Find the ending balance in an account that opens with $6,310, earns 7.5% interest compounded monthly, and is h?

Question

Find the ending balance in an account that opens with $6,310, earns 7.5% interest compounded monthly, and is held for 15 years. (Round your answer to the nearest cent.)

2. What is the probability of getting a license plate that has a repeated letter or digit if you live in a state that has one numeral followed by four letters followed by one numeral? (Round to the nearest whole percent.)

M3 · Accepted Answer

1. 6310*(1+0.075/12)^(12*15) = $19,368.24 <-------

2. P[no repetition] = 10*9(for numbers)*26*25*24*23(for letters) / (10^2*26^4) = 0.707
P[at least 1 repetition] = 1 - 0.707 = 0.293 => 29% <--------

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Find the ending balance in an account that opens with $6,310, earns 7.5% interest compounded monthly, and is h?

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