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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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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