You are to make monthly deposits of $700 into a retirement account that pays an APR of 10.2 percent compounded monthly. If your
first deposit will be made one month from now, how large will your retirement account be in 32 years
1 answer:
Answer:
$20,41,995.21
Explanation:
The calculation of retirement account value is given below:-
Monthly deposit 700 pmt
Interest rate 0.102
years 32
Compounding per year 12
Monthly interest rate 0.0085 rate
Number of periods 384 nper
The formula is shown below
=FV(rate,nper,pmt,pv)
After applying the formula the Retirement account value is $20,41,995.21
and for better calculation please find the attachment.
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Answer:
Incomplete question
First aspect of the question is typed below.
The shape of the distribution of the time required to get an oil change at a 20-minute oil-change facility
is unknown. However, records indicate that the mean time is 2l.2-minutes, and the standard deviation 3.5 minutes.
Explanation:
Employees bonus $50
35 oil changes between 10:00 am to 12:00pm
n = 35
10% changes
So, the z - score can be calculated using
z-score = InvNorm(0.10)
z-score = -1.28
So, given that,
Standard deviation is 3.5minutes
σ = 3.5 minutes
Mean time is 21.2 minutes
μx = 21.2 minutes
Then,
σx = σ / √n
σx = 3.5 / √35
σx = 0.5916 minutes
Then, Z score can be written as
Z = (x - μx) / σx
-1.28 = (x - 21.2) / 0.5916
Cross multiply
-1.28 × 0.5916 = x - 21.2
-0.7573 = x - 21.2
x = 21.2 - 0.7573
x = 20.443 minutes
There is a 10% chance of being at or below a mean oil-change time of 20.44 minutes
