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3 years ago

5

If a person is given $1 and invests that $1 for 100 years at 5%, what amount would they be able to withdraw from this account af

ter the 100-year period?

1 answer:

Oksana_A [137]3 years ago

6 0

in 100 years they will be able to withdraw $131.50

1(1.05)^100

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Answer:

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Step-by-step explanation:

<u>Compound Interest</u>

This is a well-know problem were we want to calculate the regular payment R needed to pay a principal P in n periods with a known rate of interest i.

The present value PV or the principal can be calculated with

$P=F_a\cdot R$

Solving for R

$\displaystyle R=\frac{P}{F_a}$

Where Fa is computed by

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We'll use the provided values but we need to convert them first to monthly payments

$i=7\%=7/(12\cdot 100)=0.00583$

$n=3*12=36$

$\displaystyle F_a=\frac{1-(1+0.00583)^{-36}}{0.00583}$

$F_a=32.386$

Thus, each payment is

$\displaystyle R=\frac{4,700}{32.386}=145.12$

$\boxed{R=\$145.12}$

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