Current amount in account
P=36948.61
Future value of this amount after n years at i=11% annual interest
F1=P(1+i)^n
=36948.61(1.11)^n
Future value of $3000 annual deposits after n years at i=11%
F2=A((1+i)^n-1)/i
=3000(1.11^n-1)/0.11
We'd like to have F1+F2=280000, so forming following equation:
F1+F2=280000
=>
36948.61(1.11)^n+3000(1.11^n-1)/0.11=280000
We can solve this by trial and error.
The rule of 72 tells us that money at 11% deposited will double in 72/11=6.5 years, approximately.
The initial amount of 36948.61 will become 4 times as much in 13 years, equal to approximately 147800 by then.
Meanwhile the 3000 a year for 13 years has a total of 39000. It will only grow about half as fast, namely doubling in about 13 years, or worth 78000.
Future value at 13 years = 147800+78000=225800.
That will take approximately 2 more years, or 225800*1.11^2=278000.
So our first guess is 15 years, and calculate the target amount
=36948.61(1.11)^15+3000(1.11^15-1)/0.11
=280000.01, right on.
So it takes 15.00 years to reach the goal of 280000 years.
Answer:
x=2
y=3
Step-by-step explanation:
9x2= 18, 6x3=18. 18+18=36
Answer:
75*10=750
Step-by-step explanation:
10 tickets, each 75 dollars, so u multiply 75 by 10 to get 750, just write 75 and rop the 0. $750
<span>112 is <em>80</em>% of <em>140</em>. <em>80</em>% can be written as 0.80 or 0.8. so the answer is 112</span>
Answer:
17.60
Step-by-step explanation:
Look at the room carefully, the length of the room is 11 feet
And the height = 10 feet
The area of the 4 walls of the room = 4( 11×10) = 440 sq ft
Area covered by each roll = 25 sq ft
= 440/25 = 17.60 rolls
Therefore we require 17.60 rolls to cover a rectangular room on all four sides.
