1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jek_recluse [69]
3 years ago
12

Suppose that you begin saving up to buy a car by depositing a certain amount at the end of each month in a savings account which

pays 3.6% annual interest compounded monthly. If your goal is to have $15,000 in the account four and a half years from now, how much do you need to put into the savings account each month?
Mathematics
2 answers:
SpyIntel [72]3 years ago
6 0

Answer:

$2,221.6 monthly

Step-by-step explanation:

A = P(1 + r)^n

A is the total amount I intend to save = $15,000

r is the yearly interest rate = 3.6% = 0.036

n is the duration to achieve my goal = 4 and 1/2 years = 54 months

15,000 = P(1 + 0.036)^54

15,000 = P(1.036)^54

P = 15,000/6.752 = 2,221.6

I need to put $2,221.6 into the savings account monthly

Marina CMI [18]3 years ago
3 0

Answer:

MP = $256.30

Therefore, you need to put $256.30 per month into the savings account at the end of each month.

Step-by-step explanation:

The future value of an investment paid at the end of each month with interest compounded monthly can be written as;

A = MP × {[(1 + r/n)ⁿᵗ - 1] / (r/n)}

MP = A ÷ {[(1 + r/n)ⁿᵗ - 1] / (r/n)} .......1

Where;

A = future value of investment = $15,000

MP = monthly payment at the end of the month

r = interest rate = 3.6% = 0.036

t = time = 4.5 years

n = number of times the interest is compounded = 12

Substituting the values into equation 1

MP = 15000 ÷ {[(1 + 0.036/12)^(12×4.5) - 1] / (0.036/12)}

MP = 15000 ÷ 58.52503734772

MP = $256.30

Therefore, you need to put $256.30 per month into the savings account at the end of each month.

You might be interested in
Explain your answer, please
Molodets [167]

.1.Scale Factor of Triangle STU to Triangle PQR= 1.5

2.Scale Factor of Trapezoid EFGH to Trapezoid JKLM =2

3. about 90 armadillo

1.Side ST: 15 ÷ Side PQ: 10 = 1.5

2.Side JM: 14 ÷Side EH: 7 = 2

3.843/7=120.428571429

843/4=210.75

210.75-120.428571429=90.321428571

This rounds to 90 armadillo

Hope this helps :3 ❤

8 0
3 years ago
Read 2 more answers
Multiply. 4x(y+x+z)<br><br>please help​
liubo4ka [24]

Answer:

4xy + 4x² + 4xz

Step-by-step explanation:

4x(y+x+z)

4xy + 4x² + 4xz

3 0
3 years ago
Read 2 more answers
M is the incenter of triangle ABC. Find the lengths of MD and DC. (Look at pic)
Deffense [45]

Answer:

Part 1) MD=9\ units

Part 2) DC=12\ units

Step-by-step explanation:

Step 1

Find the length of MD

we know that

The incenter is the intersection of the angle bisectors of the three vertices of the triangle. Is the point forming the origin of a circle inscribed inside the triangle

so

In this problem

MD=ME=MF ------> is the radius of a circle inscribed inside the triangle

we have that

MF=9\ units

therefore

ME=9\ units

MD=9\ units

Step 2

Find the length of DC

we know that

In the right triangle MDC

Applying the Pythagoras theorem

MC^{2} =MD^{2}+DC^{2}

we have

MD=9\ units

MC=15\ units

substitute

15^{2} =9^{2}+DC^{2}

DC^{2}=225-81

DC=\sqrt{144}\ units

DC=12\ units

6 0
3 years ago
​
DedPeter [7]

Answer:

The solution is (3/8, -7/8).

Step-by-step explanation:

y = −5x + 1

y = 3x − 2

Since  the 2 expressions in x are both equal to y :

−5x + 1  = 3x - 2

-5x - 3x = -2 - 1

-8x = -3

x = 3/8.

So y = 3x - 2

= 3(3/8) - 2

= 9/8 - 2 = -7/8.

6 0
3 years ago
Someone pls help me with this I will make you brain
suter [353]

Answer:

Its A

Step-by-step explanation:

6 0
2 years ago
Other questions:
  • Rylee knows that the area for the face painting station is 166 square feet. She knows that the length of the rectangular area is
    14·1 answer
  • When g(x) is divided by x + 4 the remainder is 0. Given g(x)=x^4+3x^3-6x+8 which conclusion about g(x) is true?
    10·1 answer
  • How do you find the circumference of a circle? What is the formula?
    8·1 answer
  • Use the grid to create a model to solve the percent problem. 12 is 60% of what number? Enter your answer in the box
    8·2 answers
  • 1.name a pair of lines that are perpendicular<br>2.name a pair of line's that appear to be parallel
    6·2 answers
  • Brad swims 4 laps every 6min how long does it take him to swim 14 laps?
    8·1 answer
  • An economist creates a scatter plot comparing years of experience to yearly salary (in dollars) at a particular company. The tre
    7·2 answers
  • A swimming pool had 2.5 million liters of water in it. Some water evaporated, and then the pool only had 2 million liters of wat
    10·1 answer
  • Help me with this ice cream problem lol.
    9·1 answer
  • Write a cosine function that has a midline of 2, an amplitude of 4 and a period of pi/2.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!