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expeople1 [14]
3 years ago
12

If Ms. P wants to withdraw $900 from an account earning 4% average annual interest rate at the start of each year for 7 years, h

ow much must she have in the account today?
Mathematics
1 answer:
Ksju [112]3 years ago
7 0

Answer:

Amount he must have in his account today is  $5,617.92

Step-by-step explanation:

Data provided in the question:

Regular withdraw amount = $900

Average annual interest rate, i = 4% = 0.04

Time, n = 7 years

Now,

Present Value = C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)

here,

C = Regular withdraw amount

Thus,

Present Value = C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)

Present Value = 900 \times\left[ \frac{1-(1+0.04)^{-7}}{ 0.04 } \right] \times(1 + 0.04)

Present Value = 936 \times\left[ \frac{1 - 1.04^{-7}}{ 0.04} \right]

Present Value = 936 \times\left[ \frac{1 - 0.759918}{ 0.04} \right]

Present Value = 936 × 6.00205

or

Present Value = $5,617.92

Hence,

Amount he must have in his account today is  $5,617.92

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You borrow $3,897 for a loan for college expenses with a 2.5% interest rate. How much interest is charged on the loan
belka [17]

Answer:

Amount of interest pay per year = $97.5 (Approx.)

Step-by-step explanation:

Given:

Amount borrow for college expenses = $3,897

Rate of interest = 2.5%

Find:

Amount of interest pay per year

Computation:

Using Simple interest formula;

Simple interest = Amount borrow x Rate of interest x number of year

Amount of interest pay per year = 3,897 x 2.5% x 1

Amount of interest pay per year = 3,897 x 0.025

Amount of interest pay per year = 97.425

Amount of interest pay per year = $97.5 (Approx.)

7 0
2 years ago
Debbie solved the linear equation 3(x + 4) − 2 = 16 as follows: between what lines did she make an error? line 1 and line 2 line
Drupady [299]
The question is not clear because the Debbie solution lines are not visible. Nevertheless,
The correct solution for this linear equation is the following:
<span>3(x + 4) − 2 = 16
</span><span>3(x + 4) = 16 + 2 
</span><span>3(x + 4) = 18
</span>(x + 4) = 18/3
(x + 4) = 6
x = 6 - 4
x = 2

3 0
3 years ago
Which graph shows the equation V = 4 + 2t, where V is the total volume of water in a bucket and t is the elapsed time in minutes
kodGreya [7K]
1. Subtract 4 from both sides
v - 4 = 2t
2. Divide both sides by 2
v - 4/2 = t
3. Switch sides
t = v - 4/2
8 0
3 years ago
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Simplify:
MariettaO [177]

Answer: A) 6x+2

Step-by-step explanation:

I just figured it out

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Step-by-step explanation:

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