Aerial14
31.05.2021 •
Mathematics
Ted earned $4,300 from his summer internship that he plans to invest so that he can buy a used car after three years. Ted chooses a bank that offers 5.5% compounded quarterly. Can Ted buy a car that costs $4,700 after three years? Round your numbers to the nearest cent.
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Ответ:
Yes he will be
Step-by-step explanation:
To find out if Ted can afford the car, find the future value of $4,300 in three years.
First convert the number of years and rates to quarterly values as this is the compounding period:
Term = 3 * 4 quarters = 12 quarters
Rate = 5.5% / 4 = 1.375% per quarter
Future value = Amount * ( 1 + rate) ^ term
= 4,300 * ( 1 + 1.375%)¹²
= $5,065.69
Considering that Ted makes $5,065.69 in 3 years, he will be able to buy a car that costs $4,700.
Ответ:
5. a=11
7. no solution
8. n=3
10.no solution
11. w=4
13. no solution
14. all real numbers