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Discretionary music purchases are a big business. Albums can be downloaded, streamed, played from a CD, played on vinyl, and more. What types of albums are being purchased in the United States? Music albums can be classified as current or catalog albums. The difference between the two is that a catalog album is at least 18 months old. Focus on data comparing album unit sales in the millions in both categories over a period of 7 years, as illustrated in this chart:
Construct a scatter plot using the year number as the x-coordinate and catalog album sales as the y-coordinate. Use as the x-axis interval and as the y-axis interval. Find the correlation coefficient to the nearest hundredth.
How much money can be withdrawn at the end of 15 years if
a. $2,000 is deposited at the end of each year and earns 5 percent/year compounded annually?
b.$3,000 is deposited at the end of each year for 10 years and no deposits are made thereafter, where the fund earns 8 percent?
c. $2,000 is deposited at the end of years 1 through 5,$4,000 is deposited at the end of years 6 through 10, and $6,000 is deposited at the end of years 11 through 15, with all deposits earning 8 percent?