Find the amount of money on deposit at the end of one year

Assignment Help Mathematics

Reference no: EM131178679

Compound Interest: Suppose a certain amount of money is deposited in an account paying 3% annual interest compounded monthly. For each positive integer n, let S_n = the amount on deposit at the end of the nth month, and let S0 be the initial amount deposited

a. Find a recurrence relation for S₀, S₁, S₂,..., assuming no additional deposits or withdrawals during the year.

b. If S₀ = $10,000, find the amount of money on deposit at the end of one year.

c. Find the APR for the account.

Reference no: EM131178679

Questions Cloud

Statistic and probabilities everyday : Actuaries work with statistic and probabilities everyday. What do actuaries do and what test do they measure?

Effect of transactions on financial statements of a business : Indicate the effect of each of the following transactions on any or all of the three financial statements of a business.

Write the expressions : Write the expressions for (g*f)(x) and (g-f)(x)and evaluate (g+f)(2)

Calculate the value of each investment : Calculate the value of each investment based on the required rate of return - Estimate the cash flows for the investment under the listed base-case value assumptions. Calculate the project's NPV for these cash flows.

Find the amount of money on deposit at the end of one year : Compound Interest: Suppose a certain amount of money is deposited in an account paying 3% annual interest compounded monthly.

Find the sustainable and internal growth rates for a firm : Find the sustainable growth rates for a firm and Find the internal growth rates for a firm.

Calculate a trimmed mean : How many data points should be removed from each end of a sample of 300 values in order to calculate a 10% trimmed mean?

Identify most significant problems with the way foreign aid : Based on the lecture and Webtext materials, address the following: Identify the most significant problems with the way foreign aid is presently dispensed by international lending institutions.

Least cost deployment of manned and unmanned assets : You need to find the least cost deployment of manned and unmanned assets to do the job. Define the initial equations for the linear programming problem (you don't need to solve them, but if you can it will help me alot) Use x = # of helicopters, y =..

User Account

All Pages