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horsena [70]
2 years ago
11

A deposit of $90 is placed into a college fund at the beginning of every week for 5 years. The fund earns 3% annual interest, co

mpounded weekly, and paid at the end of the week. How much is in the account right after the last deposit
Business
1 answer:
laila [671]2 years ago
6 0

Answer:

$25,249.50

Explanation:

Deposit at the beginning of every 6 month (A) = 90

Time period (t) = 5

n = 52

Rate (r) = 3% = 0.03

So, the net amount in the account right after the last deposit is as follows:

= A * [(1+r/n)^(n*t) - 1 / r/n] * (1 + r/n)

= 90 * [(1+0.03/52)^(52*5) - 1 / 0.03/52] * (1 + 0.03/52)

= 90 * [(1.16178399147 - 1 / 0.000577] * (1+0.000577)

= 90 * 280.3882 * 1.000577

= 25249.498559226

= $25,249.50

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Answer:

"$224,000" is the correct solution.

Explanation:

The given values are:

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Now,

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On December 31, 2021, the balance will be:

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2 years ago
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Answer:

Reducing risk

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This individual has experienced structural mobility

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In the first half of the twentieth century, industrialization expanded the U.S. economy, raising the standard of living and leading to upward structural mobility. In today’s work economy, the recent recession and the outsourcing of jobs overseas have contributed to high unemployment rates. Many people have experienced economic setbacks, creating a wave of downward structural mobility.

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1 year ago
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Answer:

(E)

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