You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time in months Savings balance 0 $1600.00 1 $1622.40 2 $1645.11 3 $1668.14 4 $1691.49 5 $1715.17 c) What is the monthly interest rate? (Round your answer to one decimal place.) % (d) What is the yearly interest rate? (Round your answer to one decimal place.) % (e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 17. How large a college fund will she have? (Round your answer to the nearest cent.) $
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.
You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months.
| Time in months |
Savings balance |
|---|---|
| 0 | $1600.00 |
| 1 | $1622.40 |
| 2 | $1645.11 |
| 3 | $1668.14 |
| 4 | $1691.49 |
| 5 | $1715.17 |
c) What is the monthly interest rate? (Round your answer to one decimal place.)
%
(d) What is the yearly interest rate? (Round your answer to one decimal place.)
%
(e) Suppose that you made this investment on the occasion of the birth of your daughter. Your plan is to leave the money in the account until she starts college at age 17. How large a college fund will she have? (Round your answer to the nearest cent.)
$
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