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Juliette [100K]
3 years ago
13

you plan to save 600 a month for the next 30 years for retirement. What interest rate would you need to have for 1,000,000 at re

tirement?
Mathematics
1 answer:
8_murik_8 [283]3 years ago
4 0

Answer:

About 463%

Step-by-step explanation:

600*12= 7200

7200*30= 216000

1,000,000/ 216000 = about 4.63

Check:

4.63*216000= 1,000,080

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Answer:

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Step-by-step explanation:

We are given the following in the question:

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P(Loosing) =

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If we win we gain a profit of $5.50 and if we loose the lottery, we loose $1.

Thus, we can form the probability distribution in the following manner:

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We have to calculate the expected value of the profit.

E(X) = \displaystyle\sum x_i(P(x_i))\\E(x) = +5.50(0.075) + (-1)(0.925)\\E(x) = -0.5125

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