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4 years ago

Jimmie invested $57,500 at 9.38% compounded continuously. What will Jimmie's account balance be in 42 years?

Mathematics

1 answer:

liq [111]4 years ago

4 0

Answer:

$6,259,057.84

Step-by-step explanation:

hello,

compounding continuously means that we have to multiply by

$e^{0.0938*t}$

t is the number of years

so the account balance in 42 years is

$57,500e^{0.0938*42}=6,259,057.84....\\$

so it gives

$6,259,057.84

hope this helps

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y = -0.85 + 0.09x; $49.82

Step-by-step explanation:

1. Calculate Σx, Σy, Σxy, and Σx²

The calculation is tedious but not difficult.

$\begin{array}{rrrr}\mathbf{x} & \mathbf{y} & \mathbf{xy} & \mathbf{x^{2}}\\526 & 52.08 & 27394.08 & 276676\\625& 59.00 & 36875.00 &390625\\589 & 56.12 & 33054.68 & 346921\\409 & 25.72 & 10519.48 & 167281\\489 & 34.12& 16684.68 & 293121\\500 & 53.00 & 26500.00 &250000\\906 & 76.48 & 71102.88 & 820836\\251 &26.08 & 6546.08 & 63001\\595 & 50.60 & 30107.00 & 354025\\719 & 68.52 & 49265.88 & 516961\\\mathbf{5609} & \mathbf{503.72} &\mathbf{308049.76} & \mathbf{3425447}\\\end{array}$

2. Calculate the coefficients in the regression equation

$a = \dfrac{\sum y \sum x^{2} - \sum x \sum xy}{n\sum x^{2}- \left (\sum x\right )^{2}} = \dfrac{503.7 \times 3425447 - 5609 \times 308049.76}{10 \times 3425447- 5609^{2}}\\\\= \dfrac{1725466163 - 1727851103.84}{34254470 - 31460881} = -\dfrac{2384941}{2793589}= \mathbf{-0.8537}$

$b = \dfrac{n\sumx y - \sum x \sumxy}{n\sum x^{2}- \left (\sum x\right )^{2}} = \dfrac{3080498 - 2825365.48}{2793589} = \dfrac{255132}{2793589} = \mathbf{0.09133}$

To two decimal places, the regression equation is

y = -0.85 + 0.09x

3. Prediction

If x = 563,

y = -0.85 + 0.09x = -0.85 + 0.09 × 563 = -0.85 + 50.67 = $49.82

(If we don't round the regression equation to two decimal places, the predicted value is $50.56.)

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