine the future balance in a mutual fund account (a type of investment account) if you make weekly p

ayments of $50 into an account that pays 2.0% interest compounded monthly. You open the account with $500 and pay into the account for 15 years.

Mathematics
1 answer:
Paladinen [302]3 years ago
5 0

Answer:

  $46,141.71

Step-by-step explanation:

This looks about right, based on weekly deposits for the duration. However, I cannot vouch for it entirely, as the number of weekly deposits in 15 years will actually be 782.

_____

Computing this by hand doing the initial balance separately from the weekly deposits, I get a total of $46,252.10 using 782 weekly deposits. For that purpose, I tried to figure an equivalent weekly interest rate given monthly compounding and the fact there are 52 5/28 weeks in a year on average.

I suspect the only way to get this to the cent would be to build a spreadsheet with payment dates and interest computation/payment dates. Some months, there would be 5 deposits between interest computations; some years there would be 53 deposits.

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oksano4ka [1.4K]

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What percent is 608 million of 845 million? Round to the nearest 100th place and Enter your answer with the percent symbol.
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8 0
3 years ago
Celia uses the steps below to solve the equation Negative StartFraction 3 over 8 EndFraction (negative 8 minus 16 d) + 2 d = 24.
Troyanec [42]

The error in the steps is that In step 1, she should have also distributed -3/8  over –16d, to get 3 + 6 d + 2 d = 24

<h3>Simplifying linear equations</h3>

Given the following equation as shown below

-3/8(-8-16d)+2d = 24

Step 1 Distribute -3/8 over the expression in parentheses

3 + 6d + 2d = 24

Simply the like terms

3 + 8d = 24

Subtract 3 from both sides of the equation.

8d = 24 - 3

8d = 21

d = 21/8

Hence the error in the steps is that In step 1, she should have also distributed -3/8  over –16d, to get 3 + 6 d + 2 d = 24

Learn more on linear equation here: brainly.com/question/1884491

#SPJ1

3 0
1 year ago
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