Answer:
6745.09
Step-by-step explanation:
If we assume the nominal annual interest rate is 5%, then the future value after 6 years is ...
FV = P(1 +r/12)^(12·t)
for P = 5000, r = .05, t = 6.
Doing the arithmetic, we get ...
FV = 5000(1 +.05/12)^(12·6) ≈ 6745.09
After 6 years, the bank account will be worth 6745.09.
_____
We made a comment about the interest rate, because the annual <em>yield</em> is about 5.116%. If the <em>annual yield</em> is actually 5%, then the account value is lower: $6700.48. (Monthly compounding is irrelevant in that case, because it is already figured into the yield.)
Usually, the wording would be that the account <em>earns</em> 5% interest compounded monthly.
Answer:
NEGATIVE SIGH
Step-by-step explanation:
The Answer is 24
Answer: 11 year
P(1) = 37,100
P(4) = 58,400
The linear equation (for x ≥ 1)
P(x) = 37,100 + a(x-1)
For x = 4
58,400 = 37,100 + a(4-1)
58,400 - 37,100 = 3a
21300 = 3a
a = 7100
So, the linear equation:
P(x) = 37100 + 7100*(x-1)
P(x) = 37100 + 7100x - 7,100
P(x) = 7100x + 30000
To find when the profit should reach 108100, we can substitute P(x) by 108100.
108100 = 7100x + 30000
108100 - 30000 = 7100x
78100 = 7100x
x = 78100/7100
x = 11
Answer: 11 year
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