Patricia and Joe Payne are divorced. The divorce settlement stipulated that Joe pay $485 a month for their daughter Suzanne unti
l she turns 18 in 4 years. Interest is 6% a year. How much must Joe set aside today to meet the settlement?
1 answer:
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](https://tex.z-dn.net/?f=%5Cbf%20%5Cqquad%20%5Cqquad%20%5Ctextit%7BFuture%20Value%20of%20an%20ordinary%20annuity%7D%0A%5C%5C%5C%5C%0AA%3Dpymnt%5Cleft%5B%20%5Ccfrac%7B%5Cleft%28%201%2B%5Cfrac%7Br%7D%7Bn%7D%20%5Cright%29%5E%7Bnt%7D-1%7D%7B%5Cfrac%7Br%7D%7Bn%7D%7D%20%5Cright%5D)

![\bf A=5280\left[ \cfrac{\left( 1+\frac{0.06}{1} \right)^{1\cdot 4}-1}{\frac{0.06}{1}} \right]](https://tex.z-dn.net/?f=%5Cbf%20A%3D5280%5Cleft%5B%20%5Ccfrac%7B%5Cleft%28%201%2B%5Cfrac%7B0.06%7D%7B1%7D%20%5Cright%29%5E%7B1%5Ccdot%20%204%7D-1%7D%7B%5Cfrac%7B0.06%7D%7B1%7D%7D%20%5Cright%5D)
Joe is making $485 payments monthly, but the amount gets interest on a yearly basis, not monthly, so the amount that yields interest is 485*12
also, keep in mind, we're assuming is compound interest, as opposed to simple interest
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1/4 + 3/10 = 10/40 + 12/40 = 22/40
40/40 = 22/40 = 18/40
18/40 = cranberry j
Ratio=
A : O : C
10/40 : 12/40 : 18/40
0.25 : 0.3 : 0.45
Answer:
D
Step-by-step explanation:
Answer:
17/12
Step-by-step explanation:
a positive improper fraction. the numerator becomes the denominator.
D should be the correct answer
If you need to you can write it out. the answer is X=14