Your mother has asked for your help. She would like to save up $30,000 to take your family on a trip in 3 years. She wants to ma
2 answers:
Answer:
The answer to the question is
She must invest $251.85 each month to reach her goal
Step-by-step explanation:
Future value of an annuity is the amount a given stream of cash flows will be worth after a specified period. The future value represents the cumulative accumulation of payments made or borrowed and their respective interest made or interest charged.
The future value is given by
Where
FV = Future value =$30,000
PMT = Payment =
r = Interest rate for a given period = 6 % monthly
n = Number of periods of payments = 3 years or 36 months
Therefore we have
= PMT×119.12
Therefore PMT = 30000÷119.12 = $251.85
Therefore She would have to save $251.85 monthly to make up $30,000 in three years
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Answer:
4188.79 units^3
Step-by-step explanation:
Formula:
(4/3) * 10^3 = 4188.79