Question

(A) Fatima, Muna and Ahmed are three college going siblings. They have decided to save some money every month from their pocket money. Fatima and Muna have kept their money in two different banks and the following amounts are saved in their accounts. Assume that they both start saving from the same month and continue to follow the saving plan. Month 1 Month 2 Month 3 Month 4 Month 5 Amount in Fatima's account 3000.00 3060.00 3121.20 3183.62 3247.30 Amount in Muna's account 3250.00 3282.50 3315.33 3348.48 3381.96 (A-1) After how many months, will they each one of them will have more than AED 3500 in the account? Show the steps of calculation. You may use Excel to get this answer. Paste the screenshot of Excel table here. (A-2) Ahmed starts with AED 3000 and adds AED 70 each month to his savings. After how many months will he get more than AED 3500 in his saving? Comments from the students who checked this answer: (A) Mrs. Clark and her family went to eat at a Sushi restaurant in Abu Dhabi.

          (A) Fatima, Muna and Ahmed are three college going siblings. They have decided to save some money every month from their pocket money. Fatima and Muna have kept their money in two different banks and the following amounts are saved in their accounts. Assume that they both start saving from the same month and continue to follow the saving plan.

Month 1 Month 2 Month 3 Month 4 Month 5
Amount in Fatima's account 3000.00 3060.00 3121.20 3183.62 3247.30
Amount in Muna's account 3250.00 3282.50 3315.33 3348.48 3381.96

(A-1) After how many months, will they each one of them will have more than AED 3500 in the account?
Show the steps of calculation. You may use Excel to get this answer. Paste the screenshot of Excel table here.

(A-2) Ahmed starts with AED 3000 and adds AED 70 each month to his savings. After how many months will he get more than AED 3500 in his saving?

Comments from the students who checked this answer:

(A) Mrs. Clark and her family went to eat at a Sushi restaurant in Abu Dhabi.

Show more…

(A) Fatima, Muna and Ahmed are three college going siblings. They have decided to save some money every month from their pocket money. Fatima and Muna have kept their money in two different banks and the following amounts are saved in their accounts. Assume that they both start saving from the same month and continue to follow the saving plan.

Month 1 Month 2 Month 3 Month 4 Month 5
Amount in Fatima's account 3000.00 3060.00 3121.20 3183.62 3247.30
Amount in Muna's account 3250.00 3282.50 3315.33 3348.48 3381.96

(A-1) After how many months, will they each one of them will have more than AED 3500 in the account?
Show the steps of calculation. You may use Excel to get this answer. Paste the screenshot of Excel table here.

(A-2) Ahmed starts with AED 3000 and adds AED 70 each month to his savings. After how many months will he get more than AED 3500 in his saving?

Comments from the students who checked this answer:

(A) Mrs. Clark and her family went to eat at a Sushi restaurant in Abu Dhabi.

Added by Carol E.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

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Solved by Expert Lucas Finney

11/05/2022

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Fatima, Muna and Ahmed are three college going siblings. They have decided to save some money every month from their pocket money. Fatima and Muna have kept their money in two different banks and the following amounts are saved in their accounts. Assume that they both start saving from the same month and continue to follow the saving plan. Month 1 Month 2 Month 3 Month 4 Month 5 Amount in Fatima's account 3000.00 3060.00 3121.20 3183.62 3247.30 Amount in Muna's account 3250.00 3282.50 3315.33 3348.48 3381.96 (A-1) After how many months, will they each one of them will have more than AED 3500 in the account? Show the steps of calculation. You may use Excel to get this answer. Paste the screenshot of Excel table here. (A-2) Ahmed starts with AED 3000 and adds AED 70 each month to his savings. After how many months will he get more than AED 3500 in his saving? Comments from the students who checked this answer: (A) Mrs. Clark and her family went to eat at a Sushi restaurant in Abu Dhabi.

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Transcript

00:01 So for this problem, as you can see, i've copied in all of the data into excel.

00:06 The first thing that i'm going to do here is just slightly change around the way that the data is being displayed.

00:12 Because what i'm going to do here is do a linear regression where we have x is the month number, and then we have y is equal to the value in the bank account at each month.

00:26 So the point of doing this is this will give us the equation so that we can figure out x as a function of y.

00:32 So we'll do equals lin -est, known y's, known x's, b is calculated normally, and we do not need additional regression statistics.

00:46 So what this tells us is that for, we can say that y1 is equal to 2936 .96 plus 61 .822.

00:56 And i'll repeat the same process for y2 equals lin -est, known y's, known x's, true, b is calculated normally.

01:12 We do not need additional regression statistics.

01:15 We have y2 is equal to 3216 .68 plus 32 .99.

01:22 So what we can do now is just going to change the display of these.

01:29 So we have one, two, and then we'll drag this across, so it'll fill in for the remaining months.

01:34 All right.

01:36 So now that we know the equations, we can implement them.

01:41 So we have y equals 293 .96 plus, or, pardon me, that's 293 or 2936 .96 plus 6 .1 .822 times x...

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