Answer:
The ira will contain $228,278.05 when he retires at age 65. This is 6.04 times the amount of money he deposited.
Step-by-step explanation:
In order to solve this problem, we can make use of the following formula:
![FV=PMT[\frac{(1+i)^{n}-1}{i}]](https://tex.z-dn.net/?f=FV%3DPMT%5B%5Cfrac%7B%281%2Bi%29%5E%7Bn%7D-1%7D%7Bi%7D%5D)
Where:
FV= Future value of the ira
PMT= the amount of money you deposit each month
i= is the interest rate per period
n=number of periods
in this case we will assume the interest will be compounded each month.
So:
FV this is what we need to know.
PMT= $75 the amount he will deposit each month
t = 42 years,
this is 65-23=42
n=42 years * 12 months/year = 504 months
i=0.07/12
So we can now use the given formula:
![FV=PMT[\frac{(1+i)^{n}-1}{i}]](https://tex.z-dn.net/?f=FV%3DPMT%5B%5Cfrac%7B%281%2Bi%29%5E%7Bn%7D-1%7D%7Bi%7D%5D)
![FV=75[\frac{(1+\frac{0.07}{12})^{504}-1}{\frac{0.07}{12}}]](https://tex.z-dn.net/?f=FV%3D75%5B%5Cfrac%7B%281%2B%5Cfrac%7B0.07%7D%7B12%7D%29%5E%7B504%7D-1%7D%7B%5Cfrac%7B0.07%7D%7B12%7D%7D%5D)
So we get:
FV=$228,278.05
which is the amount of money he will have after 42 years.
In total, he deposited:
$75*504months = $37,800
so he will have:
times the amount of money he deposited throughout this time.
Use x+2y=8
Subtract 2y to make
x=8-2y
Plug this in to the other equation
3(8-2y)+2y=6
Distribute the 3
24-6y+2y=6
Combine like terms
24-4y=6
Solve
18/4=y, 9/2=y
Plug and solve for x
X+2y=8
X+(2*9/2)=8
X+9=8
X=-1
Answer:
I can't see the file
Step-by-step explanation:
Answer:
18.84
Step-by-step explanation:
Diameter = 12
Circumference of a circle = πD
= 3.14* 12
=37.68
Since its a semicircle, (that's half of a circle), divide the result by 2
= 37.68/2
= 18.84
Answer:
21y^2+63y
Step-by-step explanation:
21y(y+3)
21y^2+63y