Mary would like to save $10 000 at the end of 5 years for a future down payment on a car

a) How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded monthly, to meet her goal?

b) If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each month would you have to work, just to make those payments? Write a brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing!

Acaterer knows he will need 60, 50, 80, 40 and 50 dinner napkins on five successive evenings. he can purchase new napkins initially at 25 cents each, after which he can have dirty napkins laundered by a fast one-day laundry service (i.e., dirty napkins given at the end of the day will be ready for use the following day) at 15 cents each, or by a slow two-day service at 8 cents each or both. the caterer wants to know how many napkins he should purchase initially and how many dirty napkins should be laundered by fast and slow service on each of the days in order to minimize his total costs. formulate the caterer’s problem as a linear program as follows (you must state any assumptions you make): a. define all variables clearly. how many are there? b. write out the constraints that must be satisfied, briefly explaining each. (do not simplify.) write out the objective function to be minimized. (do not simplify.)