1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ss7ja [257]
2 years ago
8

John is 48 years old. He is planning on retireing when he is 65. He has opened an IRA with an APR of 3.5% compounded daily. If h

e makes daily deposits of $750.00 to the account. How much will he have in the account when he is ready to retire? Use the formula on page 439 example #1 a $2,250,650 b $6,422,659 c $13,422 d $6,358,659 e $52,801 f $6,422 g $7,422,659 h $68,537 i $1,222,659
Mathematics
1 answer:
alex41 [277]2 years ago
3 0

The amount of money that John would have in his account when he is ready to retire is $6,351,400.21.

<h3>How much would be in the retirement account?</h3>

The formula that can be used to determine the future value of the annuity is

Future value = Daily deposit x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

Where:

  • r = 3.5 / 365 = 0.0096%
  • n = (65 - 48) x 365 = 6205

Annuity factor = [(1.000096^6205) - 1] / 0.000096 = $8468.53

Future value = 750 x $8468.53 = $6,351,400.21

To learn more about annuities, please check: brainly.com/question/24108530

#SPJ1

You might be interested in
What is the answer to this equation: 4x - 2y = 6
hram777 [196]

Answer:

x = 3 and y = 3

Step-by-step explanation:

4 times 3 is 12. 2 times 3 is 6

12 minus 6 is 6

5 0
3 years ago
Read 2 more answers
What is the value of 3-(-2)?
Fed [463]

Answer:

6

Step-by-step explanation:

distribute the negative to ger 3(2), since a negative times a negative is positive. Then just multiply

6 0
3 years ago
A recipe calls for 1/2 cup sugar and 1 cup flour. Complete the table to show how much sugar and flour to use in different number
lubasha [3.4K]

Answer:

Well for every 1/2 cup of sugar its 1 cup of flour

Step-by-step explanation:

Just make a table like for example 5 1/2 cup of sugar brings you 11 cups of flour

Anoter example could be 5.5 cups of flour could be 3 cups of sugar yk?

7 0
3 years ago
Read 2 more answers
Under what condition,the determinant of a matrix is possible?​
ehidna [41]

Answer:

There are three condition, where determinant can be zero. If the complete row of a matrix is zero. If any row or column of a matrix is the constant multiple of another row or column. If any two rows or columns are equal.If all the elements of a row (or column) are zeros, then the value of the determinant is zero. ) is 1.

Step-by-step explanation:

5 0
2 years ago
Mrs. baker paid $2.50 for 5 pounds of bananas. Write an equation relating the cost of c to the number of pounds for p of bananas
serg [7]
2.50=5

2.5 \div 5 = .5

4.0=8
8 0
3 years ago
Other questions:
  • If a standard six sided die is rolled over, what is the probability that the number rolled is either an even or a multiple of 3.
    13·1 answer
  • Is 56 ft, 65 ft, 16 ft a right triangle
    10·2 answers
  • Ii want good answer from good people that has A+ in math
    7·2 answers
  • Select the instances in which the variable described is binomial.
    13·1 answer
  • Can u help me find the answer please
    12·1 answer
  • Help me as much as you can please :)
    13·2 answers
  • For x=4 the functiom f(x) =x2+bx+c has the minimum value of_9.find c
    6·1 answer
  • A linear function passes through (-2, 12) and (4,0). What is the slope of the function?
    11·1 answer
  • Scientists say we should sleep 3/8 of a day.How about many hours is this
    14·2 answers
  • Why are 1995 pennies worth less than 2018 pennies?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!