What is num 2?? I need this done by tonight!
1 answer:
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The pattern in the given series of amount in the account are in the form of
arithmetic and geometric progression.
- The function for Option 1 is;
- The function for Option 2 is;
Reasons:
The given table of values is presented as follows;
In Option 1, the amount in dollars for each year has a common difference of d = 100
The first term, a = 1,100
Therefore;
The Option 1 can be represented as an arithmetic progression , A.P. in the
form, tₙ = a + (n - 1)·d as follows;
For the Option 1, we have;
- The amount in dollars after <em>n</em> years,
For Option 2, it is possible to find;
1,331 ÷ 1,210 = 1,210 ÷ 1,100 = 1.1
Therefore;
The terms in the Option 2 have a common ratio of r = 1.1
The Option 2 is a geometric progression, G.P.
The first term in Option 2 is a = 1,100
Which gives, the nth term, tₙ = a·r⁽ⁿ ⁻ ¹⁾
Therefor;
- The function for the Option 2 is;
Learn more about arithmetic and geometric progression here:
Answer:
$102,677.20
Step-by-step explanation:
The present value of an annuity due is determined by the following expression:
Where 'P' is the amount of each payment received, 'r' is the interest rate on the investment and 'n' is the number of yearly payments.
With 20 annual payments of $10,000 at a rate of 8.5%, the present value is:
The present value of your winnings is $102,677.20.