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(a) Sally wants to join one of the following saving plans in 2 banks: (i) In ABC Bank, Sally deposits $1,200 in the beginning of each year for 4 years and the interest rate is 6% p.a.. Find the total amount that she will receive at the end of third year, assuming that interest is compouned yearly. (ii) In XYZ Bank, Sally deposits $100 on the first day of each month for 4 years and the interest rate is 6% p.a. Find the total amount will she receive at the end of third year, assuming that interest is compounded monthly. (b) The value of a new computer depreciates continuously. A new computer is worth $5,200. After it has been used for t years, its value $v is given by v-5200e-0.3t (i) Find the value of the computer after it has been used for 2 years. (ii) How many years later, the value of the computer will be less than $1,300?

(a) Sally wants to join one of the following saving plans in 2 banks: (i) In ABC Bank, Sally deposits $1,200 in the beginning of each year for 4 years and the interest rate is 6% p.a.. Find the total amount that she will receive at the end of third year, assuming that interest is compouned yearly. (ii) In XYZ Bank, Sally deposits $100 on the first day of each month for 4 years and the interest rate is 6% p.a. Find the total amount will she receive at the end of third year, assuming that interest is compounded monthly. (b) The value of a new computer depreciates continuously. A new computer is worth $5,200. After it has been used for t years, its value $v is given by v-5200e-0.3t (i) Find the value of the computer after it has been used for 2 years. (ii) How many years later, the value of the computer will be less than $1,300?

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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(a) Sally wants to join one of the following saving plans in 2 banks: (i) In ABC Bank, Sally deposits $1,200 in the beginning of each year for 4 years and the interest rate is 6% p.a.. Find the total amount that she will receive at the end of third year, assuming that interest is compouned yearly. (ii) In XYZ Bank, Sally deposits $100 on the first day of each month for 4 years and the interest rate is 6% p.a. Find the total amount will she receive at the end of third year, assuming that interest is compounded monthly. (b) The value of a new computer depreciates continuously. A new computer is worth $5,200. After it has been used for t years, its value $v is given by v-5200e-0.3t (i) Find the value of the computer after it has been used for 2 years. (ii) How many years later, the value of the computer will be less than $1,300?
Transcribed Image Text:(a) Sally wants to join one of the following saving plans in 2 banks: (i) In ABC Bank, Sally deposits $1,200 in the beginning of each year for 4 years and the interest rate is 6% p.a.. Find the total amount that she will receive at the end of third year, assuming that interest is compouned yearly. (ii) In XYZ Bank, Sally deposits $100 on the first day of each month for 4 years and the interest rate is 6% p.a. Find the total amount will she receive at the end of third year, assuming that interest is compounded monthly. (b) The value of a new computer depreciates continuously. A new computer is worth $5,200. After it has been used for t years, its value $v is given by v-5200e-0.3t (i) Find the value of the computer after it has been used for 2 years. (ii) How many years later, the value of the computer will be less than $1,300?
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