The future value of a monthly deposit A=125.30 at annual interest i=0.015 per annum for n=35 years compounded monthly is given by
FV=A((1+i/12)^(12*n)-1)/(i/12)
=125.30(1+0.015/12)^(12*35)/(0.015/12)
=$69156.05
The annuity formula is given by
Payment = r(PV)/(1-(1+r)^(-n))
where
r=interest rate per period = 0.015/12
PV= $69156.05
n=20*12=240
so
Payment = (0.015/12)<span>69156.05/(1-(1+0.015/12)^(-240))
= $333.71 per month.</span>
There is 12 months in a year so you need to multiply 12 by 110 which is 1320
Your answer is: 1320 saved in one year
Hope this helped :)
<span>When rates are expressed as a quantity of 1, such as 2 feet per second or 5 miles per hour, they are called unit rates. If you have a multiple-unit rate such as 120 students for every 3 buses, and want to find the single-unit rate, write a ratio equal to the multiple-unit rate with 1 as the second term.</span>
To do this you must plug in 1 and negative one for each x variable and each y. that solution is a point so the 1 must be tested for x and the -1 for y. do this and solve to find a and b so that it works in both equations!