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Keith_Richards [23]
2 years ago
10

You plan to save $600 a month for the next 30 years for retirement. What interest rate would you need to have $1,000,000 at reti

rement?
Need to solve for interest rate paying into an annuity using formula
P = d(((1+r/k)^(Nk) -1)/(r/k))
P = payout amount (1,000,000)
d = monthly deposit (600)
r = interest rate (unknown)
k = number of times per year interest is compounded (assumed to be the same as the deposit frequency = 12)
N = number of years (30)
PLEASE post steps for this. This is the last question on a set of math homework and I've been able to find no useful info on how to solve this.
Mathematics
1 answer:
Nezavi [6.7K]2 years ago
5 0
600 x ( ) = 1,000,000
fill in the blank 
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Answer:

10th term is 10

Step-by-step explanation:

The nth term for finding the geometric progression is expressed as;

Tn = ar^n-1

a is the first term

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a11 = ar^11-1

a11 = ar^10

Since a11 = -5 and r = -1/2

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a= 1024 * -5

a = -5120

Nest is to get the 10th terms

a10 = ar^9

a10 = -5120 * (-1/2)^9

a10 = -5120 * -1/512

a10 = 10

Hence the 10th term of the sequence is 10

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