Find an equation of the line satisfying the given conditions. Write the equation in standard form. Horizontal; through ( 3,6)
1 answer:
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Answer:
- value: $66,184.15
- interest: $6,184.15
Step-by-step explanation:
The future value can be computed using the formula for an annuity due. It can also be found using any of a variety of calculators, apps, or spreadsheets.
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<h3>formula</h3>The formula for the value of an annuity due with payment P, interest rate r, compounded n times per year for t years is ...
FV = P(1 +r/n)((1 +r/n)^(nt) -1)/(r/n)
FV = 5000(1 +0.06/4)((1 +0.06/4)^(4·3) -1)/(0.06/4) ≈ 66,184.148
FV ≈ 66,184.15
<h3>calculator</h3>The attached calculator screenshot shows the same result. The calculator needs to have the begin/end flag set to "begin" for the annuity due calculation.
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<h3>a) </h3>The future value of the annuity due is $66,184.15.
<h3>b)</h3>The total interest earned is the difference between the total of deposits and the future value:
$66,184.15 -(12)(5000) = 6,184.15
A total of $6,184.15 in interest was earned by the annuity.
First, lets create a equation for our situation. Let 
be the months. We know four our problem that <span>Eliza started her savings account with $100, and each month she deposits $25 into her account. We can use that information to create a model as follows:
</span>
<span>
We want to find the average value of that function </span>from the 2nd month to the 10th month, so its average value in the interval [2,10]. Remember that the formula for finding the average of a function over an interval is:
. So lets replace the values in our formula to find the average of our function:
![\frac{25(10)+100-[25(2)+100]}{10-2}](https://tex.z-dn.net/?f=%20%5Cfrac%7B25%2810%29%2B100-%5B25%282%29%2B100%5D%7D%7B10-2%7D%20)
We can conclude that <span>the average rate of change in Eliza's account from the 2nd month to the 10th month is $25.</span>
</span>
<span>
We want to find the average value of that function </span>from the 2nd month to the 10th month, so its average value in the interval [2,10]. Remember that the formula for finding the average of a function over an interval is:
We can conclude that <span>the average rate of change in Eliza's account from the 2nd month to the 10th month is $25.</span>