We have been given that the number of books in a small library increases according to the function , where t is measured in years. We are asked to find the number books in the library after nine years.
To find the number books in the library after nine years, we will substitute in our given equation as:
Upon rounding to nearest whole number, we will get:
Therefore, there will be approximately 6465 books in the library after 9 years.
Answer:
Monthly payment is $5970
Step-by-step explanation:
Given : April invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 89. April invested a $1,000,000 into the annuity, which earns 4.4% APR compounded monthly.
To find : what is April's monthly payment amount?
Solution :
Formula of monthly payment
Monthly payment,
Discount factor
Where, Amount = $1,000,000
Rate r= 4.4%=0.044 compounded monthly
Time = 89-65=23 years
Now, put all the values we get,
Monthly payment,
Approximately,monthly payment is $5970