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
grandymaker [24]
1 year ago
15

How much should a family deposit at the end of every 6 months in order to have $4000 at the end of 3 years? The account pays 5.9

% interest compounded semiannually[Round your final answer to two decimal places
Mathematics
1 answer:
ra1l [238]1 year ago
8 0

We are asked to determine the present value of an annuity that is paid at the end of each period. Therefore, we need to use the formula for present value ordinary, which is:

PV_{ord}=C(\frac{1-(1+i)^{-kn}}{\frac{i}{k}})

Where:

\begin{gathered} C=\text{ payments each period} \\ i=\text{ interest rate} \\ n=\text{ number of periods} \\ k=\text{ number of times the interest is compounded} \end{gathered}

Since the interest is compounded semi-annually this means that it is compounded 2 times a year, therefore, k = 2. Now we need to convert the interest rate into decimal form. To do that we will divide the interest rate by 100:

\frac{5.9}{100}=0.059

Now we substitute the values:

PV_{ord}=4000(\frac{1-(1+0.059)^{-2(3)}}{\frac{0.059}{2}})

Now we solve the operations, we get:

PV_{\text{ord}}=39462.50

Therefore, the present value must be $39462.50

You might be interested in
Compare the process of solving<br> |x - 1 + 1 &lt; 15 to that of solving<br> 1x – 1| + 1 &gt; 15.
Luden [163]

Answer:

x-1+1<15; this gonna be x<15 and 1x-1+1>15 this is gonna be the same

Step-by-step explanation:

8 0
3 years ago
Please help!!!! 8th grade math
zavuch27 [327]

Answer: (4,12) or (1/3) simplified

3 0
2 years ago
Read 2 more answers
4x + 8 = 32 pleas eexplain
Sedbober [7]

Answer:

x = 6

Step-by-step explanation:

  • Subtract  8 from both sides of the equation
  • Simplify
  • Subtract the numbers
  • Divide both sides of the equation by the same term
  • Simplify
  • Cancel terms that are in both the numerator and denominator
  • Divide the numbers
  •  =  6
5 0
3 years ago
Read 2 more answers
A=1/2bh , solve for b
anygoal [31]
B= the base of the object
6 0
2 years ago
Read 2 more answers
I NEEDDD HELPPPP ASAPPPP ITS URGENTTT!!!!
natulia [17]

Answer:

(x-6)^2+(y-14)^2=4

Step-by-step explanation:

7 0
2 years ago
Other questions:
  • VENN DIAGRAMS HELP?
    7·1 answer
  • What is the probability of having an odd number in a single toss of a fair die?
    8·1 answer
  • Charles measured three pieces of string.The strings measured 7.68 inches,3.9 inches,and 2.2 inches.What is the difference in len
    11·1 answer
  • Dan bought a truck for $29,800. The value of the truck depreciated at a constant rate per year. The table below shows the value
    8·1 answer
  • Given parallelogram ABCD, solve for X
    14·1 answer
  • Which expression is equivalent to log^2 9x^3"?
    5·1 answer
  • Gla)=a-4<br> Ha)=a* +2-a<br> Find gla). Mla)
    13·2 answers
  • X*2X3x-4 factorise the question
    9·1 answer
  • 4x+100 6x+216 find x
    9·1 answer
  • HELP ME OUT PLS!!!!!
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!