Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $140 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 15 months? (Round your answer to the nearest cent.) $ 2175.12
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $140 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 15 months? (Round your answer to the nearest cent.) $ 2175.12
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Concept explainers
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Topic Video
Question
Transcribed Image Text:Use Table 12-1 to solve.
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $140 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of
Jorge's account after 15 months? (Round your answer to the nearest cent.)
$ 2175.12
Transcribed Image Text:periods
0.5%
1%
1.5%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
1
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
2 2.00500
3 3.01502
4 4.03010 4.06040 4.09090 4.12161
5 5.05025
2.01000
2.01500 2.02000
2.03000
2.04000
2.05000
2.06000
2.07000
2.08000
2.09000
2.10000
2.11000
2.12000
2.13000
2.14000
2.15000
2.16000
2.17000
2.18000
3.03010 3.04522
3.06040
3.09090
3.12160
3.15250
3.18360
3.21490
3.24640
3.27810
3.31000
3.34210
3.37440
3.40690
3.43960
3.47250
3.50560
3.53890
3.57240
4.18363
4.24646 4.31013
4.37462
4.43994
4.50611
4.57313
4.64100
4.70973
4.77933
4.84980
4.92114
4.99337
5.06650
5.14051
5.21543
5.10101
5.15227 5.20404
5.30914
5.41632 5.52563
5.63709
5.75074
5.86660
5.98471
6.10510
6.22780
6.35285
6.48027
6.61010
6.74238
6.87714
7.01440
7.15421
6
6.07550
6.15202 6.22955 6.30812
6.46841
6.63298 6.80191
6.97532
7.15329
7.33593
7.52333
7.71561
7.91286
8.11519
8.32271
8.53552
8.75374
8.97748
9.20685
9.44197
7
7.10588
7.21354 7.32299
7.43428
7.66246 7.89829
8.14201
8.39384
8.65402
8.92280
9.20043
9.48717
9.78327
10.08901
10.40466
10.73049
11.06680
11.41387
11.77201
12.14152
8
8.14141
8.28567 8.43284
8.58297
8.89234
9.21423
9.54911
9.89747
10.25980
10.63663
11.02847
11.43589
11.85943
12.29969
12.75726
13.23276
13.72682
14.24009
14.77325
15.32700
9.18212
9.36853 9.55933 9.75463 10.15911 10.58280 11.02656
11.49132
11.97799
12.48756
13.02104
13.57948
14.16397
14.77566
15.41571
16.08535
16.78584
17.51851
18.28471
19.08585
10 10.22803 10.46221 10.70272 10.94972 11.46388 12.00611 12.57789
13.18079 13.81645
14.48656
15.19293
15.93742
16.72201
17.54874
18.41975
19.33730
20.30372
21.32147
22.39311
23.52131
11 11.27917 11.56683 11.86326 12.16872 12.80780 13.48635 14.20679
12 12.33556 12.68250 13.04121 13.41209 14.19203 15.02581 15.91713
13 13.39724 13.80933 14.23683 14.68033 15.61779 16.62684 17.71298
14 14.46423 14.94742 15.45038 15.97394 17.08632 18.29191 19.59863
15 15.53655 16.09690 16.68214 17.29342 18.59891 20.02359 21.57856
14.97164
15.78360
16.64549
17.56029
18.53117
19.56143
20.65458
21.81432 23.04452
24.34928
25.73290
27.19994
28.75514
16.86994
17.88845
18.97713
20.14072 21.38428
22.71319
24.13313
25.65018 27.27075
29.00167
30.85017
32.82393
34.93107
18.88214 20.14064 21.49530
22.95338
24.52271
26.21164
28.02911
29.98470 32.08865
34.35192
36.78620
39.40399
42.21866
21.01507 22.55049 24.21492 26.01919
27.97498
30.09492 32.39260 34.88271
37.58107
40.50471
43.67199
47.10267
50.81802
23.27597 25.12902
27.15211
29.36092
31.77248
34.40536 37.27971
40.41746 43.84241
47.58041
51.65951
56.11013
60.96527
16 16.61423 17.25786 17.93237 18.63929 20.15688 21.82453 23.65749
17 17.69730 18.43044 19.20136 20.01207 21.76159 23.69751 25.84037
18 18.78579 19.61475 20.48938 21.41231 23.41444 25.64541 28.13238
19 19.87972 20.81090 21.79672 22.84056 25.11687 27.67123 30.53900 33.75999 37.37896 41.44626
20 20.97912 22.01900 23.12367 24.29737 26.87037 29.77808 33.06595
25.67253
27.88805
