You have $150 in a savings account and you have some cash. The tape diagram represents the ratio of

You have $150 in a savings account and you have some cash. The tape diagram represents the ratio of the amounts of money. You want to have twice the amount of money in your savings account as you have in cash. How much of your cash should you deposit into your savings account?

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  1. Please see the detailed answer below:

    Step-by-step explanation:

    Part 1:

    n = [lnA - lnP] / ln(1 + i)

    n = [ln15000 - ln10000] / ln(1 + 0.03)

    n = [9.6158 - 9.2103] / 0.0296

    n = 13.70

    13 years, 8 months and 12 Days

    Part 2:

    P = A / [(1 + i)n]

    P = 15000 / [(1.03)4]

    P = 15000 / 1.1255

    P = $13,327.31

    Part 3:

    A = 10000 (1 + 0.04)5

    A = $12,166.53

    The amount of money you need to save to buy a car at $15,000 would be;

    $15,000 - $12,166.53

    => $2,833.47

    Part 4

    Firstly there is a threat of inflation. The car that $15,000 may not cost the same amount after 13 years from now. Secondly, We can Invest money today to get interest on it instead of loosing the opportunity cost of interest by not investing the money and saving the money by self is definitely a waste of time. Thirdly, Human Beings prefer to get pleasurable luxuries as early as possible, So I would prefer to invest $10,000 now at higher rate of return at 4% for the time period of 5 years so that I buy the car and in that time I will also save the money on my own so that it could add up to $15,000.

    Part 5

    Saving money for rainy days is a concept derived from ancient times. As at the beginning people used to save food as there will be no cultivation in dry weather. But above example is solely talking about luxury as if it would be necessity he could have bought any cheaper Car. And for that we should always be thankful to God for what he has given to us. Some of the Verses from Bible are listed below:

    "Always find something to be thankful for, even in the hard times."

    “Give thanks to the LORD, for he is good; his love endures forever.”

    Chronicles 16:34

    “Let them give thanks to the LORD for his unfailing love and his wonderful deeds for mankind, for he satisfies the thirsty and fills the hungry with good things.”

    Psalm 107:8-9

  2. Period In Europe from the late fourteenth through the sixteenth centuries, which was characterized by a renewed wed interest in human-centered classical art, literature, and learning./ Rebirth of Greek and roman culture, and art. Time of less strife.

    Explanation:

    Period In Europe from the late fourteenth through the sixteenth centuries, which was characterized by a renewed interest in human-centered classical art, literature, and learning./ Rebirth of Greek and roman culture, and art. Time of less strife.Period th of Greek and roman culture, and art. Time of less strife.Period In Europe from the late fourteenth through the sixteenth centuries, which was characterized by a renewed interest in human-centered classical art, literature, and learning./ Rebirth of Greek and roman culture, and art. Time of less Period In Europe from the late fourteenth through the sixteenth centuries, which was characterized by a renewed interest in human-centered classical art, literature, and learning./ Rebirth of Greek and roman culture, and art. Time of less strife.Period In Europe from the late fourteenth through the sixteenth centuries, which was characterized by a renewed interest in human-centered classical art, literature, and learning./ Rebirth of Greek and roman culture, and art. Time of less strife.strife.

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