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3 years ago

6

Meg invested $16,000 in a savings account . If the interest rate is 6% per year, how much will be in the account in 5 years for

monthly compounding? Round your answer to two decimal places

1 answer:

Georgia [21]3 years ago

3 0

Answer: $21,581.60

Step-by-step explanation:

Yep

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1 year ago

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3 years ago

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Step-by-step explanation:

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3 years ago

Read 2 more answers

Suppose we want to choose 5 colors, without replacement, from 8 distinct colors.1. If the order is relevant, how many can be don

Charra [1.4K]

(1) From the information given, if we want to choose 5 colors from 8 distinct colors and the order in which the selection is made is relevant, then what we have is a permutation.

The formula is given as;

$nP_r=\frac{n!}{(n-r)!}$

This formula means we need to select/arrange r items out of a total of n items and the anwer derived would be the total number of arrangements possible.

Therefore, we would have;

$\begin{gathered} nP_r\Rightarrow_8P_5 \\ _8P_5=\frac{8!}{(8-5)!}\Rightarrow\frac{8!}{3!} \\ _8P_5=\frac{8\times7\times6\times\ldots1}{3\times2\times1}\Rightarrow\frac{40320}{6} \\ _8P_5=6720 \end{gathered}$

Therefore, if the order is relevant, this selection can be done in 6,720 ways.

(2) If the order is NOT relevant, then what we need to calculate is a combination and the formula is;

$_nC_r=\frac{n!}{(n-r)!r!}$

The formula can now be applied as follows;

$\begin{gathered} _nC_r\Rightarrow_8C_5 \\ _8C_5=\frac{8!}{(8-5)!\times5!} \\ _8C_5=\frac{8!}{3!\times5!}\Rightarrow\frac{8\times7\times6\times\ldots1}{(3\times2\times1)\times(5\times4\times\ldots1)} \\ _8C_5=\frac{40320}{6\times120} \\ _8C_5=56 \end{gathered}$

If the order is not relevant, then the selection can be done in 56 ways.

3 0

1 year ago