30.32428
33.00340
35.94973
39.18995
42.75328
46.67173
50.98035
55.71747
60.92503
66.64885
72.93901
28.21288 30.84022
33.75023
36.97370 40.54470 44.50084 48.88367 53.73906
59.11760
65.07509
71.67303
78.97915
87.06804
30.90565 33.99903
37.45024
41.30134
45.59917
50.39594
55.74971
61.72514
68.39407
75.83636
84.14072
93.40561
103.74028
46.01846
51.15909
56.93949
63.43968
70.74941
78.96923
88.21181
98.60323
110.28456
123.41353
36.78559 40.99549 45.76196
51.16012 57.27500 64.20283
72.05244 80.94683 91.02493
102.44358
115.37975
130.03294 146.62797
21 22.08401 23.23919 24.47052 25.78332 28.67649 31.96920 35.71925
22 23.19443 24.47159 25.83758 27.29898 30.53678 34.24797 38.50521
23 24.31040 25.71630 27.22514 28.84496 32.45288 36.61789 41.43048 46.99583
24 25.43196 26.97346 28.63352 30.42186 34.42647 39.08260 44.50200
25 26.55912 28.24320 30.06302 32.03030 36.45926 41.64591 47.72710 54.86451
39.99273 44.86518
50.42292 56.76453 64.00250
72.26514 81.69874 92.46992 104.76842
118.81012
134.84051
153.13854
174.02100
43.39229 49.00574
55.45676 62.87334 71.40275
81.21431
92.50258 105.49101 120.43600
137.63164
157.41499
180.17209
206.34479
53.43614 60.89330
69.53194 79.54302
91.14788 104.60289 120.20484 138.29704
159.27638
183.60138
211.80134
244.48685
50.81558 58.17667
66.76476 76.78981
88.49733 102.17415 118.15524 136.83147 158.65862
184.16784
213.97761
248.80757
289.49448
63.24904
73.10594
84.70090
98.34706 114.41331 133.33387 155.61956 181.87083
212.79302
249.21402
292.10486 342.60349
26 27.69191 29.52563 31.51397 33.67091 38.55304 44.31174 51.11345
27 28.83037 30.82089 32.98668 35.34432 40.70963 47.08421 54.66913
28 29.97452 32.12910 34.48148 37.05121 42.93092 49.96758 58.40258
29 31.12439 33.45039 35.99870 38.79223 45.21885 52.96629 62.32271
30 32.28002 34.78489 37.53868 40.56808 47.57542 56.08494 66.43885
59.15638 68.67647
79.95442 93.32398 109.18177 127.99877 150.33393 176.85010 208.33274
245.71197
290.08827 342.76268 405.27211
63.70577 74.48382 87.35077 102.72313 121.09994 143.07864 169.37401 200.84061 238.49933
283.56877
337.50239 402.03234 479.22109
68.52811
80.69769 95.33883 112.96822 134.20994 159.81729 190.69889 227.94989 272.88923
327.10408
392.50277
471.37783
566.48089
73.63980 87.34653 103.96594 124.13536 148.63093 178.39719 214.58275 258.58338 312.09373
377.16969 456.30322
552.51207
669.44745
79.05819 94.46079 113.28321 136.30754 164.49402 199.02088 241.33268 293.19922 356.78685
434.74515
530.31173
647.43912 790.94799
31 33.44142 36.13274 39.10176 42.37944 50.00268 59.32834 70.76079
32 34.60862 37.49407 40.68829 44.22703 52.50276 62.70147 75.29883
33 35.78167 38.86901 42.29861 46.11157 55.07784 66.20953 80.06377
34 36.96058 40.25770 43.93309 48.03380 57.73018 69.85791 85.06696 104.18375 128.25876 158.62667 196.98234 245.47670 306.83744 384.52098 482.90338 607.51991
35 38.14538 41.66028 45.59209 49.99448 60.46208 73.65222 90.32031 111.43478 138.23688 172.31680 215.71075 271.02437 341.58955 431.66350 546.68082 693.57270
84.80168 102.07304 123.34587 149.57522 181.94342 221.91317 271.29261 332.31511 407.73701
500.95692 616.16161
758.50377 934.31863
90.88978 110.21815 134.21354 164.03699 201.13777 247.32362 304.84772 376.51608 465.82019
577.10046
715.74746
888.44941 1103.49598
97.34316 118.93343 145.95062 179.80032 222.25154 275.52922 342.42945 426.46317 532.03501
664.66552
831.26706 1040.48581 1303.12526
765.36535 965.26979 1218.36839 1538.68781
881.17016 1120.71295 1426.49102 1816.65161
36 39.33610 43.07688 47.27597 51.99437 63.27594 77.59831 95.83632 119.12087 148.91346 187.10215 236.12472 299.12681 380.16441 484.46312 618.74933 791.67288 1014.34568 1301.02703 1669.99450 2144.64890
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
