8m - 15= 41
+15 +15
8m = 56
8/8 56/8
m = 7
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:
Liz's annual pension is $1470
Step-by-step explanation:
Salaries for the last four years are $66,000; $66,000; $73,000; and $75,000
Finding the average salary in the four years will be;
Sum $66,000 + $66,000 + $73,000 + $75,000 =$280,000
Number of years =4
Average= $70,000
Applying 2.1 % pension
$70,000 * 2.1/100 =$1470 annual pension
Answer:
6 times larger
Step-by-step explanation:
First, find the area of both.
Mary: 4*5.5=22
Lisa: 24*5.5=132
Then find what multiplied by 22 would equal 132. This is easy because it's a multiple-choice question.
22*20=440, so A is incorrect
We already know they are not equal, so then B can be crossed out
22*3=66, C would be incorrect
Leaving the only choice left to be the correct answer
22*6=132
