Joseph is a friend of yours. He has plenty of money but little financial sense. He received a gift of $12,000 for his recent graduation and is looking for a bank in which to deposit the funds. Partners' Savings Bank offers an account with an annual interest rate of 3% compounded semiannually, while Selwyn's offers an account with a 2.75% annual interest rate compounded continuously. Calculate the value of the two accounts at the end of one year, and recommend to Joseph which account he should choose.

Answers

Answer 1

Answer:

The value for partners savings bank at the end of 1 year is $12,362.70. The value for Selwyn's at the end of 1 year is $12,334.58. The future value obtained by investing in Partners Saving Bank is more as compared to Selwyn’s Saving Bank. Hence Joseph is recommended to choose Partners Saving Bank.

Step-by-step explanation:

Answer 2

The value of the interest rate and the compounding applied, gives the

value in the account after one year.

The value of the account with Partner's Bank after one year is approximately $12,362.7, which is higher than the value in the Selwyn's account.The value in Selwyn's which after one year is $12,344.58.Joseph should choose the Partner's Bank account

Reasons:

The amount Joseph receives as gift, A₀ = $12,000

Amount interest from Partner's Savings Bank, r = 3% compounded semiannually

Interest rate offered by Selwyn's, r = 2.75% compounded continuously

Required:

The value of the two account at the end of one year.

Solution:

[tex]A_t = A_0 \cdot \left(1 + \dfrac{r}{2} \right)^{2 \times t}[/tex]

The amount at the end of one year (t = 1) in Partner's Savings Bank is therefore;

[tex]A_t = 12,000 \times \left(1 + \dfrac{0.03}{2} \right)^{2 \times 1} = 12,362.7[/tex]

The value in the Partner's Savings Bank after one year, A(t) ≈ $12,362.7

The value of an account at Selwyn's is therefore;

The interest rate compounded continuously is presented as follows;

[tex]A(t) = \mathbf{A_0 \cdot e^{r \cdot t}}[/tex]

A₀ = The original amount invested = $12,000

Which gives;

[tex]A(t) = 12,000 \times e^{0.0275 \times 1} \approx \mathbf{12,334.58}[/tex]

The value of the account at Selwyn's after one year, A(1) ≈ $12334.58

Therefore, the account Joseph should choose is the Partner's Savings Bank  that gives a higher value in the account after one year.

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Related Questions

PLEASEEEE HELP!!! 20 point for this

Answers

Answer:

Let x be the number of hours Jose worked washing cars last week and y be the number of hours Jose worked waking dogs last week.

10x + 9y = 122

x + y = 13

Which expression is equivalent to 4n(6n + 2m)?
A 24n + 4n + 2m
B (4n + 2m) x 6n
C 24n2 + 8mn
D 10n2 + 6mn

Answers

Answer:

c maybe

Step-by-step explanation:

4n(6n+2m)

24n²+8mn

Answer: C, 24n²+8mn

Step-by-step explanation:

So because 4n is on the outside of the bracket, you have to times everything on the inside of the bracket by 4n.

So, you do:

4n×6n=24n² (4×6=24 and n×n=n²)

4n×2m=8mn (4×2=8 and n×m=mn)

Then you add 24n² to 8mn like this:

24n²+8mn

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If cos x = -√3/2
in which quadrants could a.
I and IV, only
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c.
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d.
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Answers

Answer:

c

Step-by-step explanation:

which tool is not needed to construct a perpendiculer bisecter

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Answer:

a protractor is not needed to constant a perpendicular bisecter

Step-by-step explanation:

please mark brainliest

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Answers

Answer:

Area = 24.75 sqr units

Step-by-step explanation:

You will need these formulas:

[tex]d = \sqrt{(x_2 - x_1)^2 + (y_2-y_1)^2}[/tex]

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Area = b x h

Let us treat CD as the base. Find the length of the base with the distance formula. Use the coordinates for points C & D.

[tex]d = \sqrt{(-2 - (-8))^2 + (-8-(-7))^2}[/tex]

[tex]d = \sqrt{37}[/tex]

The base is [tex]\sqrt{37}[/tex].

The height is the distance between point E and the midpoint of line CD.

