3 years ago

You plan to buy

Mathematics

1 answer:

uysha [10]3 years ago

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Answer:

2 friends...............

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Seth has a bank account which pays 1.01% interest, compounded quarterly. Seth withdraws $4,567 from the account every quarter fo

dimulka [17.4K]

Answer:

C. $538,021.66

Step-by-step explanation:

It is given that the money Seth withdraws was compounded every quarter for 35 years. So, we get,

Amount withdrawn every quarter, P = $4567

Rate of interest, r = $\frac{0.0101}{4}$ = 0.002525

Time period, n = 35 × 4 = 140

Now, as we know the formula for annuity as,

$P=\frac{r \times PV}{1-(1+r)^{-n}}$

where P = installments, PV = present value, r = rate of interest and n = time period.

This gives, $PV=\frac{P \times [1-(1+r)^{-n}]}{r}$

i.e. $PV=\frac{4567 \times [1-(1+0.002525)^{-140}]}{0.002525}$

i.e. $PV=\frac{4567 \times [1-(1.002525)^{-140}]}{0.002525}$

i.e. $PV=\frac{4567 \times [1-0.7021]}{0.002525}$

i.e. $PV=\frac{4567 \times 0.2975}{0.002525}$

i.e. $PV=\frac{1358.68}{0.002525}$

i.e. $PV=538,091.08$

So, the closest answer to initial value of the account is $538,021.66

Hence, option C is correct.

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Solve each system by substitution.<br> -<br> y = 6x – 11<br> -2x – 3y=-7

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Point form (2.1)

Equation form: x=2,y=1

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