Answer: 9
Step-by-step explanation:
Answer:
- the total installment is $936
- the carrying charges are $186
- the monthly rate to buy the items are 19.23 or 20 months
Step-by-step explanation:
$39 for 24 months comes to ...
$39 × 24 = $936
The "carrying charges" are the difference between the cash price and the installment price:
$936 -750 = $186
Saving at the rate of $39 per month, it would take ...
$750/$39 = 19.23 months
about 20 months to save up the cash price.
Often, such savings would come from a once-a-month paycheck, so it would take more than 19 such paychecks to save the required amount.
hope it will help :)
The answer will be a because they are similar and by law the ratio can be cubed to find ratio of volume
<span>6.1875 inches would be 9 / 16 ths of 11 inches
</span>
To solve this we are going to use formula for the future value of an ordinary annuity:
![FV=P[ \frac{(1+ \frac{r}{n} )^{nt} -1}{ \frac{r}{n} } ]](https://tex.z-dn.net/?f=FV%3DP%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7Br%7D%7Bn%7D%20%29%5E%7Bnt%7D%20-1%7D%7B%20%5Cfrac%7Br%7D%7Bn%7D%20%7D%20%5D)
where

is the future value

is the periodic payment

is the interest rate in decimal form

is the number of times the interest is compounded per year

is the number of years
We know from our problem that the periodic payment is $50 and the number of years is 3, so

and

. To convert the interest rate to decimal form, we are going to divide the rate by 100%


Since the interest is compounded monthly, it is compounded 12 times per year; therefore,

.
Lets replace the values in our formula:
![FV=P[ \frac{(1+ \frac{r}{n} )^{nt} -1}{ \frac{r}{n} } ]](https://tex.z-dn.net/?f=FV%3DP%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7Br%7D%7Bn%7D%20%29%5E%7Bnt%7D%20-1%7D%7B%20%5Cfrac%7Br%7D%7Bn%7D%20%7D%20%5D)
![FV=50[ \frac{(1+ \frac{0.04}{12} )^{(12)(3)} -1}{ \frac{0.04}{12} } ]](https://tex.z-dn.net/?f=FV%3D50%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7B0.04%7D%7B12%7D%20%29%5E%7B%2812%29%283%29%7D%20-1%7D%7B%20%5Cfrac%7B0.04%7D%7B12%7D%20%7D%20%5D)

We can conclude that after 3 years you will have $1909.08 in your account.