Homework Help is Here – Start Your Trial Now!
Math
Calculus
a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years.

a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
See similar textbooks
icon
Related questions
Question
Question 1. a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years. Explain your solutions.
Transcribed Image Text:Question 1. a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years. Explain your solutions.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS