Answer:
Results are below.
Step-by-step explanation:
Giving the following information:
Monthly deposit= $100
Interest rate= 0.06/12= 0.005
Number of periods= 12*5= 60 months
<u>a)</u>
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {100*[(1.005^60) - 1]} / 0.005
FV= $6,977
b) <u>If the deposit is at the beginning of the month, the interest is compounded one more period</u>. We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}
FV= 6,977 + {[100*(1.005^60)] - 100}
FV= 6,977 + 35
FV= $7,012
Well the square root of a number is a number times its self equaling the number you're getting the square root of. For example:
<span>√ 25
</span>
To get sqrt of 25 we need to find a number times its self that equals 25. Lets try 8.
8 x 8 = 64
Well thats much too high, We'll try a lower number.
4 x 4 = 16
Just a little higher.
5 x 5 = 25
Since 5 times itself equals 25 that makes it the sqrt.
So, the √ 25 is 5.
