The amount to be invested today so as to have $12,500 in 12 years is $6,480.37.
The amount that would be in my account in 13 years is $44,707.37.
The amount I need to deposit now is $546.64.
<h3>How much should be invested today?</h3>
The amount to be invested today = future value / (1 + r)^nm
Where:
- r = interest rate = 5.5 / 365 = 0.015%
- m = number of compounding = 365
- n = number of years = 12
12500 / (1.00015)^(12 x 365) = $6,480.37
<h3>What is the future value of the account at the end of 13 years?</h3>
Future value = monthly deposits x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 5.3 / 12 = 0.44%
- n = 13 x 12 = 156
200 x [{(1.0044^156) - 1} / 0.0044] = $44,707.37
<h3>What should be the monthly deposit?</h3>
Monthly deposit = future value / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = 6.7 / 12 = 0.56%
- n = 2 x 12 = 24
$14,000 / [{(1.0056^24) - 1} / 0.0056] = $546.64
To learn more about annuities, please check: brainly.com/question/24108530
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check the picture below.
recall that a full circle has 360°.
Answer:
6.
Step-by-step explanation:
We can start by defining a couple things.
x = amount of nickels
y = amount of dimes
Since he has the same amount of each, we can say this.
x = y
And because we know it totals 0.90, we can say this.
0.05x + 0.10y = 0.90
then, we substitute and get this.
0.05x + 0.10x = 0.90
Simplify.
0.15x = 0.90
Divide both sides by 0.15.
x = 6
So we have 6 nickels, and they both are the same, so we have 6 dimes.
He would be 15 years old depending on his birthday if he has a late birthday he would be 14 years and if he had a early birthday he would be 16 years old
