Answer:
X=97.24
Explanation:
PV = Present Value = X+2000 by the 16th years
PMT = Payments = $100
FV = Future Value = 2000 at the end of 16 years
n= number of years
Applying the equation of future value for annuity
FV = pmt* ((1+r)ⁿ - 1
)/r
Inputting the values;
2000=100*((1+r)¹⁶-1)/r
Solving for r, gives r = 2.9%
Therefore using the formula for PV for annuity;
PV=PMT*(1-(1/1+r)/r)
X=100*(1-(1/1.029)/0.029
X=100*((1-0.9718)/0.029)
X=100*(0.0282/0.029)
X=97.24
Answer: $22,200.72
Explanation:
Given the following :
Amount Pete Morton wants to be able to withdraw each period = $8000
Number of periods = 3
Interest rate on deposit = 4%
The amount Pete must deposit at the beginning of his study to be eligible is the product of the payment per period and the present value of annuity factor.
From the present value of annuity factor table ; the factor obtained for a 3 years period at 4 % Interest rate is 2.77509
Hence,
$8000 × 2.77509 = $22,200.72
Answer:
no
Explanation:
Grant writers are not essential to the success of a human services organization.
