You deposit $200 every quarter for 12 years into a sinking fund that pays 2.25% interest compounded annually. What is the future
1 answer:
Answer:
$16,974.57
Step-by-step explanation:
The formula for future value is given by
where
FV = future value
PMT = amount deposited each period and is given as 200
i = rate per period = r/m where r is the interest rate and m the frequency of compounding. Here it is mentioned that r = 2.25% and interest is compounded annually ie once per year so m = 1
i = 2.25%/1 = 2.25% = 2.25/100 = 0.0225
The number of payments n = 48 since we make quarterly payments (4 per year) and we are asked to compute for 12 years
Plugging these values into the formula gives
which evaluates to
$16,974.57 which can be rounded up to $16975
depending on the accuracy you desire
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Answer:
Step-by-step explanation:
Just so you know, for your information, composite numbers have more than <em>two</em> factors, and prime numbers have EXACTLY two factors [1 and itself (that number)].
* A common mistake is that people make is that they say that all even numbers are composite, and that is false because there are odd numbers that are PERFECT SQUARES and can be divided evenly without leaving a remainder. So, using the Prime Factorization Method, you can do this in two structures:
- Ladder Diagram
- Factor Tree
Factor Tree
85
/ \
17 5
Ladder Diagram
17|<u>85</u>
5|<u>5</u>
1
In the Ladder Diagram, when you are down to 1, you know that factorization is over and there is nothing else to do.
So, with that being said, the prime factorization of 85 is 17 × 5.
I am joyous to assist you anytime.