Midpoint of CD = [tex](\frac{-8 + (-7) }{2} , \frac{-2 + (-8) }{2})[/tex] = ([tex]-\frac{15}{2}[/tex], [tex]-5[/tex])

Use the distance formula to find the height.

[tex]d = \sqrt{(-5 - (-\frac{15}{2} ))^2 + (-2-(-5))^2}[/tex]

[tex]d = \frac{\sqrt{61} }{2}[/tex]

Find the area with the two distances that were found.

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Area = [tex]\frac{\sqrt{2257} }{2}[/tex]

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The money spent on gym classes is proportional to the number of gym classes taken. Max spent $45.90 to take 6 gym classes.
What is the amount of money, in dollars, spent per gym class?

Answers

Answer:

$7.65

Step-by-step explanation:

its the right answer, TRUST ME!!!!

HELP ASAP PLEASE ILL MARK BRAINLIEST AND RATE 5 STARS PLEASEEE
A survey about the student government program at a school finds the following results:
190 students like the program
135 students think the program is unnecessary
220 students plan on running for student government next year.

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Answers

Answer: 126 degrees

there are 360 degrees in a circle.  

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Answers

Step-by-step explanation:

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Round to the nearest hundredth.
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Answers

Answer:

-46.677%

Step-by-step explanation:

The computation of the percent error is shown below:

As we know that

Area of the warehouse = length × width

Based on estimated values, the area is

= 400 × 150

= 60,000

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= 320 × 100

= 32,000

Now the percent error is

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= -46.677%

Can someone please help me with math

Answers

Answer:

A

Step-by-step explanation:

Hello There!

This is the formula for volume of a cylinder

[tex]V=\pi r^2h[/tex]

where r = radius and h = height

we are given the height and diameter height - 10 ft diameter - 22 ft

we are not give the radius directly but we can easily convert the diameter to the radius by dividing by 2

22/2=11 so the radius is 11

now having found the radius and height we plug in the values into the formula (note: it says leave answer in terms of pi so we will not apply pi to the final answer.)

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so we can conclude that the answer is A

it’s 82 :))))))))))))))))

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Answers

Answer:

-4

Step-by-step explanation:

First you add together 75 + 65 to get 140 then you subtract that from 180 because 180° is the total of a triangle. Then you add -4 to 44 to get 40

Answer:

-4

Step-by-step explanation:

75 + 65 = 140

triangle angels equal 180°

then x +44 = 180-140

x +44 = 40

x = 40-44

x = -4

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Factorise

3у^2 - 54y + 243​

Answers

Answer:

3(y-9)^2

Step-by-step explanation:

Answer:

See in the picture mark brainliest if correct

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Answers

Answer: it’s B or C

Step-by-step explanation

A gardener made a scale drawing of a lawn with a scale factor of 1:4 The dimensions of her drawing are 15 inches long by 10 inches wide. Her partner plans to make another scale drawing of the lawn, but with a scale factor of 1:20. What are the dimensions of her scale drawing? O A. The length is 50 inches and the width is 75 inches, OB. The length is 3 inches and the width is 2 inches. O Q. The length is 75 inches and the width is 50 inches. O D. The length is 2 inches and the width is 3 inches.​

Answers

Answer:

B is the correct answer

Step-by-step explanation:

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Answers

Answer:

v = -1/6

Step-by-step explanation:

Combine all like terms, getting 18v = -3. Then, divide both sides by 18 to get -3/18, or v = -1/6

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Answers

Answer:

x = 5

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Step-by-step explanation:

2(2x + 4) = 8x - 12

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Question 17

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Answers

Answer:

59 feets

Step-by-step explanation:

The length of bottom base = (8 + 2 + 2) = 12

Circumference of semicircle : 2πr/2 ; r = 4/2 = 2

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From the figure attached :

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Answers

Answer:

After 6 Years:  54000*6 + 3000*5 = 339,000

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==============

Please give brainliest, I really want to rank up, thank you!

Answer:

$358,000

Step-by-step explanation:

He makes $54k dollars "annual" = per year

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Answers

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Answers

The gallons of paint that Beth used is 6 gallons.

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The first step is to convert pint to gallon:

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#SPJ2

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Answers

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Step-by-step explanation:

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Answers

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Answers

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Answers

sine = 4/5

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Answers

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Step-by-step explanation:

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Answer:

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Answers

10-6=4
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