Question: 15. The future value formula is used when an amount, FI dollars, is saved through a series of equal investments at equal time intervals, and

15. The future value formula is used when an amount, FI dollars, is saved through a series of equal investments at equal time intervals, and the compounding period of the interest is equal to the time interval for the investments. The formula is: pv = AL( + 1)" - 1] rate per compounding period, and n is the number of investments. , where R dollars is the regular investment, i is the interest A student wants to buy a flute in 19 months for $2200. The student plans to make 19 equal monthly deposits into a savings account that pays 2% annual interest, compounded monthly. How much should the student deposit each month? a. $1 14.06 b. $20.71 C. $2.06 d. $96.32 16. The future value formula is used when an amount, FV dollars, is saved through a series of equal investments at equal time intervals, and the compounding period of the interest is equal to the time interval for the investments. The formula is: FV = R[(1 + 1)" - 1] , where R dollars is the regular investment, i is the interest rate per compounding period, and n is the number of investments. To the nearest month, how many monthly investments of $200 would have to be made into a savings account that pays 2% annual interest, compounded monthly, for the future value to be $4893.13? 11 c. 1330 b. d. 20 17. The present value formula is used when an amount, PV dollars, is borrowed and then repaid through a series of equal payments at equal time intervals, and the compounding period of the interest is equal to the time interval for the payments. The first payment is made after a time equal to the compounding period. The formula is: PV = R[1 - (1 + 2)"" ] -, where R dollars is the regular payment, i is the interest rate per compounding period, and n is the number of payments. A person has a balance of $664.45 on a credit card. The credit card charges 14% annual interest, compounded monthly. The minimum payment is $25 per month. If the person does not make any more purchases using the card, and pays only the minimum payment each month, how long will it take before the balance is paid off, to the nearest month? a. 23 months c. 14 months b. 32 months d. 33 months 18. Solve the equation: 33e* = 3. Write the solution to the nearest thousandth. * = 2.398 b. x = -3.497 C. x = 1.099 d. x = -2.398 a

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