1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jeyben [28]
3 years ago
7

Suppose our retirement account pays 9% apr compounded monthly; what size nest egg do we need in order to retire with 25 years th

at yields to $5,000 per month? Show all work
Mathematics
1 answer:
Natalka [10]3 years ago
3 0

Answer:

  $595,808.11

Step-by-step explanation:

We assume the retirement account is intended to pay out $5000 per month for 25 years. The amortization formula can be used to find the required amount. The monthly payment A based on principal P with interest at annual rate r for t years satisfies the relation ...

  A = P(r/12)/(1 -(1 +r/12)^(-rt))

  P = A(12/r)(1 -(1 +r/12)^(-rt))

  P = 5000(12/0.09)(1 -(1 +.09/12)^-300)

  P = $595,808.11

The required nest egg is $595,808.11.

You might be interested in
Patrick will borrow $4300 at 11.5% APR. He will pay it back over 5 years.
IRINA_888 [86]

Answer:

94.56

Step-by-step explanation:

because 94,56 x 11.5 x 5 =4300

8 0
3 years ago
Read 2 more answers
What is the image point of (8,-3) after a translation right 5 units and down 5 units?
pshichka [43]

Answer: (13, -8)

Step-by-step explanation:

Subtract 5 from -3

Add 5 to 8

3 0
2 years ago
Calculating the degrees of freedom, the sample variance, and the estimated standard error for evaluations using the t statistic
Yuliya22 [10]

Answer:

a) For the first part we have a sample of n =10 and we want to find the degrees of freedom, and we can use the following formula:

df = n-1= 10-1=9

d.9

b) s^2 = \frac{SS}{n-1}= \frac{600}{41-1}= 15

a.15

c) For this case we have the sample size n = 25 and the sample variance is s^2 =400 , the standard error can founded with this formula:

SE = \frac{s^2}{\sqrt{n}}= \frac{400}{\sqrt{25}}= 80

Step-by-step explanation:

Part a

For the first part we have a sample of n =10 and we want to find the degrees of freedom, and we can use the following formula:

df = n-1= 10-1=9

d.9

Part b

From a sample we know that n=41 and SS= 600, where SS represent the sum of quares given by:

SS = \sum_{i=1}^n (X_i -\bar X)^2

And the sample variance for this case can be calculated from this formula:

s^2 = \frac{SS}{n-1}= \frac{600}{41-1}= 15

a.15

Part c

For this case we have the sample size n = 25 and the sample variance is s^2 =400 , the standard error can founded with this formula:

SE = \frac{s^2}{\sqrt{n}}= \frac{400}{\sqrt{25}}= 80

8 0
3 years ago
Find the value of x in each case:
goblinko [34]

Answer:

x = 11

Step-by-step explanation:

The exterior angle of a triangle is equal to the sum of the 2 opposite interior angles.

∠ FEB and ∠ DEB are adjacent angles and supplementary, thus

∠ FEB = 180 - 4x , so

180 - 4x + x = 147, that is

180 - 3x = 147 ( subtract 180 from both sides )

- 3x = - 33 ( divide both sides by - 3 )

x = 11

6 0
3 years ago
2c-5=9 Please Help! And show work!!
larisa [96]
2c=14 (move 5 to the other side by adding it to 9)
c=7 (divide by 2 to get c on its own)
7 0
3 years ago
Read 2 more answers
Other questions:
  • The weights of tennis balls are normally distributed, with the mean being 5.15 ounces and the standard deviation being 0.10. wha
    11·1 answer
  • Question 3(Multiple Choice Worth 5 points) (01.06) Jack and Jill had 5 pails of water. Each trip up the hill, Jack and Jill obta
    8·2 answers
  • A survey of 500 farmers showed that of the​ farmers, 121 grew only​ wheat, 108 grew only​ corn, 92 grew only​ oats, 195 grew​ wh
    10·1 answer
  • How many 8-ounce cups can be filled from 9 gallons of juice
    9·1 answer
  • Which polygon does NOT belong with the other three?
    10·2 answers
  • If A=p(1+rt), find the value of t if A=690, p=600 and r=.03
    7·1 answer
  • What are two numbers I can use to multiply to 4, but also i can add those numbers to equal 2? Any integers are okay.
    8·1 answer
  • A dolphin was swimming 4 feet below sea level. The number line shows the
    10·1 answer
  • Which number is rational?<br><br> Please help me
    9·1 answer
  • An isosceles triangle has an angle that measures 94º. Which other angles could be in that
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!