A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 5 years ago
Suppose that you were saving money over 5 years to use in a purchase later. You have $1000 to put in the savings. After surveying several banks for savings plans, you found these options. "A" stands for the amount you will have in the bank after x years.
Option A: Your money would receive simple interest at the end of 5 years.
The formula is A = 1000 + 1000(0.05) x.
Option B: Your money will be compounded continuously.
The formula is A = (1000)(2.71828)(0.05 x).
Option C: You will invest in a CD (Certificate of Deposit) compounded yearly.
anonymous
 5 years ago
Suppose that you were saving money over 5 years to use in a purchase later. You have $1000 to put in the savings. After surveying several banks for savings plans, you found these options. "A" stands for the amount you will have in the bank after x years. Option A: Your money would receive simple interest at the end of 5 years. The formula is A = 1000 + 1000(0.05) x. Option B: Your money will be compounded continuously. The formula is A = (1000)(2.71828)(0.05 x). Option C: You will invest in a CD (Certificate of Deposit) compounded yearly.

This Question is Closed

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0The formula is A = (1000)(1.05) x. Option D: Buy a US Savings Bond. Buy at $1000 now. When cashed in 5 years later, the amount will be $1267. Calculate each of these. You can find this by substituting x = 5 in each formula. Note that there is no formula in the US Savings Bonds option, just the amount. Post a response with your answers to the following questions. What is the order of Options A, B, C, and D, listing the option which gives the greatest amount at the end of 5 years to the least? Which option gave you the greatest amount at the end of the five years? What was the amount you calculated with this option?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Will anyone pleaseeeeeeeeeeeee help me?!?!? please please??

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Plug in 5 for x and see which one has the largest A?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Thats it? Wow..... i really over complicate things >.<

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0"Calculate each of these. You can find this by substituting x = 5 in each formula. Note that there is no formula in the US Savings Bonds option, just the amount." Says what to do right in the instructions ;p

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Ik lol i guess i got scared by how long it was... ;P Thanks though (:

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Never be afraid to read long things. Many of the best written works are lengthy =)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Yea i know THTS the truth.. i am a writer at heart.... not a mathematician :P But okay (: I will =3

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Oh for option B it says this is the actual equation: (1000)(2.71828)^(.05^x) Does that make a difference? (:

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0No, you still plug in 5 for x.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0And you're far better at math than you think you are ;)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0(: I think you just gave my confidence in math a huge boost :D And yea but usually the complicated stuff i get... and the simple stuff i dont!! I swear I must be crazy!!! And alright thanks (:
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.