Jessica’s parents tell them that they will set up a savings account for their first grandchild. They have $15,000 to invest and have identified an account that pays 2.6% compounded monthly. Since Jessica and Joe both just finished a course on consumer mathematics, they each decide to calculate how much the account will have in it and the interest earned at the end of 18 years. Jessica never rounds her intermediate calculations. She carries out each calculation to as many decimal places as her calculator will indicate. Her calculator displays eight decimal places. She only rounds to the nearest dollar and cents amount at the end of her calculations. Joe always rounds each of his intermediate calculations to 4 decimal places. Answer each of the following questions separately, showing all your work to reach each answer. a. How much money will Jessica calculate to be in the account at the end of 18 years if she uses a calculator that gives answers out to 8 decimal places? b. With Jessica’s calculations, how much interest will be earned at the end of 18 years if she uses a calculator that gives answers out to 8 decimal places? c. How much money will Joe calculate to be in the account at the end of 18 years if he rounds at each step to 4 decimal places. d. With Joe’s calculations, how much interest will be earned at the end of 18 years if he rounds at each step to 4 decimal places.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Jessica’s parents tell them that they will set up a savings account for their first grandchild. They have $15,000 to invest and have identified an account that pays 2.6% compounded monthly. Since Jessica and Joe both just finished a course on consumer mathematics, they each decide to calculate how much the account will have in it and the interest earned at the end of 18 years.
Jessica never rounds her intermediate calculations. She carries out each calculation to as many decimal places as her calculator will indicate. Her calculator displays eight decimal places. She only rounds to the nearest dollar and cents amount at the end of her calculations.
Joe always rounds each of his intermediate calculations to 4 decimal places.
Answer each of the following questions separately, showing all your work to reach each answer.
a. How much money will Jessica calculate to be in the account at the end of 18 years if she uses a calculator that gives answers out to 8 decimal places?
b. With Jessica’s calculations, how much interest will be earned at the end of 18 years if she uses a calculator that gives answers out to 8 decimal places?
c. How much money will Joe calculate to be in the account at the end of 18 years if he rounds at each step to 4 decimal places.
d. With Joe’s calculations, how much interest will be earned at the end of 18 years if he rounds at each step to 4 decimal places.
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