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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.

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krek1111 [17]

The GDP of the country for 2014 is $5.3196 × 10⁸.

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Multiplication is the process of multiplying, therefore, adding a number to itself for the number of times stated. For example, 3 × 4 means 3 is added to itself 4 times, and vice versa for the other number.

Given the Gross Domestic of a country in the first quarter of 2014 was $1.3299×10⁸. Therefore, the GDP of the country for that year will be,

GDP = 4 × (Gross Domestic for a single quarter)

         = 4 × ($1.3299×10⁸)

         = $5.3196 × 10⁸

Hence, the GDP of the country for 2014 is $5.3196 × 10⁸.

Learn more about Multiplication:

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6 0
1 year ago
45(15x+20)−7x=56(12x−24)+6 Enter your answer in the box. 
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3 0
3 years ago
Can someone please help me and explain? please
mariarad [96]
Composite figure is made up of 4 triangles and a square.

Area of Square = Length x Length 
Area of Square = 12 x 12
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3 years ago
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8 0
2 years ago
Stuart pays back two student loans over a 4-yr period. One loan charges the equivalent of 3% simple interest and the other charg
Ugo [173]

Answer:

The first loan L1 = $20,000

This is the loan with 3% simple interest

The second loan L2 = $4,000

This is the loan with 5.5% simple interest

Step-by-step explanation:

L1 + L2 = $24,000 ...(1)

4(3% of L1) + 4(5.5% of L2) = $3,280 ...(2)

Where the first term in equation (2) represents the total interest paid on loan 1 after 4 years

The second term represents total interest accruing to loan 2 after 4 years

From equation (1), we single out L1

L1 = 24,000 - L2

Substitute this value for L1 in equation (2)

288,000 + 10L2 = 328,000

L2 = $4,000

L1 = $24,000 - $4,000 = $20,000

5 0
3 years ago
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