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Katarina [22]
3 years ago
11

An initial deposit of $5,000 is made into a savings account that compounds 3% interest annually. How much is in the account at t

he end of 5 years?
how do I set this up
Mathematics
2 answers:
loris [4]3 years ago
8 0
Find how much 3% of $5000 is. Then multiply the 3% by five and add it to 5000. I hope that didn’t sound confusing.
DiKsa [7]3 years ago
3 0

Answer:

5809.171

Step-by-step explanation:

Formula A=P*e^rt

A= unknown

P= initial 5,000

r= rate 3% or 0.03

t= time 5

A=5,000*e^(0.03 * 5)

A= 5809.171 approximately

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____________ is the amount of a $3000.00 annuity due at 12 percent compounded semiannually for 3 years.
snow_tiger [21]
Base on my calculations, the answer is not in the choices given. First, we have to acknowledge that the interest rate given is not the effective interest rate instead it is called the nominal interest rate therefore we have to convert it first to an effective interest rate. We use the following formula:
Effective Interest rate = [[1 + (r/m)]^m] - 1 where r is the nominal interest rate and m is the number of compounding times 
For this case, m is equal to 2 since it is compounded semianually.
Effective Interest rate = [[1 + (.12/2)]^2] - 1 = .1236
We then use the calculated effective interest rate to the formula for the Compound Interest Rate Formula.
Future Value = Present Value (1 + Effective interest rate)^(no. of years)Future Value = 3000 (1 + .1236)^( 3) = 4255.56 dollars
5 0
3 years ago
Little’s Law Firm has just one lawyer. Customers arrive randomly at an average rate of 6 per 8 hour workday. Service times have
serg [7]

Answer:

On average, customer spends approximately  98 min at Little’s Law Firm

Step-by-step explanation:

Given the data in the question;

Arrival rate λ = 6 per 8 hours =  6 / ( 8 × 60 )min = 6 / 480 = 0.0125 per minute

Service rate δ = 1 / 50 min = 0.02 per minute

Standard deviation σ = 20 min

Now,

Utilization rate U = Arrival rate / Service rate

U = 0.0125 / 0.02

Utilization rate = 0.625

Number of people in Queue will be;

⇒ ( (λ² × σ²) + U² ) / ( 2 × ( 1 - U )

we substitute

⇒ ( (0.0125² × 20²) + 0.625² ) / ( 2 × ( 1 - 0.625 )

⇒ ( 0.0625 + 0.390625 ) / ( 2 × 0.375 )

⇒ 0.453125 / 0.75

Number of people in Queue = 0.6042

Now

Wait in the Queue = Number of people in Queue / λ

= 0.6042 / 0.0125 = 48.336

Wait Time in Office = Wait in the Queue + ( 1 / δ )

= 48.336 + ( 1 / 0.02 )

= 48.336 + 50

Wait Time in Office = 98.336 ≈ 98 min

Therefore, On average, customer spends approximately  98 min at Little’s Law Firm

3 0
3 years ago
-56+-38=What is negative 56 + negative 38
Naily [24]

Answer:

-94 ...nagative 94

Step-by-step explanation:

8 0
3 years ago
Read 2 more answers
What are the common factors of 60 and 72?
ddd [48]
Answer: 1, 2, 3, 4, 6, 12

Calculation/Explanation:

Common factors are factors that both the numbers, in this case, 60 and 72, have in common. The factors listed above are all factors shared by 60 and 72.
3 0
3 years ago
Express the following numbers in standard form. [A] 509.78 [B] 0.0289 Can someone please help me ? I need to answer that questio
STALIN [3.7K]

Answer:

(A) 509.78

We need to move the decimal point after the first non-zero digit

So,

=> 5.0978 × 10² (Since the decimal point is moved two places to the left)

(B) 0.0289

Again after the first non-zero digit:

So, it becomes:

=> 2.89 × 10⁻² (Since the decimal point is moved 2 places to the right so it will be negative also)

8 0
3 years ago
Read 2 more answers
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