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3 years ago

Colleen is 15 years from retiring. She opens an account at the Savings Bank. She plans to deposit

Mathematics

1 answer:

gulaghasi [49]3 years ago

8 0

9514 1404 393

Answer:

a) $169,234.59

b) $19,234.59

Step-by-step explanation:

The first question you must answer is whether Colleen will earn interest on her first deposit in the first year. That is, does she deposit the money at the first of the year or the end of the year?

The usual "annuity" formula assumes the deposit is at the end of the year, so no interest at all is earned on the last deposit made. If the deposit is at the first of the year, an "annuity due" formula is used, that multiplies the entire ending account value by the annual multiplier, 1.017 in this case.

a) Assuming an "annuity", the formula is ...

A = P((1 +r)^t -1)/r . . . . . for annual compounding at rate r for t years

A = $10,000(1.017^15 -1)/0.017 = $169,234.59 . . . . ending balance

b) Colleen has made 15 deposits of $10,000, for a total of $150,000, so the amount of interest earned is ...

$169,234.59 -150,000 = $19,234.59 . . . . interest earned

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Answer:

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Step-by-step explanation:

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Answer:

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Ricardo comes up with his own casino game.You draw a card from a standard deck.If you pick a heart, you win $10.If you pick a fa

avanturin [10]

Answer:

Total number of cards in a standard deck of card=52

As deck of card contain 13 club +13 heart +13 spade+13 Diamond.

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Since after drawing card is not replaced

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3 years ago

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Paladinen [302]

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3 years ago

If the Probability of an event happening is 70%, what are the ODDS of the event happening? Group of answer choices 7:10 7:3 10:7

Vladimir [108]

Answer:

The odds of the event happening = 7:3

Step-by-step explanation:

Given

Probability of an event happening = 70%

To find the odds of the event happening.

Solution:

Odds of an event happening is the ratio of the probability of the event happening and the probability of the event not happening.

Probability of the event not happening will be = $100\%-70\%=30\%$

So, the ratio of the probabilities of event happening and not happening can be given as:

⇒ $\frac{70\%}{30\%}$

⇒ $\frac{70}{100}\div \frac{30}{100}$ [Representing percent in fraction form]

⇒ $\frac{70}{100}\times \frac{100}{30}$ [Replacing division sign with multiplication sign by taking reciprocal of divisor.]

⇒ $\frac{70}{30}$ [Canceling out the common terms]

⇒ $\frac{7}{3}$ [Reducing fraction to simplest form]

Thus, odds of the event happening is = $7:3$

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4 years ago