Yes.

y represents the temperature.

x represents the number of hours past 8:00am.

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5 0

3 years ago

Kym plans to deposit $100 in an account at the end of each month for the next five years so that she can take a trip. (a) If Kym

yaroslaw [1]

Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

Monthly deposit= $100

Interest rate= 0.06/12= 0.005

Number of periods= 12*5= 60 months

a)

To calculate the future value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

FV= {100*[(1.005^60) - 1]} / 0.005

FV= $6,977

b) If the deposit is at the beginning of the month, the interest is compounded one more period. We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}

FV= 6,977 + {[100*(1.005^60)] - 100}

FV= 6,977 + 35

FV= $7,012

3 0

3 years ago