Homework Help is Here – Start Your Trial Now!
Business
Operations Management
do not need to solve thr problem, jsit crrate the linear program.

do not need to solve thr problem, jsit crrate the linear program.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
See similar textbooks
icon
Related questions
Question

do not need to solve thr problem, jsit crrate the linear program.

Question 1 You have $1000 to invest. At the beginning of each year, you can invest your available money in three different plans, Plan 1, Plan 2 and Plan 3 (available money is money not blocked in a plan). Money put in Plan 1 is blocked for one year. After one year, you total interest rate is 5% (if you invested $100, you will have $105 after one year). • Money put in Plan 2 is blocked for two years. After two years, you total interest rate is 12% (if you invested $100, you will have $112 after two years). • Money put in Plan 3 is blocked for three years. After three years, you total interest rate is 19%. The planning horizon is 7 years. You want to maximize the available money at the end of the 7th year (again, available money means not blocked in a plan). Write a linear program solving the problem. Clearly define your variables, and add a short explanation of each constraint.
Transcribed Image Text:Question 1 You have $1000 to invest. At the beginning of each year, you can invest your available money in three different plans, Plan 1, Plan 2 and Plan 3 (available money is money not blocked in a plan). Money put in Plan 1 is blocked for one year. After one year, you total interest rate is 5% (if you invested $100, you will have $105 after one year). • Money put in Plan 2 is blocked for two years. After two years, you total interest rate is 12% (if you invested $100, you will have $112 after two years). • Money put in Plan 3 is blocked for three years. After three years, you total interest rate is 19%. The planning horizon is 7 years. You want to maximize the available money at the end of the 7th year (again, available money means not blocked in a plan). Write a linear program solving the problem. Clearly define your variables, and add a short explanation of each constraint.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.
SEE MORE TEXTBOOKS