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ohaa [14]
3 years ago
14

Tometeo wants to have $50,000 saved 15 years from now. How much must he deposit every month into an account that pays 2.8% inter

est, compounded monthly?
Mathematics
1 answer:
kotykmax [81]3 years ago
3 0

Answer:

  • $223.84 at the end of the month, or
  • $223.31 at the beginning of the month

Step-by-step explanation:

The annuity formula is used for this.

  A = P((1+r/12)^(12t) -1)/(r/12)

gives the balance A resulting from payments P being compounded monthly at annual rate r. (Payments are made at the end of the month.)

  50,000 = P((1 +.028/12)^(12·15) -1)/(0.028/12) ≈ 223.378772P

  P ≈ 50,000/223.378772 ≈ 223.84

To achieve the desired balance, Tometeo must deposit $223.84 at the end of every month.

_____

If Tometeo makes his deposits at the beginning of the month, then the amount is less by the interest earned for the month:

  $223.84/(1 +.028/12) ≈ $223.31 . . . . beginning of the month deposit amount

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Answer:

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Step-by-step explanation:

6 0
2 years ago
PLEASE HELP ME FOR BRAINLIEST ANSWER An architect designs a rectangular flower garden such that the width is exactly​ two-thirds
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Answer:

Length: 84 ft

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Step-by-step explanation:

Let's define some variables first.

Call the length l and width w.

We know that w = 2/3l. Therefore, we can express w in terms of l with this expression.

Now, let's set up an equation. The flower garden is rectangular, and 280 feet of fencing are used to enclose the garden. This represents perimeter.

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Step-by-step explanation:

Recall: the secant-tangent rule states that when a secant and a tangent meet at an external point of a circle, the product of the secant and the external segment is equal to the square of the tangent segment

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