Alex wants to start an IRA that will have $1,250,675 in it when he retires in 30 years. How much should he invest semiannually i
2 answers:
Answer:
$9828.44
Step-by-step explanation:
The semi annual payment is such that the future value of the annuity due is equal to the desired amount when he retires.
The formula to calculate future value of an annuity due periodic payment of M for time period T for given periodic return r,
A=
in this question there are 30*2= 60 payments and the semi annual rate= 4.5/2= 2.25%
putting values we get
1250675=
on solving we get M= $9828.44
Alex needs to invest $9828.44 semiannually in his IRA
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Answer:
From our calculations the large jar is the best value for money because a penny buys more honey
Step-by-step explanation:
<h2>In this problem we are expected to determine which purchase of honey is the cheapest ? large jar or small jar ?.</h2><h2 />We will determine which has the best value for money using the quantity a pound can purchase.
firstly for the large jar.
if £4.10 will purchase 540g of honey then,
£1.00 will purchase xg
cross multiplying to find x will have
Hence for the large jar a penny would buy 131.7g of honey
secondly for the small jar
if £2.81 will purchase 360g of honey then,
£1.00 will purchase xg
cross multiplying to find x will have
Hence for the small jar a penny would buy 128.1g of honey