Reference no: EM132567641
Question 1 - When Edwin was born, his grandparents started a savings account for him with a beginning balance of $300. Every month they deposited $25 into the account. The savings account paid an annual interest rate of 2.1%, compounded monthly.
Edwin just turned 21 and the balance of his account is now $8,375.55.
How much of the money in Edwin's account was earned in interest?
Question 2 - The output of the following function is the future value of an account if PV dollars are deposited, left for Y years at an annual rate of r, with n compounds per year.
FV=PV(1+rn)(nY)
Alonzo plans to put $5,500 dollars in an account that earns 4% interest compounded monthly. Use the formula to find Alonzo's account balance in 5 years.
Question 3 - Braxton used the Quantitative Reasoning Process to DO plan to pay off his credit card loan of $3,540. The interest rate on his loan is 7.47% annually and he will be making monthly payments of $70.88 for 5 years. Complete Month 1 of the amortization table below.
What is Braxton's Ending Balance for Month 1?
Question 4 - Viktor's online tractor sales business has been running its social media marketing campaign for 2 years. The marketing company predicted that sales would increase by 10% per year. Viktor found that the prediction has been close. His sales were $3.5 million per year when he started the campaign.
If the growth continues, he can model his future sales with the function S(t)=3.5(1.1)t million
The annual sales, S, is a function of t, the total time in years that Viktor runs the campaign.If the company's prediction holds true, what will Viktor's annual sales be (in millions) after running the campaign for 5 years?
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