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Degger [83]
3 years ago
5

Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put aside $200 a month. If you d

eposit this amount at the beginning of each month in an account that credits 0.75% interest monthly, how long will it take you to attain your goal?
Mathematics
1 answer:
Sunny_sXe [5.5K]3 years ago
7 0

Answer:

It will take 88.2 months to accumulate the amount

Step-by-step explanation:

Given;

Future value of money, FV = $25,000

investment per compound period, P = $200

interest rate, i = 0.75% x 12 = 9%

The number of monthly installments required to amount to FV is given by;

n = \frac{ln(FVi +cp)-ln(cp)}{ln(c+i)-ln(c)}\\\\ n = \frac{ln(25000*0.09 +200*12)-ln(200*12)}{ln(12+0.09)-ln(12)}\\\\n = \frac{8.4446 -7.7832}{2.4924-2.4849}\\\\n = 88.2 \ months

Therefore, it will take 88.2 months to accumulate the amount.

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Georgia is 7 years younger than 5 times the age of her daughter, Veronica. Veronica will be 14 in 6 years. Part A Write and eval
balandron [24]
Georgia is 33 years old
14-6=8 (because it says she’ll be 14 in 6 years)
5x8=40 (because it says 5 times her age)
40-7=33 (because it says 7 years younger)
5 0
2 years ago
Assuming that boy and girl babies are equally likely, what would be Kathy's probability of having at most one daughter if she
JulijaS [17]

Answer: 0.3125.

Step-by-step explanation:

  • The chance of having a boy is 0.5,
  • the chance of having a girl is also 0.5.

<u>Outcome 1: all boys</u>

boy  boy  boy  boy

0.5 * 0.5 * 0.5 * 0.5 = 0.0625

<u>Outcome 2: first child is a girl, all others are boys</u>

girl   boy   boy   boy

0.5 * 0.5 * 0.5 * 0.5 = 0.0625

<u>Outcome 3: second child is a girl, all others are boys</u>

boy   girl   boy   boy

0.5 * 0.5 * 0.5 * 0.5 = 0.0625

<u>Outcome 4: third child is a girl, all others are boys</u>

boy   boy   girl   boy

0.5 * 0.5 * 0.5 * 0.5 = 0.0625

<u>Outcome 5: fourth child is a girl, all others are boys</u>

boy   boy   boy   girl

0.5 * 0.5 * 0.5 * 0.5 = 0.0625

Therefore,

0.0625 + 0.0625 + 0.0625 + 0.0625 + 0.0625 = 0.0625 * 5 = 0.3125

4 0
2 years ago
G<br> Express as a percent.<br> 4/5%
Aloiza [94]

Answer:

80%

Step-by-step explanation:

I'm assuming you meant express 4/5 as a percent and not 4/5%. So simply evaluate 4/5 to get 0.80. Now multiply this value by 100 to get the percentage which gives you 80%

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2 years ago
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Las hamburguesas son una comida que se encuentran en un asado.
8 0
3 years ago
Round 285.39154 to a specified place of the hundreths place
almond37 [142]

Rounding the number to the hundreds place, the answer would be 285.39.

Hope this helped!

Nate

5 0
3 years ago
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