Paola knows the following two commands in Excel: PMT(rate, nper, PV, FV) FV(rate, nper, pmt, PV) Paola is using the Quantitative Reasoning Process to make a plan to save money for her first car. She has $600 saved so far and plans to save $15 per month for the next 3 years. If she can save with an annual interest rate of 2.1%, which of the following commands will give Paola the final balance after 3 years? 1 =PMT(0.021/12,3,-600,-15) 2 =PMT(2.1/12,3*12,-600,-15) 3 =FV(0.021/12,3*12,-15,0) 4 =FV(2.1,3,-600,0) 5 =FV(0.021/12,3*12,-15,-600)
Paola knows the following two commands in Excel: PMT(rate, nper, PV, FV) FV(rate, nper, pmt, PV) Paola is using the Quantitative Reasoning Process to make a plan to save money for her first car. She has $600 saved so far and plans to save $15 per month for the next 3 years. If she can save with an annual interest rate of 2.1%, which of the following commands will give Paola the final balance after 3 years? 1 =PMT(0.021/12,3,-600,-15) 2 =PMT(2.1/12,3*12,-600,-15) 3 =FV(0.021/12,3*12,-15,0) 4 =FV(2.1,3,-600,0) 5 =FV(0.021/12,3*12,-15,-600)
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
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Paola knows the following two commands in Excel:
PMT(rate, nper, PV, FV)
FV(rate, nper, pmt, PV)
Paola is using the Quantitative Reasoning Process to make a plan to save money for her first car. She has $600 saved so far and plans to save $15 per month for the next 3 years. If she can save with an annual interest rate of 2.1%, which of the following commands will give Paola the final balance after 3 years?
| 1 |
=PMT(0.021/12,3,-600,-15) |
|
| 2 |
=PMT(2.1/12,3*12,-600,-15) |
|
| 3 |
=FV(0.021/12,3*12,-15,0) |
|
| 4 |
=FV(2.1,3,-600,0) |
|
| 5 |
=FV(0.021/12,3*12,-15,-600) |
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