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kirill [66]
2 years ago
5

if a person invests $220 at 7% annual interest, find the approximate value of the investment at the end of 10 years

Mathematics
1 answer:
Anni [7]2 years ago
6 0

Answer:

Amount of investment after 10 year = $432.76 (Approx.)

Step-by-step explanation:

Given;

Amount of investment = $220

Annual rate = 7% = 0.07

Number of year = 10 years

Find:

Amount of investment after 10 year

Computation:

A = P[1+r]ⁿ

Amount of investment after 10 year = 220[1+0.07]¹⁰

Amount of investment after 10 year = 220[1.07]¹⁰

Amount of investment after 10 year = 220[1.9671]

Amount of investment after 10 year = 432.762

Amount of investment after 10 year = $432.76 (Approx.)

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Part A

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Part B

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Step-by-step explanation:

<u>Given data:</u>

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<h3>Part A</h3>

<u>Find the mean of the data above:</u>

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<u>Find absolute deviations, an absolute value of the difference of data and the mean:</u>

  • 299 - 282 = 17 ⇒ 17
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<u>Find mean absolute deviation:</u>

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Correct choice is C

<h3>Part B</h3>

Less mean absolute deviation is the sign of more consistent data.

Since Ryan Shafer has smaller mean absolute deviation, he has been more consistent 7 < 7.25

Correct choice is B.

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