So this is how you will arrive to the answer:
The following formula models the value of a retirement account,
S = (A [ ( 1 + r ) ^ (t + 1) - 1] / r)
wherein:
A = number of dollars added to the retirement account (each year)
r = annual interest rate
s = value of the retirement account after t years
The question is:
If the interest rate is 11% then how much will the account be worth after 15 years if $2200 is added each year?
Round to the nearest whole number.
Solution:
The said formula contains the term t + 1 instead of the usual "t". Means that the formula applies only in the situation where the money is invested at the beginning of the year instead of the usual practice at the end
Given:
A = 2200
r = 0.11
t = 15
The accumulated amount:
F = A ((1 + r) ^ (t+1) - 1 / r
Substitute:
F = 2200 (1.11 ^ (15 + 1 ) - 1) /0.11
F = 86217.88664
If money is invested at the end of the year, then F = 80476.49, the difference being the investment of an extra 2200 over 15 years.
<em>Your question is incomplete; However, a similar question is:</em>
<em>If B is between A and C, AB = x, BC = 2x + 2, and AC = 14, find the value of x. Then find AB and BC.</em>
<em></em>
<em>This should serve as a guide</em>
Answer:
See Explanation
Step-by-step explanation:
Given
Required
Determine x, AB and BC.
Since B is between A and C;
Substitute x for AB; 2x + 2 for BC and 14 for AC
Collect Like Terms
'
Substitute 4 for x in
Answer:
$150
Step-by-step explanation:
Find how much Nicole earns for 3 hours by plugging in 3 as h in the function:
E(h) = 50h
E(3) = 50(3)
E(3) = 150
So, for tutoring for 3 hours, Nicole will earn $150
Answer:
Equal to 1,204-299
Step-by-step explanation:
Anything divided by 1 is equal to itself.
