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777dan777 [17]
3 years ago
12

Stan has made a $125.30 monthly deposit into an account that pays 1.5% interest, compounded monthly, for 35 years. He would now

like to draw a monthly salary from the account. Determine the amount that Stan can withdraw each month for 20 years, if he plans on not having anything in the account at the end of the 20 year period and no future deposits are made to the account.
Mathematics
2 answers:
MissTica3 years ago
7 0
The future value of a monthly deposit A=125.30 at annual interest i=0.015 per annum for n=35 years compounded monthly is given by
FV=A((1+i/12)^(12*n)-1)/(i/12)
=125.30(1+0.015/12)^(12*35)/(0.015/12)
=$69156.05

The annuity formula is given by
Payment = r(PV)/(1-(1+r)^(-n))
where
r=interest rate per period = 0.015/12
PV= $69156.05
n=20*12=240
so
Payment = (0.015/12)<span>69156.05/(1-(1+0.015/12)^(-240))
= $333.71  per month.</span>
aliina [53]3 years ago
4 0

Answer:

It is D. $333.71

Step-by-step explanation:

I got it in the test

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A town has a population of 4000 and grows at 3.5% every year. To the nearest year, how long will it be until the population will
Romashka [77]

18.273 years will take to reach the population of 7500, if a town has a population of 4000 and grows at 3.5% every year.

Step-by-step explanation:

The given is,

             Population of 4000

             Rate of grow 3.5% every year

             Population after few years 7500

Step:1

            Formula to calculate the population with the grow rate every year,

                                   F=P(1+r)^{t}..........................(1)

           Where,

                    F - Population after t years

                   P - Initial population

                    r - Rate of grow

                    t - No.of years

          From given,

                  F = 7500

                  P = 4000

                   r = 3.5%

        Equation becomes (1),

                    7500=4000(1+0.035)^{t}

                     \frac{7500}{4000} = (1+0.035)^{t}

                   1.875 = (1+0.035)^{t}

                   1.875 = (1.035)^{t}

       Take log on both sides,

              log 1.875 = (t)log 1.035

       Substitute log values,

                 0.2730= (t) 0.014940349

                          t = \frac{0.273}{0.014940349}

                             = 18.273

                          t = 18.273 year

                             or

                         t = 18 years 3 months 2 weeks

Result:

          18.273 years will take to reach the population of 7500, if a town has a population of 4000 and grows at 3.5% every year.

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Answer:

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Step-by-step explanation:

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Excerpt from a school newspaper:
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A) There was no change in the number of students on honor roll from one year to the next. This is noticeable because 200/1000 = .2 just as 20%/100% = .2 or 20/100 = .2. So there never was a change! 
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Answer:what’s the question?

Step-by-step explanation:

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2 years ago
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serg [7]

Step-by-step explanation:

5x+52=9x+20

subtract 5x on both sides

subtract 20 on both sides

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C is 56°

B and C will add up to 90, so

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13y=40

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7 0
2 years ago
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