If Jackson deposits $110 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 3 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.)

Answers

Answer 1

Answer:

The formula for calculating the future value (VF) of a periodic sum of money is:

VF = P * [(1 + r) n - 1] / r

where:

   VF is the future value (the total amount in the savings account)

   P is the periodic amount (monthly deposit)

   r is the periodic interest rate (annual interest rate divided by the number of periods in the year)

   n is the total number of periods (months)

In this case, P = $110, r = 3% / 12 = 0.03/ 12 = 0.0025 (monthly interest rate) and n = 3 * 12 = 36 (three years equivalent to 36 months).

Using these values in the formula, we can calculate the future value (VF):

VF = 110 * [(1 + 0.0025) 36 - 1] / 0.0025

Now let’s calculate this:

VF = 110 * [(1.0025) 36 - 1] / 0.0025

110 * (1.0965726572 - 1) / 0.0025

110 * 0.0965726572 / 0.0025

So Jackson will have about $4,239.52 in his savings account after three years, assuming he doesn’t make any withdrawals during that period.

Step-by-step explanation:


Related Questions

Sales at Glover's Golf Emporium have been increasing linearly. In their second business year, sales were $160,000
. This year was their seventh business year, and sales were $335,000
. If sales continue to increase at this rate, predict the sales in their eleventh business year.

Answers

The predicted sales in Glover's Golf Emporium's eleventh business year are $475,000.

To predict the sales in Glover's Golf Emporium's eleventh business year, we can use the concept of linear growth. We have two data points: sales in the second year ($160,000) and sales in the seventh year ($335,000).

Let's first find the annual increase in sales:

Increase in sales = Sales in the seventh year - Sales in the second year

Increase in sales = $335,000 - $160,000

Increase in sales = $175,000

Next, we need to determine the rate of increase per year. Since we have a linear growth pattern, we can calculate the average annual increase by dividing the total increase in sales by the number of years:

Average annual increase = Increase in sales / Number of years

Average annual increase = $175,000 / (7 - 2) years

Average annual increase = $175,000 / 5 years

Average annual increase = $35,000 per year

Now, we can predict the sales in the eleventh business year by adding the average annual increase to the sales in the seventh year:

Predicted sales in the eleventh year = Sales in the seventh year + (Average annual increase * Number of additional years)

Predicted sales in the eleventh year = $335,000 + ($35,000 * (11 - 7))

Predicted sales in the eleventh year = $335,000 + ($35,000 * 4)

Predicted sales in the eleventh year = $335,000 + $140,000

Predicted sales in the eleventh year = $475,000

Therefore, the predicted sales in Glover's Golf Emporium's eleventh business year are $475,000.

for such more question on predicted sales

https://brainly.com/question/26476274

#SPJ8

For this part of the In-depth Analysis of a Statistical Study I am asking you to write a 250 word paragraph explaining whether the study is observational or experimental in nature, discuss whether the statistical hypothesis involves a cause/effect relationship between the explanatory and response variables and to identify potential confounding variables. In the case of a cause/effect relationship, give an explanation of how the confounding variables in the study were controlled. This could be through an experiment or by addressing the three criteria outlined in section 3.4.2. ​

Answers

The study described is an experimental study in nature. It follows a randomized double-blind placebo-controlled trial design, where participants were randomly assigned to either a verum (onabotulinumtoxinA) or placebo (saline) group.

What is it an about?

The researchers administered the treatment (botulinum toxin injection to the glabellar region) to the verum group while the placebo group received a saline injection. The primary end point was the change in depressive symptoms measured using the Hamilton Depression Rating Scale.

The statistical hypothesis in this study does involve a cause/effect relationship between the explanatory variable (botulinum toxin injection) and the response variable (alleviation of depression symptoms).

Potential confounding variables in this study could include factors such as participants' previous medication history, severity of depression, and other ongoing treatments or therapies for depression.

Learn more about experiments on

https://brainly.com/question/25303029

#SPJ1

In the following figure, assume that a, b, and c = 5, e = 12, and d = 13. What is the area of this complex figure? Note that the bottom triangle is a right triangle. The height of the equilateral triangle is 4.33 units.

