Find the total balance

Assignment Help Engineering Mathematics
Reference no: EM13961417

Consider a savings account started with an initial deposit of y(0) dollars. The interest rate is r percent per annum and the interest is compounded every month. The depositor is allowed to make additional deposits every month, say, u(1), u(2), u(3), and so on. Write a difference equation that will model the balance at the end of any month, expressing it in terms of previous balance, the amount deposited during the month, and the interest accrued during the month.

Now, use the model you developed to find the total balance after 5 years if a person starts with an initial deposit of $500 on the first day of a given month and deposits $100 on the first day of every subsequent month. The interest rate is10% per annum and is compounded on the last day of every month. Assume that the number of days in a month is equal.

Reference no: EM13961417

Questions Cloud

Compute the percentage change : Compute the percentage change from 2009 to 2010 in the four U.S. bilateral ex- change rates (defined as U.S. dollars per units of foreign exchange, or FX) in the table provided.
How many excess electrons are on a ball with a charge : Two electrons in an atom are separated by 1.5 * 10^-10 m, the typical size of an atom. What is the electrical force between them?
Descriptive essay based on your personal experience : Write a descriptive essay based on your personal experience. Choose a person, place, or event as your focus for this descriptive essay. You may want to focus on a place, and then include description of people or events associated with the place.
What is the take time for the drawing patient blood : The time between patient arrivals to the blood-drawing unit of a medical lab averages 2 minutes. The lab is staffed with two nurses who actually draw the patients' blood. The nurses work form 9:00am to 5:30pm and get two 10-minute breaks and a half-h..
Find the total balance : Now, use the model you developed to find the total balance after 5 years if a person starts with an initial deposit of $500 on the first day of a given month and deposits $100 on the first day of every subsequent month.
Find the friction f beween the wheel and the ground : A constant force F is horizontally applied to a wheel with mass m and radius r. The motion of the wheel is pure rotation and the acceleration of the center of mass of the wheel is a. Find the friction f beween the wheel and the ground.
Struggling financially for quite some time now : Your company has been struggling financially for quite some time now. You have a chance of making a profit this quarter, which is sure to bolster your stock’s sagging price. But it depends on your using a low cost waste disposal practice. The disposa..
Define budget and management reserves : Define budget and management reserves. Outline the differences between the two reserves, and provide some examples of each reserve fund.
Does centripetal force that acts on an object rotating : Does a centripetal force that acts on an object rotating in a circular path do work on an object? What is your explanation, and what evidence can you cite to support your answer?

Reviews

Write a Review

Engineering Mathematics Questions & Answers

  Question regarding the apportionment problem

You are a census officer in a newly democratic nation and you have been charged with using the census data from the table below to determine how 100 congressional seats should be divided among the 10 states of the union.

  Probability that an employee will have a cold next year

A. What is the probability that an employee will have a cold next year? b. Given that an employee is involved in an exercise program, what is the probability that he or she will get a cold next year?

  Improper integral to evaluate the integral

Problem 1: Use the definition of an improper integral to evaluate the integral below:

  Find the mean and standard deviation

Find the mean and standard deviation of the number who spend at least $15 per month. What is the probability that at least 40% of them will spend a t least $15 per month?

  Determine the mean driving time and the variance

1) Tommy's cab company transports riders using 2 routes. Use the following data to determine the mean driving time and the variance in the driving time.

  Two linear regression and multiple regression

Does it appear that gender/sex is a significant factor in the differences in salary in this sample?

  Resting heart rates of american adults

A normal resting heart rate for adults ranges from 60 to 100 beats a minute," reports Dr. Edward Laskowski of the Mayo Clinic. Lower resting heart rates are generally associated with higher cardiovascular fitness.

  Formulate the linear programming model for given problem

Formulate the Linear Programming model for this problem. Solve the problem using Excel Solver or QM for Windows.

  Confidence interval for the mean life

Compute the 99% confidence interval for the mean life of this new type of light bulb.

  Proof of bolzano-weierstrass to prove the intermediate value

Every convergent sequence contains either an increasing, or a decreasing subsequence.

  Compute expected frequencies for each of the cells

Compute expected frequencies for each of the cells in the table in part c). Do you feel that the exponential distribution provides an adequate description of these data and give an expression for the probability that the point is at the origin aft..

  Sketching the direction field of a differential equation

The slopes in the direction field are all identical along horizontal lines and new solutions can be generated from old ones by time shifting (i.e., replacing y(t) with y(t - t0).

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd