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3 years ago

14

Ben is saving 1/5 of his weekly pay to buy a car Write and solve an equation to find what weekly pay w results in savings of $61

.50

1 answer:

creativ13 [48]3 years ago

8 0

Answer: X=$307.50

Given:

Ben’s savings weekly = $61.50

It is 1/5 or 20% of his weekly savings

To find Ben’s weekly pay in $

Let X= Ben’s weekly pay in $

To solve, we use the equation

1/5X=61.50

.20X=61.50

X=61.50/.20

X=$307.50

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<h3>What is meant by future value of annuity?</h3>

The worth of a series of recurrent payments at a specific future date, assuming a specific rate of return, or discount rate, is the future value of an annuity. The future value of the annuity increases with the discount rate.

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Where, annual savings = P

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From (1),

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P = $2869.97

Therefore, Save each year to reach their goal exists $2152.48

save each year to reach their new goal is $2869.97

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