The formula is:
Future value = accumulated amount, F = P(1+r)^t
P=principal
r=annual interest rate [compounded annually]
t=number of years of loan
Given:
P=950
r=0.07
t=8
F=950(1.07)^8
= 1632.28 (total amount)
Interest = total amount - principal
=1632.28 - 950
=682.28
The following formula is applicable;
A=P(1+r)^n
Where,
A = Total amount accrued after 10 years (this is the amount from which the yearly withdrawals will be made from for the 30 years after retirement)
P=Amount invested today
r= Annual compound interest for the 10 years before retirement
n= Number of years the investments will be made.
Therefore,
A= Yearly withdrawals*30 years = $25,000*30 = $750,000
r= 9% = 0.09
n= 10 years
P= A/{(1+r)^n} = 750,000/{(1+0.09)^10} = $316,808.11
Therefore, he should invest $316,808.11 today.
Answer:
.
Step-by-step explanation:
Answer:
the perimeter is simply 2L + 2W
So lengthy 8.3
2(8.3) + 2(w) =22.4
16.6=2(w) =22.4
2(w) = 5.8
w = 5.8 divide by 2
The width is 2.9
Expression is 45 + m
Step-by-step explanation:
- Step 1: Given the time taken on the hike to a creek = 45 minutes and the time taken on the hike from the creek to the picnic spot = m. Write expression based on this data.
Total number of minutes they hiked = 45 + m
