Since he is investing the same amount monthly, we have to apply annuity formula. And it is planned for the future. So that, we'll apply future value annuity formula. The formula is
![FV=A[ \frac{(1+ \frac{r}{s})^{Ns} -1 }{r} ]](https://tex.z-dn.net/?f=FV%3DA%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7Br%7D%7Bs%7D%29%5E%7BNs%7D%20-1%20%7D%7Br%7D%20%5D)
, where A is the monthly payment, r is the percentage rate, s is 12 (monthly compound) and N is the time, which is 30. Plugging the numbers into the formula, we write that
![FV=155[ \frac{(1+ \frac{0.037}{12} )^{12*30} - 1 }{0.037} ]](https://tex.z-dn.net/?f=FV%3D155%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7B0.037%7D%7B12%7D%20%29%5E%7B12%2A30%7D%20-%201%20%7D%7B0.037%7D%20%20%5D)
= $8485.450857
2,983,600 is your answer to the nearest hundred
Answer:
Price of rice per gram = $ 0.006 per gram or 0.6 cents per gram .
Step-by-step explanation:
Given: David wants to make 10 servings, where each serving has 75 grams of rice.
Total quantity of rice required = 10 x 75 = 750 grams
Overall, David spends 4.50 dollars on rice.
i.e. cost of 750 grams of rice = 4.50 dollars
Price of rice per gram =(cost of 750 grams of rice ) ÷ 750
= (4.50 dollars ) ÷ 750
= $ 0.006 per gram.
Price of rice per gram = $ 0.006 per gram.
Answer:
4
Step-by-step explanation:
24/6=4