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NARA [144]
1 year ago
15

Rob Herndon, an accountant with Southwest Airlines, wants to retire 50% of

Mathematics
1 answer:
valina [46]1 year ago
7 0

To achieve his goal of paying off $430,000 in 10 years, Rob Herndon needs to make $34,186.97 at 5% compounded annually.

<h3>What is a future value?</h3>

A future value refers to a value on a future date based on an assumed growth rate of interest over time.

The future value can be determined using the FV formula or table.

We can also compute the future value using an online finance calculator as follows:

<h3>Data and Calculations:</h3>

N (# of periods) = 10 years

I/Y (Interest per year) = 5%

PV (Present Value) = $0

FV (Future Value) = $430,000

<u>Results:</u>

PMT = $34,186.97

Sum of all periodic payments = $341,869.70

Total Interest= $88,130.30

Thus, for Rob Herndon to achieve his goal of paying off $430,000 in 10 years, he needs to make $34,186.97 at 5% compounded annually.

Learn more about Calculating Future Values at brainly.com/question/24703884

#SPJ1

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in 2012, the population of a city was 63,000. by 2017, the population was reduced to approximately 54,100. identify any equation
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Answer:

<em></em>f(x) = 63000(0.97)^x<em></em>

<em></em>

Step-by-step explanation:

Given

f(0) = 63000 ---x = 0, in 2012

f(5) = 54100 -- x = 5, in 2017

Required

Select all possible equations

Because there is a reduction in the population, as time increases; the rate must be less than 1.

An exponential function is represented as:

f(x) = ab^x

Where

b = rate

rate > 1 in options (a) and (b) i.e. 1.03

This implies that (a) and (b) cannot be true

For option (c), we have:

f(x) = 63000(0.97)^x

Set x = 0

f(0) = 63000(0.97)^0 = 63000*1=63000\\

Set x = 5

f(5) = 63000(0.97)^5 = 63000*0.8587=54098.1 \approx 54100

<em>This is true because the calculated values of f(0) and f(5) correspond to the given values</em>

For option (d), we have:

f(x) = 52477(0.97)^x

Set x = 0

f(0) = 52477(0.97)^0 - 52477* 1 = 52477

<em>This is false because the calculated value of f(0) does not correspond to the given value</em>

For option (e), we have:

f(x) = 63000(0.97)^\frac{1}{5x}

Set x = 0

f(0) = 63000(0.97)^\frac{1}{5*0} = 63000(0.97)^\frac{1}{0} =undefined

<em>This is false because the f(x) is not undefined at x = 0</em>

For option (f), we have:

f(x) = 52477(0.97)^{5x

Set x = 0

f(0) = 52477(0.97)^{5*0} = 52477(0.97)^0 =52477*1= 52477

<em>This is false because the calculated value of f(0) does not correspond to the given value</em>

<em>From the computations above, only (c) </em>f(x) = 63000(0.97)^x<em> is true</em>

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