1. Frankie begins saving for college early, opening a savings account that earns an effective annual interest rate of 2.34% compounded weekly. If Frankie puts $40 into the account each week, how much would be in the account when they are ready to pay for college in 8 years? 2. Grey plans to purchase a used car in 3 years so they open an account earning an annual simple interest of 4.8%. If they want to have $4,200 to make their purchase, how much does Grey need to open the account in order to reach their goal?
1. Frankie begins saving for college early, opening a savings account that earns an effective annual interest rate of 2.34% compounded weekly. If Frankie puts $40 into the account each week, how much would be in the account when they are ready to pay for college in 8 years? 2. Grey plans to purchase a used car in 3 years so they open an account earning an annual simple interest of 4.8%. If they want to have $4,200 to make their purchase, how much does Grey need to open the account in order to reach their goal?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Two Math Questions
How can I answer and solve these two math questions showed in the screenshot?
![1. Frankie begins saving for college early, opening a savings account that earns an effective annual interest rate of
2.34% compounded weekly. If Frankie puts $40 into the account each week, how much would be in the account
when they are ready to pay for college in 8 years?
2. Grey plans to purchase a used car in 3 years so they open an account earning an annual simple interest of 4.8%.
If they want to have $4,200 to make their purchase, how much does Grey need to open the account in order to
reach their goal?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F32621c56-e053-4093-a54e-239202c53745%2F78b3effa-70a1-4197-a15e-142a3b8b53b4%2Fco1vcvh_processed.png&w=3840&q=75)
Transcribed Image Text:1. Frankie begins saving for college early, opening a savings account that earns an effective annual interest rate of
2.34% compounded weekly. If Frankie puts $40 into the account each week, how much would be in the account
when they are ready to pay for college in 8 years?
2. Grey plans to purchase a used car in 3 years so they open an account earning an annual simple interest of 4.8%.
If they want to have $4,200 to make their purchase, how much does Grey need to open the account in order to
reach their goal?
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