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Question 4 Question Value: 7 Rinku has just finished her first year of university. She wants...

Question:

Question 4 Question Value: 7 Rinku has just finished her first year of university. She wants to tour Europe when she graduate

Question 4 Question Value: 7 Rinku has just finished her first year of university. She wants to tour Europe when she graduates in 3 years. By having a part- time job through the school year and a summer job during the summer, she plans to make regualr weekly deposits into a savings account, which bears 15% interest, compounded monthly (Assume there are four weeks in every month for this question). (a) If Rinku deposits $10 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (b) If Rinku deposits $15 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (c) Exactly how much does Rinku need to deposit every week if she want to save $4,300 in 3 years (Round your answer to the nearest cent eg. X.XX) $ Number [4/7] {Please note that you may retry this assignment up to 5 times. The grade of your best attempt for the entire assignment is the one that will be recorded for this assignment.}

Answers

Formula S = R((1+ i)^n-1/2) (1 + i) . S -. Future value of investment R - Regular Monthly investment Interest rate 12 n a numS = 40[/(1+0.0125)^:36 -1) / 0.0125] 20140.mag) > 40 [[11-0125)^35 / 0.0125] x [1+ 0.0125) > 40 154463 / 0.0125] x 1.0125 > 44 week R = = $ 15 bea week x $60 15 = 1.25 % - or 0.0125 n = 12 Minth X 3 years = 36 Monty F 3 - 60[111+ o.ovas)“ <36 - .)/ 0c) 300 S = $4300 R = ? i= 0.0125 n= 36 Mouth 4300 = R [((1+0-0125)^ 36 -1 / 0.0125) (1+0.0125) 4300 = . R [ (1.0125) 35 /0.0

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