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Mathematics, 16.12.2019 20:31 natalie2sheffield

Will give brainliest to whoever fills out the whole thing

for parts 1, 2, and 3 you must show your work to receive full credit.

part 1:
you started saving for a car when you were in middle school. you have done some research and discovered that it will cost you about $15,000 for a used car that would fit your needs. you were encouraged to invest some of your savings to you get to your financial goal faster. so far you have saved $10,000. if you invest this money in a savings account with a 3% interest rate compounded annually, how long will it take to earn enough money to go purchase the car? use the compound interest formula a = p (1 + i)n, where a is the accumulated amount, p is the principal, i is the interest rate per year, and n is the number of years. round your final answer to the nearest tenth

part 2:
you would like to purchase the car in 4 years. how much money will you need to invest at a 3% interest rate compounded annually in order to have $15,000 in 4 years? use the compound interest formula a = p (1 + i)n. (round final answer to the nearest cent, but otherwise don’t round any intermediate values)

part 3:
now say you invest the $10,000 and the highest interest rate you can find is 4% compounded annually, but you would have to leave the investment in the account for a minimum of 5 years. if you decide to wait 5 years to buy the car, how much more money will you have to save to buy a car at the $15,000 price. use the compound interest formula a = p (1 + i)n. (round final answer to the nearest cent, but otherwise don’t round any intermediate values)

part 4:
given the previous calculations, write a paragraph explaining how you would prepare financially to buy the car. would you invest the $10,000 and wait until it grows to $15,000? would you add to the investment of $10,000 so it will grow to $15000 by the time you want to buy the car? would you invest the $10,000 for a little longer and come up with the rest of the money when you want to buy the car? explain your answer.

part 5
the bible has a lot to say about money and finances. how would a biblical perspective on your wealth and finances change or influence how you look at the above scenario? in at least 4 sentences, explain one or two biblical perspectives on finances and how that would affect the way in which you look at saving and spending your money. use specific scriptural references in your answer.

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Will give brainliest to whoever fills out the whole thing

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