1. You find an online savings account paying 2% interest per annum compounded monthly. In the following use 12 months per year. (a) Starting now, if you deposit $200 a month at the end of every month, then how much money is in the account after 2 years? (Give your answer correct to the nearest cent.) (b) What is the total amount of interest you have earned in part (a)? (c) Starting now, if you deposit $200 a month at the end of every month, then how long will it take to save up $6,000? (Round your answer up to the next whole month.)
1. You find an online savings account paying 2% interest per annum compounded monthly. In the following use 12 months per year. (a) Starting now, if you deposit $200 a month at the end of every month, then how much money is in the account after 2 years? (Give your answer correct to the nearest cent.) (b) What is the total amount of interest you have earned in part (a)? (c) Starting now, if you deposit $200 a month at the end of every month, then how long will it take to save up $6,000? (Round your answer up to the next whole month.)
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. You find an online savings account paying 2% interest per annum
compounded monthly. In the following use 12 months per year.
(a) Starting now,
month, then how much money is in the account after 2 years?
(Give your answer correct to the nearest cent.)
if
you deposit $200 a month at the end of every
(b) What is the total amount of interest you have earned in part (a)?
(c) Starting now,
month, then how long will it take to save up $6,000? (Round
if
you deposit $200 a month at the end of every
your answer up to the next whole month.)
(d) How much is actually in the account after the number of months
you worked out for (c)?
(e) What regular payment at the end of every month would you need
to save up $6,000 in 4 years? (Give your answer correct to the
nearest cent.)
(f) Starting now, if you deposit $200 a month at the beginning of
every month, then how much money is in the account after 2
years? (Give your answer correct to the nearest cent.)
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