Find the future value of an annuity due of $400 each quarter for 4 1 2 years at 13%, compounded quarterly. (Round your answer to
1 answer:
Answer:
$9891.23
Step-by-step explanation:
The formula for future value of annuity due is:
Where,
- FV is the future value of the annuity (what we need to find)
- P is the periodic payment (here it is $400)
- r is the interest rate per period (here 13% yearly interest is actually
percent per period(quarter))
- n is the number of periods (here the annuity is for
years, which is
periods, since quarterly and there are 4 quarters in 1 year)
Substituting all those values in the equation we get:
Hence, the future value of the annuity due is $9891.23
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We have been given that Judy’s brother Sam has a collection of 96 comic books. We have been asked to find the 10 ways Sam could divide his comic books into equal groups.
This can be done as follows:
96 can be written as . Thus, we can either have 2 groups of 48 comics or 48 groups of 2 comics. As we can see we have 2 ways to divide the comic books in equal groups.
Likewise, 96 can also be written as . Here, we can similarly see that we can either have 3 groups of 32 comics or 32 groups of 3 comics. As we can again see we have 2 more ways to divide the comic books in equal groups, taking the total number of ways to 4.
Continuing in this manner we will see that we can have 4 groups of 24 or 24 groups of 4, 6 groups of 16 or 16 groups of 6 and lastly 12 groups of 8 or 8 groups of 12 comic books, thus taking the count to a <u>total of 10 ways</u> in which Sam can divide his comic books into equal groups.
Our question has been answered.