6 3 points] Starting at the end of this month you deposit $500 every month in a

Question

6 3 points] Starting at the end of this month you deposit $500 every month in a bankaccount that pays At the end of two years, and after your 24th deposit you 12% nominal interest compounded monthly. withdrawal it all. Draw the cash flow diagram: What is the amount you can withdraw in 2 years? 7 (3 points]You want to save up $5000 for a trip. Starting at the end of this month you will make 12 equal monthly deposits to an account pays 8% nominal interest compounded monthly. Draw the cash flow diagram: How much will you have to deposit each month to meet your goal at the end of 12 months? 8 2 points] An outdoor security light consumes 500W of power and runs for 12 hours each night. If electricity costs 14 cents per kWh what is the cost of electricity for one month? [Use 30 days for 1 month]

Explanation / Answer

8) Ans:-

Light consumes 500W of power each night that runs for 12 hours.

So electricity consumption per night = 500 w × 12 h

= 6000 Wh

Now, given that one months has 30 days and so as 30 nights

So electricity consumption of 30 nights that is one month is given by = 30 × 6000

= 180,000 Wh

Now 1Kwh equals 1000 Wh

So total electricity consumption in KWh =180000/ 1000

= 180 KWh

It is given that cost of 1 KWh electricity is 14 cents so cost of 180 KWh electricity consumption= 180 × 14 = 2520 cents

Therefore total cost = 2520 cents or 25.2 $

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