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
Greeley [361]
4 years ago
7

A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an

account that earns an annual interest rate of 6.6% compounded monthly. Find the value (in dollars) of this investment after 20 years. (Enter a number. Round your answer to the nearest cent.)
Mathematics
1 answer:
qwelly [4]4 years ago
7 0

Answer: the value of this investment after 20 years is $112295.2

Step-by-step explanation:

We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as

S = R[{(1 + r)^n - 1)}/r][1 + r]

Where

S represents the future value of the investment.

R represents the regular payments made(could be weekly, monthly)

r = represents interest rate/number of interval payments.

n represents the total number of payments made.

From the information given,

Since there are 12 months in a year, then

r = 0.066/12 = 0.0055

n = 12 × 20 = 240

R = $225

Therefore,

S = 225[{(1 + 0.0055)^240 - 1)}/0.0055][1 + 0.0055]

S = 225[{(1.0055)^240 - 1)}/0.0055][1.0055]

S = 225[{(3.73 - 1)}/0.0055][1.0055]

S = 225[{(2.73)}/0.0055][1.0055]

S = 225[496.36][1.0055]

S = $112295.2

You might be interested in
What is the value of h in the triangle below? ​
Anni [7]

Answer:

2

Step-by-step explanation:

The larger triangle is 1.5 times larger than the smaller one. So the smaller one has to have a height of 3/1.5=2.

5 0
3 years ago
Read 2 more answers
Solve the inequality. -8c - 9 < -17​
olya-2409 [2.1K]

Answer:

it would be c >1

i hope this helps

6 0
3 years ago
Read 2 more answers
What is the value of y in the equation 4(5y –8 –2) = 185 –15?
Rina8888 [55]
In an equation the Left hand side must equal the right hand side 4(5y-8-2)=185-15 20y-32-8=170 20y=170+32+8 20y=210 Therefore y=10,5 When you substitute the 10,5 and solve it on the left and side it's equal to 170 which is the answer on the right hand side
8 0
3 years ago
4900÷7= slove without a calculator.​
balandron [24]

Answer:

use The Explicit Formula for the Fibonacci Sequence

Step-by-step explanation:

6 0
2 years ago
An isosceles triangle with equal sides of 5 inches and a base of 6 inches is inscribed in a circle. What is the radius, in inche
nikklg [1K]
Wow this is a doozy! First you have to figure out what is it you are looking for? If you make a dot in the center of the triangle (which is also the center of the circle) and draw a line from the center to one of the vertices of the triangle you have the radius of the triangle and also of the circle. If you draw all 3 radii from the triangle's center to its vertices, you see you have created 3 triangles within that one triangle.  The trick here is to figure out what your triangle measures are as far as angles go.  If we take the interior measures of those 3 triangles, we get that each one has a measure of 120 (360/3=120). So that's one of your angles, the one across from the side measuring 6. Because of the Isosceles Triangle theorem, we know that the 2 base angles have the same measure because the sides are the same. Subtracting 120 from 180 gives you 60 which, divided in half, makes each of those remaining angles measure 30 degrees. So if we extract that one triangle from the big one, we have a triangle with angles that measure 30-30-120, with the base measuring 6 and each of the other sides measuring 5. If we then split that triangle into 2 right triangles, we have one right triangle with measures 30-60-90. Dropping that altitude to create 2 right triangles not only split the 120 degree angle at the top in half, it also split the base side of 6 in half. So our right triangle has a base of 3 and we are looking for the hypotenuse of that right triangle.  WE have to use right triangle trig for that. Since we have the top angle of 60 and the base of 3, we can use sin60=3/x.  Solving for x we have x=3/sin60 which gives us an x value of 3.5 inches rounded from 3.464. I'm not sure what you mean by a mixed number unless you mean a decimal, but that's the radius of that circle.
6 0
3 years ago
Other questions:
  • Susie's dog weighted 32 pounds in 2010 at the end of 2011 the dog waited 43.5 pounds what was the percent increased in weight fr
    10·1 answer
  • A man six foot two inches tall casts a nine foot three inch shadow. How tall is a child that casts a five foot four inch shadow
    13·1 answer
  • A recent study claimed that half of all college students "drink to get drunk" at least once in a while. Believing that the true
    10·1 answer
  • Evaluate the expression for the given value of x.<br><br> −6x + 5 for x= −6
    8·2 answers
  • Help me out.....please
    13·2 answers
  • Josue needs 2 1/4 cups of flour to make a batch of chocolate chip cookies. He needs to make 5 batches for the bake sale. How man
    13·2 answers
  • A line has the equation 3x–4y–12=0 what is the slope of this line
    7·1 answer
  • Pls i need help with this
    6·1 answer
  • Help will give 25 Brainly points if answer is right
    10·1 answer
  • In a volleyball match Hanein serves the volleyball The height of the the ball above the court
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!