Determine how much Mark will have in his account at the end of the st, nd, and rd months. What do you think earning 0.5% on the minimum monthly balance means? How will earning interest affect the amount of time he will have to save? D. Determine the additional costs he will incur. When Mark pays for the trip, he will have to pay the Goods and Services Tax (GST). How do you know it will take less than three years for Mark to meet his goal? B.
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YOU WILL NEED graphing calculator spreadsheet software (optional)? Assuming that the cost of the trip stays the same, how long will it take Mark to save enough money to pay for it? A. He already has $00 in his account at the start of the month. Each week, he deposits $50 into a savings account that pays him 0.5% on the minimum monthly balance. Example: Visual representation: Definition in your own words: Personal association: 7 Chapter 8 NELĤ Getting Started APPLYING What You Know Saving for a Trip Mark is saving for an overseas trip that costs $895. a) x c) x b) 5 x 5 8 d) x Complete the chart shown by writing what you know about exponential functions. Round your answers to two decimal places. Solve each equation by graphing the corresponding functions on a graphing calculator. Determine the value of x that makes the equation x true. b) What will be the expected population 0 years from now? 6. a) Determine the expected population at the end of each of the next years. d) The population of a city is and increases by 5% per year. Determine the sum of the first 0 terms of each series. a) What type of sequence is this? Justify your reasoning. The th, 5th, and 6th terms of a sequence are 96, 97.05, and, respectively.
Determine a) the 5th term c) the st term b) the common difference d) the 00th term.
The fourth term of an arithmetic sequence is 6 and the sixth term is 8. For each sequence, determine i) the next two terms ii) the general term iii) the recursive formula a) 7, 5, 9. and and 7.6 5, 6.7 SKILLS AND CONCEPTS You Need. How can you determine which amount will be closest to what will be in the account when you are ready to go to college or university, $00, $500, $000, or $500? NEL 7ģ 8 Getting Started Aid Study For help, see the following lessons in Chapters and 7. 2 Chapter 8 Discrete Functions: Financial Applications GOALS You will be able to Determine how interest is earned and charged Use the difference between future value and present value to solve problems Solve problems about money invested at regular intervals over a period of time Calculate payments that must be made when a purchase is financed over a period of time? On your first birthday, your parents deposit $000 into a bank account that pays % interest per year on the balance.