In order to have 6,000,000 in 40 years with a 5.75% rate. how much should be deposited each month?

Mathematics

1 answer:

PSYCHO15rus [73]3 years ago

4 0

Answer:

Step-by-step explanation:

This is an Annuity question. It is asking for recurring monthly payment(PMT). You can use a financial calculator to solve it. I am using (Texas Instruments BA II plus)

Since the payments occur monthly , adjust the interest rate to monthly rate and multiply 40 years by 12 since we have 12 months in a year.

Total duration of investment ; N = 40*12 = 480

Interest rate; I/Y = 5.75% /12 = 0.4792%

Future value; FV = 6,000,000

Present value ; PV = 0

then CPT PMT = 3,222.912

Therefore $3,222.91 should be deposited each month to achieve the goal.

You might be interested in

Write a polynomial function, p(x) with degree 3 that has p(7)=0

MArishka [77]

Answer:

$p (x) = x^{3} - 21x^{2}+ 147x - 343$

is the required polynomial with degree 3 and p ( 7 ) = 0

Step-by-step explanation:

Given:

p ( 7 ) = 0

To Find:

p ( x ) = ?

Solution:

Given p ( 7 ) = 0 that means substituting 7 in the polynomial function will get the value of the polynomial as 0.

Therefore zero's of the polynomial is seven i.e 7

Degree : Highest raise to power in the polynomial is the degree of the polynomial

We have the identity,

$(a -b)^{3} = a^{3}-3a^{2}b +3ab^{2} - b^{3}$

Take a = x

b = 7

Substitute in the identity we get

$(x -7)^{3} = x^{3}-3x^{2}(7) +3x(7)^{2} - 7^{3}\\(x -7)^{3} = x^{3}-21x^{2} +147x - 343$

Which is the required Polynomial function in degree 3 and if we substitute 7 in the polynomial function will get the value of the polynomial function zero.

p ( 7 ) = 7³ - 21×7² + 147×7 - 7³

p ( 7 ) = 0

$p (x) = x^{3} - 21x^{2}+ 147x - 343$

4 0

3 years ago

How can I find the volume of this prism? Helpp

Alex

Answer:

152.971

Step-by-step explanation:

i think thats the answer but sorry if its not.

5 0