Business, 27.02.2020 02:24 samirahscott

Suppose that $780 is deposited at the end of every year into an account paying interest of 6% per year. At the end of fifteen (15) years the account will be worth approximately $.

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Answer from: adiaz97

The account will be worth approximately $1,869

Explanation:

First of all, note that 6% of an amount = 6/100 × the amount = 0.06×amount.

Next let us calculate the amounts gotten for the first 4 years, and establish a pattern that will will us for the remaining 11 years.

1st year total= deposit + (0.06×deposit) = 780 + (0.06 × 780)

= 780 + 46.8 = $826.8

2nd year total = 826.8 + (0.06 × 826.8) = $876.408

3rd year total = 876.408 + (0.06 × 876.408) = $928.992

4th year total = 928.992 + (0.06 × 928.992) = $984.732

Now, if we observe the total amounts as the year progresses, we notice that the next year increase by a certain constant factor which is 1.06; this is determined by dividing the amount in a year by the amount in the previous year. It is shown below;

Year 2 ÷ Year 1 = 876.408 ÷ 826.8 = 1.06

year 3 ÷ year 2 = 928.992 ÷ 876.408 = 1.06

year 4 ÷ year 3 = 984.732 ÷ 928.992 = 1.06

Now, to determine the amount in the next year, we will multiply the amount in the previous year by 1.06 (common increasing factor)

Year 5 = year 4 × 1.06 = 984.732 × 1.06 = $1,046.816

year 6 = 1046.816 × 1.06 = $1,106.445

year 7 = 1106.445 × 1.06 = $1,172.832

year 8 = 1172.832 × 1.06 = $1,243.202

year 9 = 1243.202 × 1.06 = $1,317.794

year 10 = 1317.794 × 1.06 = $1,396.862

year 11 = 1396.862 × 1.06 = $1,480.674

year 12 = 1480.674 × 1.06 = $1,569.514

year 13 = 1569.514 × 1.06 = $1,663.684

year 14 = 1663.685 × 1.06 = $1,763.506

Year 15 = 1763.506 × 1.06 = $1,869.316 which is approximately $1,869

Alternatively, you can count how many 1.06s are there from year 5 to year 15, and the answer is 11. then you can raise 1.06 to a power of 11 as shown

$1.06^{11} = 1.8983$

then multiply the amount in year 4 by 1.8983

= 984.732 × 1.8983 = $1,869.316. = approx. $1869

This second method is easier, but I wanted you to see what is going on that is why i did the details in the first method

Answer from: Quest

metallurgy is your answer

the "study of metals and the process of refining ("

note that it says metal. metallurgy has the word "metal" in it, and so is most likely your answer (and is your answer).

Answer from: Quest

The federal reserve took an expansionary approach during the crisis. this was done by expanding the money supply and boosting liquidity. this can be seen in the fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. the fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.

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Suppose that $780 is deposited at the end of every year into an account paying interest of 6% per ye...