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4 years ago

Round 8.631 to the nearest hundredth

Mathematics

1 answer:

Anestetic [448]4 years ago

5 0

Answer:

8.63

Step-by-step explanation:

When rounding if the number is less than five, you round down. If the number is greater than five, you round up.

So in this case, since we are working with rounding the hundredth place in the decimal 8.631 you would round down. So your answer would be 8.630 or simply 8.63

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8. Loren already knows that he will have $500,000 when he retires. If he sets up a payout

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The annuity could provide $221.19 each month

Step-by-step explanation:

The ANNUITY FORMULA is $P_{t}=\frac{d[(1+\frac{r}{n})^{nt}-1]}{\frac{r}{n}}$ , where

1. $P_{t}$ is the balance in the account after t years

2. d is the regular deposit (the amount you deposit each year or month

or .........)

3. r is the annual interest rate in decimal

4. n is the number of compounding periods in one year

5. t the number of years

∵ Loren knows that he will have $500,000 when he retires

∴ $P_{t}$ = $500,000

∵ he sets up a payout annuity for 30 years in an account paying 10%

interest

∴ t = 30 years

∴ r = (10/100) = 0.1

∵ The annuity could provide each month

∴ n = 12

Substitute the values above in the formula

∴ $500,000=\frac{d[(1+\frac{0.1}{12})^{(12)(30)}-1]}{\frac{0.1}{12}}$

∴ $500,000=\frac{d[(1.00833333)^{360}-1]}{0.00833333}$

∴ 500,000 = d [2260.487925]

- Divide both sides by 2260.487925

∴ d = $221.19

The annuity could provide $221.19 each month

Learn more:

You can learn more about deposit in brainly.com/question/8782252

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Answer:

Step-by-step explanation:

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