Answers

Answer:

The area of the complex figure is approximately 210.92 square units.

Step-by-step explanation:

Let's calculate the area of the complex figure with the given information.

We can break the figure down into three components: an equilateral triangle, a right triangle, and a rectangle.

1. Equilateral Triangle:

The height of the equilateral triangle is given as 4.33 units. We can calculate the area using the formula:

Area of Equilateral Triangle = (base^2 * √3) / 4

In this case, the base of the equilateral triangle is also the length of side d, which is given as 13 units.

Area of Equilateral Triangle = (13^2 * √3) / 4

Area of Equilateral Triangle ≈ 42.42 square units

2. Right Triangle:

The right triangle has two sides with lengths a (5 units) and b (5 units), and its hypotenuse has a length of side c (also 5 units).

Area of Right Triangle = (base * height) / 2

In this case, both the base and height of the right triangle are the same and equal to a or b (5 units).

Area of Right Triangle = (5 * 5) / 2

Area of Right Triangle = 12.5 square units

3. Rectangle:

The rectangle has a length equal to side d (13 units) and a width equal to side e (12 units).

Area of Rectangle = length * width

Area of Rectangle = 13 * 12

Area of Rectangle = 156 square units

Now, to get the total area of the complex figure, we add the areas of each component:

Total Area = Area of Equilateral Triangle + Area of Right Triangle + Area of Rectangle

Total Area = 42.42 + 12.5 + 156

Total Area ≈ 210.92 square units

Therefore, the area of the complex figure is approximately 210.92 square units.

Help, please !!!!
A scatter plot is shown on the coordinate plane.

scatter plot with points at 1 comma 9, 2 comma 7, 3 comma 5, 3 comma 9, 4 comma 3, 5 comma 7, 6 comma 5, and 9 comma 5

Which two points would a line of fit go through to best fit the data?

(1, 9) and (9, 5)
(1, 9) and (5, 7)
(2, 7) and (4, 3)
(2, 7) and (6, 5)

Answers

Answer:

(2,7) and (6,5)

Step-by-step explanation:

The line of best fit would be approximately:

y = -.4x + 8

(1,9)

9 = -.4(1) + 8

9 = 7.6

(9,5)

y = -.4x + 8

5 = -.4(9) + 8

5 = 4.4

(5,7)

y = -.4x + 8

7 = -.4(5) + 8

7 = 6

(2,7)

y = -.4x + 8

7 = -.4(2) + 8

7 = 7.2

(4,3)

y = -.4x + 8

3 = -.4(4) + 8

3 = 6.4

(6,5)

y = -.4x + 8

5 = -.4(6) + 8

5 = 5.6

A ____ is just another way of saying what we want to count by on our graph.

Answers

Answer:

A scale is just another way of saying what we want to count by on our graph.

Step-by-step explanation:

A "scale" is just another way of saying what we want to count by on our graph. The scale is the range of values that are shown on the axis of a graph. It helps to determine the size and spacing of the intervals or ticks on the axis. The scale can be in different units, such as time, distance, weight, or any other measurable quantity depending on the type of data being represented in the graph.

In simplest radical form, what are the solutions to the quadratic equation 0 =-3x² - 4x + 5?
-b± √b²-4ac
2a
Quadratic formula: x =
O x= -2±√19
3
Ox=-
2+2√19
3
0 x= 2+√15
3
0 x = 2+2√/19
3

Answers

Answer:

To find the solutions to the quadratic equation 0 = -3x² - 4x + 5, we can use the quadratic formula:x = (-b ± √(b² - 4ac)) / (2a)In this case, a = -3, b = -4, and c = 5. Plugging these values into the formula, we get:x = (-(-4) ± √((-4)² - 4(-3)(5))) / (2(-3))Simplifying further:x = (4 ± √(16 + 60)) / (-6) x = (4 ± √76) / (-6) x = (4 ± 2√19) / (-6)We can simplify the expression further:x = -2/3 ± (√19 / 3)Therefore, the solutions to the quadratic equation 0 = -3x² - 4x + 5 in simplest radical form are:x = (-2 ± √19) / 3

The solutions to the quadratic equation 0 = -3x² - 4x + 5 in simplest radical form are x = (-2 + √19) / 3 and x = (-2 - √19) / 3.

