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bixtya [17]
2 years ago
5

Suppose you want to have $300,000 for retirement in 25 years. Your account earns 8% interest. How much would you need to deposit

in the account each month?
Mathematics
1 answer:
Rus_ich [418]2 years ago
4 0

Using the future value formula, it is found that you would need to deposit $272.95 in the account each month.

<h3>What is the future value formula?</h3>

It is given by:

V(n) = P\left[\frac{(1 + r)^{n-1}}{r}\right]

In which:

  • P is the payment.
  • n is the number of payments.
  • r is the interest rate.

For this problem, considering that there are monthly compoundings, the parameters are:

r = 0.08/12 = 0.0067, V(n) = 300000, n = 25 x 12 = 300.

Hence we solve for P to find the monthly payment.

V(n) = P\left[\frac{(1 + r)^{n-1}}{r}\right]

300000 = P\left[\frac{(1.0067)^{299}}{0.0067}\right]

1099.12P = 300000

P  = 300000/1099.12

P = $272.95.

You would need to deposit $272.95 in the account each month.

More can be learned about the future value formula at brainly.com/question/24703884

#SPJ1

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A circle is centered at the point (5,-4) &amp; passes through the point (-3,2).
maxonik [38]

Equation of the circle:

(x-5)^2+(y+4)^2=100

Step-by-step explanation:

The equation of a circle is given by

(x-x_0)^2+(y-y_0)^2=r^2

where

(x_0,y_0) are the coordinates of the center of the circle

r is the radius of the circle

For the circle in this problem, we know that:

(5,4) are the coordinates of the center

We also know that the circle passes through the point (-3,2), therefore we can calculate the radius as the distance between the point on the circle and the center of the circle:

r=\sqrt{(-3-(5))^2+(2-(-4))^2}=\sqrt{(-8)^2+(6)^2}=\sqrt{64+36}=10

Therefore, the equation of the circle is:

(x-5)^2+(y-(-4))^2=10^2\\(x-5)^2+(y+4)^2=100

Learn more about circles:

brainly.com/question/4713715

brainly.com/question/3456442

brainly.com/question/3333996

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5 0
3 years ago
ASAP Quadrilateral ABCD is similiar to quadrilateral EFGH. The lengths of the three longest sides in quadrilateral ABCD are 24 f
Nitella [24]

Answer:

D. 6 feet.

Step-by-step explanation:

The third longest side of ABCD is 12 feet long and the third longest side of EFGH is 18 feet long.

As they are similar the corresponding sides are in the same ratio so

12/18 =  x/9 where x is the 4th side of ABCD.

2/3 = x/9

3x = 18

x = 6 feet.

3 0
3 years ago
magan wants to ride his bicycle 30.4 miles this week. he has already ridden 4 miles if he rides for 4 more days what is the aver
Kaylis [27]

The average number of miles he will ride each day to meet his goal is 6.6 miles

<h3>How to find the average number of miles she will ride?</h3>

He wants to ride his bicycle 30.4 miles this week.

He has already ridden 4 miles.

He rides 4 more days.

Therefore, the average number of miles he would have to ride each day to meet his goal can be calculated as follows:

let

x = number of miles driven

Hence, the equation can be represented as follows;

4x + 4 = 30.4

Therefore,

4x + 4 = 30.4

4x + 4 - 4 = 30.4 - 4

4x = 26.4

x = 26.4 / 4

x = 6.6

Therefore, the average number of miles he will ride each day to meet his goal is 6.6 miles

learn more on equation here: brainly.com/question/20794747

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4 0
2 years ago
Please help got stuck again with this one Thank you
Neko [114]
The answer is 2 cubed so B
4 0
3 years ago
Read 2 more answers
At its highest​ point, the elevation of a county is 5,764 feet above sea level. At its lowest​ point, the elevation of the count
Feliz [49]

Answer:

Difference = 5757\ feet

Step-by-step explanation:

Given

Highest\ Point = 5764\ feet

Lowest\ Point = 7\ feet

Required

Determine the difference between the points

The difference is calculated as follows:

Difference = Highest - Lowest

Difference = 5764\ feet - 7\ feet

Difference = 5757\ feet

8 0
3 years ago
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