Concept explainers
Answer the following questions using complete sentences and your own words.
■ HANDS ON
Suppose you had a baby in
a. According to the College Board, four-year public schools cost an average of
(Source: www.collegeboard.com/pay.)
b. Will you save for a public or a private institution? Why?
c. Discuss why you chose to use the simple or compound interest formula in part (a).
d. Go to the web sites of four different banks and determine the current interest rate available for an annuity of an appropriate term.
e. Determine the necessary annuity payment that will allow you to save the total amount from part (a) in time to meet your goal.
Want to see the full answer?
Check out a sample textbook solutionChapter 5 Solutions
Mathematics: A Practical Odyssey
- The bus fare in a city is $2.25. People who use the bus have the option of purchasing a monthly coupon book for $28.00. With the coupon book, the fare is reduced to $0.50. How many times must someone use the bus so that the total monthly cost without the coupon book is the same as the total monthly cost with the coupon book? Question content area bottom Part 1 Express the total monthly cost to use the bus with a coupon book, f, as a function of the number of times in the month the bus is used, x. Then express the total monthly cost to use the bus without a coupon book, g, as a function of the number of times in the month the bus is used, x.arrow_forwardWhat I Can Do Read and analyze the situation below; then answer the question given. A typhoon severely damaged a certain place in Bundok Peninsula Quezon Province. The wealthiest family in that area who happened to have large businesses have thought of a way to help SME's or the small business enterprises to recover, as well as those poor families affected by the said typhoon. The family then decided to allot funds to lend to those who are victims of calamity by giving a simple interest loan for only 10% per annum. If the family was able to lend P1,500,000.00, how much interest would be earned after 5 years? Use a model table discussed in this lesson to show the simple interest earned. What do you think about Filipino values being shown in this situation? Can you think of other means to help the community with an application of simple interest? Your output will be graded, according to this rubric. Criteria 4 3. 1 Comprehension Identify, analyze and understand all Identify, analyze and…arrow_forwardChoosing between credit cards. Gabriel Clark recently graduated from college and is evaluating two credit cards. Card A has an annual fee of $75 and an interest rate of 9 percent. Card B has no annual fee and an interest rate of 16 percent. Assuming that Gabriel intends to carry no balance and pay off his charges in full each month, which card represents the better deal? If Gabriel expected to carry a significant balance from one month to the next, which card would be better? Explain. Calculating credit card interest. Ruby Wilson, a student at State College, has a balance of $380 on her retail charge card; if the store levies a finance charge of 21 percent per year, how much monthly interest will be added to Ruby’s account?arrow_forward
- PLEASE HELP! Show all work if possible. Ashley's investment fund had a balance of $280,000 on January 1, 1995 and a balance of $449,000 two years later. The amount of interest earned during the two years was $33,000, and the annual yield rate on the fund was 5.4%. Estimate the (dollar-weighted) average date of contributions to the account. (Round your answer to the nearest integer.) I calculated 99 days however it is wrong can you please help me find the correct answer.arrow_forward$2323.68 Delaware Corporation bought a coal mine with the estimated capacity of 268 tons of coal and the salvage value is zero. The firm invests $15209 for mining the coal. They are effective in extracting 32 tons of the coal in the first year. Then the depletion cost will be: O $4540.00 $908.00 O $2724.00 O $3632.00 O $1816.00 Next page APPLIED MATH OER REFERENCE Jump to... MATERIAL- ENG SONYarrow_forwardYou are considering two job offers: a full-time permanent position that pays $58,000 annually and a full-time contract job that pays $32 per hour. What is the gross annual income, gross monthly income, and the after-tax monthly income for each job offer? Use the information for calculating income, taxes, and costs that Kafi used in the lesson (Social Security 6.2%, Medicare 1.45%, and Federal 15%). The contract job is self-employment, which is taxed an addition 7.65% of gross income. Job: Permanent Position Contract Position Income Information $58,000 per year $32 per year Gross annual income Gross monthly income After-tax monthlyarrow_forward
- Calculus For The Life SciencesCalculusISBN:9780321964038Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.Publisher:Pearson Addison Wesley,College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningTrigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning