open boats for sale
Can someone please answer these math questions?
1. Jim is opening up a new savings account. He has $300 to deposit into this account and has two options from which he can choose. Account A pays 5% annual interest compounded annually while Account B pays 5% compounded quarterly. Which account pays more interest, Account A or Account B? Explain.
2. The ninth grade class is raising money for a field trip. The class goal is to raise $550. For a fundraiser, they will receive 20% of the sales. What amount of sales must the class achieve to earn $550?
3. Greg borrowed $10,000 to purchase a pontoon boat. The credit union charges 9 percent simple interest on boats. He paid $4,500 in interest. For what period of time did he borrow the money?
4. Determine the value of a $3,000 investment paying 9% interest, compounded semi-annually, over a 2-year period.
10 pts best answer
It would be better to get the compounded quarterly interest, as he will be earning interest on the interest for the next quarter…
$300 in
After 3 months…
Account A = $300 (no interest paid yet)
Account B = $300 + ($300 * 0.05 / 12 * 3) = $300+$3.75 = $303.75
(it’s 0.05 interest, for 12 months, but we are only having 3 months worth of interest)
After 6 months…
Account A = $300
Account B = $303.75 + ($303.75 * 0.05 / 12 * 3) = $307.55
After 9 months…
Account A = $300
Account B = $307.55 + ($307.55 * 0.05 / 12 * 3) = $311.39
After 12 months…
Account A = $300 + ($300 * 0.05) = $303.75
Account B = $311.39 + ($311.39 * 0.05 / 12 * 3) = $315.28
——————————————————————
20% of sales = $550
sales = $550 / 0.2
= $2750
(check it back… 20% of $2750 = $550 woohoo)
——————————————————————
Simple interest is not compounded like the first example… so it’s simple maths…
On $10,000 … one year interest would be $900
He paid $4,500… so years = $4500 / $900 = 5 years
——————————————————————
After 6 months…
Investment = $3000 + ($3000 * 0.09 / 12 * 6) = $3135
12 months…
Investment = $3135 + ($3135 * 0.09 / 12 * 6) = $3276.08
18 months…
Investment = $3276.08 + ($3276.08 * 0.09 / 12 * 6) = $3423.50
24 months…
Investment = $3423.50 + ($3423.50 * 0.09 / 12 * 6) = $3577.56
2000 LUHRS 320 OPEN $149,000 call 561-239-7414
|
|
Rain; Road; an Open Boat (Paperback) $12.78 The first new collection of poetry from Roo Borson since her highly acclaimed collection Short Journey Upriver Toward Oishida, winner of three major prizes, including the Griffin Poetry Prize. Roo Borson`s new collecti… |
|
|
Sailors` Secrets $14.41 Sailor`s Secrets contains over 1,000 tips, suggestions, evaluations, and nuggets of hard-won advice from more than 300 seasoned veterans.Instructive, humorous, biting, and challenging, Sailor`s Secrets can be opened anywhere and e… |
|
|
Boat-shaped Decorative Wood Footed Bowl $130.99 This boat-shaped wood bowl makes a bold statement in any room. The large bowl features a squared top opening and curved legs, and can be used to arrange dried flowers, plants or other decorative items. |
|
|
Circumnavigating Low Key (Paperback) $17.78 Circumnavigating Low Key is Captain Woody`s account of his around the world adventure on his 33` Cal sloop, Low Key. Starting out, with his girlfriend, on a boat not designed for the rigors of the open ocean, the plan to do some sailing in the Pacific … |
|
|
R.C. Submarine $48.49 Your kids will have a blast with this remote controlled submarine. This RC sub will climb and dive below the water surface as well as turn left and right. |