To find the solutions to the quadratic equation 0 = -3x² - 4x + 5, we can use the quadratic formula: x = (-b ± √(b² - 4ac)) / (2a).

Comparing the equation to the standard quadratic form ax² + bx + c = 0, we have a = -3, b = -4, and c = 5.

Plugging these values into the quadratic formula, we get:

x = (-(-4) ± √((-4)² - 4(-3)(5))) / (2(-3))

= (4 ± √(16 + 60)) / (-6)

= (4 ± √76) / (-6)

= (4 ± 2√19) / (-6)

= -2/3 ± (1/3)√19

Therefore, the solutions to the quadratic equation are:

x = -2/3 + (1/3)√19 and x = -2/3 - (1/3)√19

In simplest radical form, the solutions are:

x = (-2 + √19) / 3 and x = (-2 - √19) / 3.

These expressions cannot be further simplified since the square root of 19 is not a perfect square.

Know more about quadratic equation here:

https://brainly.com/question/30164833


#SPJ8

Find y" by implicit differentiation.

cos(y) + sin(x) = 1

Answers

y" = cos(y) * dy/dx - sin(x) + sin(y) by implicit differentiation.

To find the second derivative (y") by implicit differentiation, we will differentiate the equation with respect to x twice.

Equation: cos(y) + sin(x) = 1

Differentiating once with respect to x using the chain rule:

-sin(y) * dy/dx + cos(x) = 0

Now, differentiating again with respect to x:

Differentiating the first term:

-d/dx(sin(y)) * dy/dx - sin(y) * d^2y/dx^2

Differentiating the second term:

-d/dx(cos(x)) = -(-sin(x)) = sin(x)

The equation becomes:

-d/dx(sin(y)) * dy/dx - sin(y) * d^2y/dx^2 + sin(x) = 0

Now, let's isolate the second derivative, d^2y/dx^2:

-d^2y/dx^2 = d/dx(sin(y)) * dy/dx - sin(x) + sin(y)

Substituting the previously obtained expression for d/dx(sin(y)) = cos(y):

-d^2y/dx^2 = cos(y) * dy/dx - sin(x) + sin(y)

Thus, the second derivative (y") by the equation:

y" = cos(y) * dy/dx - sin(x) + sin(y)

For more such questions on implicit differentiation

https://brainly.com/question/25081524

#SPJ8

The Graph shows the velocity of a train
a) use four strips of equal width to estimate the distance the train travelled in the first 20 seconds
b) is your answer to part a) an understimate or an overestimate?

Answers

Answer:

To estimate the distance the train traveled in the first 20 seconds using four strips of equal width, follow these steps:

a) Calculate the average velocity for each strip by finding the average height of each strip.

b) Multiply the average velocity of each strip by the width (time) of each strip to obtain the distance covered by each strip.

c) Add up the distances covered by each strip to find the estimated total distance traveled in the first 20 seconds.

Regarding part b), to determine if the estimate is an overestimate or an underestimate, we need to analyze the graph. If the graph shows that the velocity increases during the 20-second period, then the estimate will be an underestimate because the actual distance covered would be greater than the estimation based on a constant velocity assumption. On the other hand, if the graph shows that the velocity decreases during the 20-second period, then the estimate will be an overestimate since the actual distance covered would be less than the estimation based on a constant velocity assumption.

Without seeing the graph, it's difficult to provide a definitive answer.

Other Questions
1. Detail the steps in the budgeting process and who within the healthcare organization is responsible for each of those steps.2. As a healthcare finance professional, how would you communicate the relevant budget deliverables to others throughout the organization?3. As an organizational leader/manager, how would you operationalize strategy? How would you transform the organization's strategic plan, mission, vision and values into daily activities and the operating budget? the ___________ is the provision that deals with state laws that change the parties' performance obligations under an existing agreement after that contract has been made. a(n) approach to staffing in multinational companies has the following advantages: (1) encourages mobility within the company, (2) helps build a strong, unified culture in the company. Which is an example of a reduction?. true or false? women who work in the healthcare setting may face hazards such as anaphylactic shock and needlestick injuries. What is the risk if a US corporation takes out a five year fixed rate loan in a low interest foreign currency and turns it into US$ without hedging?If the foreign currency strengthens too much.If the foreign currency weakens too much.If the foreign currency interest rates go much higher.If the US dollar strengthens by more than the interest rate differential. Find the slope -intercept equation of the line that has the given characteristios. Slope 0 and y-intercept (0,8) How does the Internet facilitate piracy? How might we explain the high levels of involvement in such practices by young people? Whose interests does the criminalization of copying serve? Is there a case for decriminalizing piracy? . he demand for money part 2 a. is positively related to the opportunity cost of holding money. b. is a downward sloping function of the interest rate. c. is an upward sloping function of the interest rate. d. none of the above. a labeled line is group of answer choices a translation of complex sensory information. a stimulation that produces action potentials. a reduction in sensitivity. a link between a receptor and a cortical neuron. an adjustment for sensitivity adaptation. Explain about how you would develop a business around imports from Angola to Canada. It consist of two sections that describe a different aspect of that country's economy and politics. These matters are all relevant in any decision to do business in another country.Q.1. The Political EnvironmentHow is the exporting country (Angola) governed? What are the most powerful political movements and parties? What political problems and conflicts in the country? How might those conflicts benefit or harm your importing business? What environmental issues in the exporting country may cause you problems?Q.2. ReliabilityWhat problems of corruption exist in your exporting country (Angola)? What dangers could such corruption cause for your business? If your exporting country is not especially corrupt, describe what other difficulties local government or business groups may still cause your business?Tips- Transparency International is a non-governmental organization which tracks reports of state corruption and compiles a regular report, the Corruption Perception Index. This is an excellent source of information. Find other non-governmental organizations, including those associated with the United Nations, that can provide trustworthy economic and political information Analyzing and Computing Accrued Interest on Notes During the current year, Penman Inc. issued three short-term notes payable with principal and interest due at the end of the term of the note. Compute interest accrued for each of the notes payable as of December 31 of the current year (assume a 365-day year). Round answers to two decimal places. Issuance Coupon Lender Date Principal Rate(%) Term Accrued Interest Nissim 11/21 $30,000 1096 120 days $ Klein 12/13 22,000 8 90 days $ Bildersee 60 days $ 12/19 26,000 6 a) Find the first four successive (Picard) approximations of the solutions to y' = 1 + y,y(0) = 0. b) Use separation of variables to solve y' = 1+ y, y(0) = 0 and compare y'(0), y" (0), y"' (0) with y'_4(0), y"_4(0), y"'_4(0) respectively. What is the main difference between a privately held company and a publicly held company? O Privately held companies are started by individuals and public ones are started by the government. O Privately held companies have shares owned by investors while publicly held companies have their shares available to the public on Wall Street. O Privately held companies are owned by citizens, and publicly held ones have shares owned by the government. O Privately held companies are for-profit, while publicly held ones are non-profit. Question 4 1 pts Nonprofit organizations do not aim to make money for shareholders. O True O Fals Find the first and second derivatives of the function. f(x) = x/7x + 2f ' (x) = (Express your answer as a single fraction.)f '' (x) = Express your answer as a single fraction.) which of the following is not a means through which congress conducts oversight of the intelligence community? a) Executive Committeeb) Commissioning reports from the Intelligence Community on specific issuesc) Confirmation of nominations of leaders in the Intelligence d) Communitye) Hearings Enter your answer in the provided box. How many moles of CaO will be produced from 95.9 g of Ca ? 2Ca(s)+O 2( g)2CaO(s) mol the attached file contains one year's (252 observations) worth of daily closing stock prices for apple: apple closing stock prices based on these data, what is the daily return 5% value at risk? (enter as a percentage - no % sign - to one decimal; i.e., x.x %) For the function y = (x2 + 3)(x3 9x), at (3, 0) find thefollowing. (a) the slope of the tangent line (b) the instantaneousrate of change of the function Which of these communication skills transcends communication type and context? a. Listening O b. Leadership c. Research d. Negotiation Your