If you set aside $9000 at the end of each year for the next 22 years in a Roth IRA, how much will you have at your retirement 22
years from today if your IRA earns 7.8% annual percentage rate (APR) with quarterly compounding?
1 answer:
Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37
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Answer:
- Hayes family: 35 hours
- Rodrigues family: 40 hours
Step-by-step explanation:
Let x and y represent the usage hours by the Hayes and Rodrigues families, respectively. The problem statement gives us relations that can be used to write equations for volume of use and for total hours.
15x +30y = 1725 . . . . . total liters of use
x + y = 75 . . . . . . . . . total hours of use
The second equation lets us write an expression for y:
y = 75 -x
This can be substituted into the first equation to give ...
15x +30(75 -x) = 1725
-15x + 2250 = 1725 . . . . . . simplify
-15x = -525 . . . . . . . . . . . subtract 2250
x = 35 . . . . . . . . . . . . . . divide by -15
y = 75 -35 = 40
The Hayes family used their sprinklers for 35 hours; the Rodrigues family used theirs for 40 hours.
Answer:
7 / 16
Step-by-step explanation:
Sample space is attached below :
Theoretical Probability of any event A
P(A) = (number of required outcome / Total number of possible outcomes)
Required outcome = sum greater than 7 = 14
Total number of possible outcomes = 32
P(sum greater than 7) = 14 / 32
P(sum greater than 7) = 7 / 16
