Modeling Using Regression
The equation below shows the value, V, of an investment (in dollars) n years after 1985.
V=364.38n+16046.24
Based on this regression model, the value of the investment was what in 1985?
$16046.24
Rosa invests $11,000 at 6% simple interest for 23 years. How much interest is earned over the 23 year period?
$15,180
What is the difference between a compounding interest and annuity problem?
Compounding interest uses one lump sum payment at the beginning and annuity uses multiple payments over time.
You want to be able to withdraw $20,000 each year for 15 years. Your account earns 8% interest. How much do you need in your account at the beginning?
$171,189.57
In a website browser address bar, what does "www" stand for?
World Wide Web
Which of the following correlation coefficients shows a moderate linear relationship?
A) 0.88
B) 0.23
C) -0.81
D) -0.65
D) -0.65
Rosa invests $11,000 at 6% simple interest for 23 years. How much is in the account at the end of the 23 year period?
$26,180
Suppose you want to have $300,000 for retirement in 25 years. Your account earns 5% interest. Round your answers to the nearest cent.
How much would you need to deposit in the account each month?
$503.77
You have $400,000 saved for retirement. Your account earns 2% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?
$2,574
What day is known as Star Wars day?
May 4th
Following is the regression equation for the population, P (in thousands), of a town after n years.
P=3713.57(1.019)^n
Based on the regression model, what is the percent increase per year?
1.9% increase
You deposit $6,000 in an account earning 5% interest compounded monthly. How much will you have in the account in 15 years?
$12,682.22
You deposit $500 each month into an account earning 3% interest compounded monthly. In 30 years, you will have $291,368.44.
How much total money will you put into the account?
You want to buy a car. The loan amount will be $15,000. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly payments be?
$283.07
In bowling, three strikes in a row is called?
A turkey
Following is the regression equation for the population, P (in thousands), of a town after n years.
P=3713.57(1.019)^n
Use the regression model to find the population when
n=13
4743.03 thousand people
A bank features a savings account that has an annual percentage rate of 2.3% with interest compounded quarterly. Vanessa deposits $3,500 into the account.
What is the annual percentage yield (APY) for the savings account?
2.32%
Suppose you want to have $300,000 for retirement in 35 years. Your account earns 7% interest. You will be depositing $166.57 each month. How much interest will you earn?
$230,040.60
You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
$121.74
How many hearts does an octopus have?
Three
What type of regression model should be used when describing compounding interest?
Exponential regression
How much would you need to deposit in an account now in order to have $4,000 in the account in 15 years? Assume the account earns 4% interest compounded quarterly.
$2,201.80
You want to have $800,000 for retirement in 35 years. Your account earns 8% interest. You plan on paying an amount monthly to achieve your goal. How much interest will you earn?
$653,525
Jenelle bought a home for $190,000, paying 20% as a down payment, and financing the rest at 5.8% interest for 30 years.
What was her monthly payment?
$891.86
In which sport can you win the Davis Cup?
Tennis