Let the total amount that Sarah deposited be $x
using the annuity formula:
A=P[((1+r)^n-1)/r]
A=future value
r=rate
n=number of years
from the information given:
A=$500000
r=2.75%
n=65-42=23 years
p=$x
thus plugging our values in the formula we get:
500000=x[((1+0.0275)^(23)-1)/(0.0275)]
500000=31.50x
x=15,872.04883
She deposited 15,873.04883 per year
The monthly deposit will therefore be:
15873.04883/12=$1322.67
I think I could be letter C
The slope is 3 and y-intercept is 4
y=mx+b
(3,-8)
You move down from those coordinates
X stays the same while it just moves down only Y changes
10 × $150 = $1500
88 × $85.50 = $7524
1500 + 7524 = $9024 a day.
9024 × 6 = $54,144 (the answer)
Hope this helps!
