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Dmitry [639]
1 year ago
8

Question 13

Mathematics
1 answer:
charle [14.2K]1 year ago
4 0

The amount to be invested today so as to have $12,500 in 12 years is  $6,480.37.

The amount that would be in my account in 13 years is $44,707.37.

The amount I need to deposit now is $546.64.

<h3>How much should be invested today?</h3>

The amount to be invested today = future value / (1 + r)^nm

Where:

  • r = interest rate = 5.5 / 365 = 0.015%
  • m = number of compounding = 365
  • n = number of years  = 12

12500 / (1.00015)^(12 x 365) = $6,480.37

<h3>What is the future value of the account at the end of 13 years?</h3>

Future value = monthly deposits x annuity factor

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

Where:

  • r = interest rate = 5.3 / 12 = 0.44%
  • n = 13 x 12 = 156

200 x [{(1.0044^156) - 1} / 0.0044] = $44,707.37

<h3>What should be the monthly deposit?</h3>

Monthly deposit = future value / annuity factor

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

Where:

  • r = 6.7 / 12 = 0.56%
  • n = 2 x 12 = 24

$14,000 / [{(1.0056^24) - 1} / 0.0056] = $546.64

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

#SPJ1

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Math formulas are expressions that have been created after several decades of research that help to solve questions quickly. It is easy to perform simple arithmetic calculations such as addition, subtraction, and so on. However, when it comes to algebraic expressions, geometry, and other topics you need mathematical formulas to simplify the process of reaching the answer and saving time in the process. At Cuemath you will not only find formulas for every topic but will also get an idea of how that equation was developed. Thus, you will not have to memorize formulas, as you understand the concept behind them.

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(a+b)^2 Formula(a+b)^3 Formula(a-b)^2 Formula(a-b)^3 Formula(x+1)^3 Expand Formula20º Celsius to Fahrenheit Formula 25º Celsius to Fahrenheit Formula2cosacosb Formula30-60-90 Formula3D Distance Formula90 Degree Angle FormulaA Union B Formulaa^2-b^2 Formulaa^3+b^3 Formulaa^3-b^3 Formulaa2 + b2 + c2 formulaAccuracy FormulaAddition FormulaAlgebra FormulasAlgebra FormulasAlgebraic Sequence FormulaAll Circle FormulasAltitude of a Triangle FormulaAmplitude FormulaAngle Bisector FormulaAngle Difference FormulaAngles FormulasAnnuity FormulaAnova FormulaAntiderivative FormulaAPY FormulaArc Length Formula in RadiansArccot FormulaArctan FormulaArea of a Sector of a Circle FormulaArea of Circle FormulaArea Under the Curve FormulaArithmetic Mean FormulaArithmetic Sequence FormulaArithmetic Sequence Explicit FormulaArithmetic Sequence Recursive FormulaASA FormulaAssociative Property FormulaAsymptote FormulaAverage Deviation FormulaAverage FormulaAverage Rate of Change FormulaAverage Speed FormulaAxis of Symmetry Formula Basic Algebra FormulaBasic Statistics FormulaBaye's FormulaBinary to Decimal FormulaBinomial Distribution FormulaBinomial Expansion FormulasBinomial Theorem FormulaCalculus FormulasCelsius Formula Celsius to Fahrenheit FormulaCelsius To Kelvin FormulaCentimeter Square to Meter Square FormulaCentral Angle of a Circle FormulaCentral Limit Theorem FormulaCentral Tendency FormulaCentroid FormulaCentroid of a Trapezoid FormulaChain Rule FormulaChange of Base FormulaChi Square FormulaCircle Graph FormulaClock Angle FormulaCoefficient of Variation FormulaCofactor FormulaCoin Toss Probability FormulaCombination FormulaCommon Ratio FormulaCommutative Property FormulaCompleting the Square FormulaComplex Number FormulaCompound Interest FormulaConditional Probability FormulaCone Height FormulaConfidence Interval FormulaConsecutive Integers FormulaContinuous Compounding FormulaConvert Millimeter to Inches FormulaConverting Degrees to Radians FormulaCorrelation Coefficient FormulaCos Double Angle FormulaCos Inverse FormulaCos Square Theta FormulaCosec Cot FormulaCosecant FormulaCosine FormulasCot - Tan FormulaCotangent FormulaCovariance FormulaCP FormulaCpk FormulaCross Product FormulaCube FormulaCube Root FormulaCubic Equation FormulaCurrent FormulaDaily Compound Interest FormulaDe Moivre's FormulaDecay FormulaDecimal to Binary FormulaDecimal to Hexadecimal Conversion FormulaDecimals FormulaDefinite Integral FormulaDerivative FormulaDeterminant FormulaDiagonal of a Cube FormulaDiagonal of a Polygon FormulaDiagonal of Parallelogram FormulaDiagonal of Rectangle FormulaDiagonal of Square FormulaDiagonals FormulaDiameter FormulaDiameter of a Sphere Formula Using VolumeDifference of Cubes FormulaDifference of Squares FormulaDifference Quotient FormulaDifferential Equations FormulaDifferentiation and Integration FormulaDimension FormulaDirect Proportion FormulaDirect Variation FormulaDirection of a Vector FormulaDiscount Formula Discriminant FormulasDisk Method FormulaDistance FormulaDistributive Property FormulaDividend Divisor Quotient Remainder FormulaDivision FormulaDot Product FormulaDouble Angle FormulasDouble Time FormulaEffective Annual Rate FormulaEffective Interest Rate FormulaEllipse FormulaEmpirical Probability FormulaEmpirical Rule FormulaEndpoint FormulaEquation of a Circle FormulaEquilateral Triangle FormulasEuclidean Distance FormulaEuler's FormulaExpected Value FormulaExponential Decay FormulaExponential Distribution FormulaExponential Equation FormulaExponential FormulasExponential Function FormulaExponential Growth and Decay Formula

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