1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natasha2012 [34]
3 years ago
12

Tami would like to withdraw $10,364.10 at the end of each year, for 10 years, from an account paying 2.3% compounded annually. D

etermine the amount needed in the account for Tami to do this. Round to the nearest cent.
a.
$115,052.98
b.
$103,641.00
c.
$91,651.92
d.
$93,759.91
Mathematics
2 answers:
MrRissso [65]3 years ago
6 0
It is C ,my friends, C
12345 [234]3 years ago
5 0

Answer:

Option c -$91,651.92

Step-by-step explanation:

Given : Tami would like to withdraw $10,364.10 at the end of each year, for 10 years, from an account paying 2.3% compounded annually.

To find : Determine the amount needed in the account for Tami to do this.    

Solution :

We apply the present value formula to get the amount,

PV=P(\frac{1-(1+r)^{-n}}{r})      

Where, PV is the present value ,the required amount

P is the principal P=$10,364.10

r is the rate r=2.3% annually, r=0.023

n is the time n=10 years

Substitute in the formula,

PV=10364.10(\frac{1-(1+0.023)^{-10}}{0.023})    

PV=10364.10(\frac{1-(1.023)^{-10}}{0.023})    

PV=10364.10(\frac{1-0.7966}{0.023})    

PV=10364.10(\frac{0.2034}{0.023})    

PV=10364.10(8.843)      

PV=91651.915      

Therefore, The amount needed is $91651.92.

Hence, Option c is correct.

You might be interested in
I will give the brainliest answer
GuDViN [60]

Answer:

82 {units}^{2}

Step-by-step

explanation

explanation is attached to the picture

hope this helps

brainliest appreciated

good luck! have a nice day!

3 0
3 years ago
Read 2 more answers
What is the solution set to the inequality 5(x – 2)(x + 4) > 0?
ankoles [38]

Answer:

Step-by-step explanation:

The Answer is {x| x <-4 or x> 2}

8 0
3 years ago
Read 2 more answers
I am stuck on this! Whoever answers this question correctly gets the brainliest!
Norma-Jean [14]

Answer:

the mode is 7 because they have the most points

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
What is the solution to 5x-6y&gt;42
Shalnov [3]

Answer:

y< 5/6 - 7

Step-by-step explanation:

First, you have to send 5x to the other side so youĺl -5x and the equation will be -6y>-5x+42

Then, you divide the equation on the left side by -6 because youll want y by itself. Remember, when you divide by a negative, you flip the greater than/equal to sign. itll now be y<-5/6 - 7

done

6 0
3 years ago
4. Solve the following equations and verify your answers: (i) 3 (x + 7) = 18​
stiv31 [10]

Answer:

8.33333333333

Step-by-step explanation:

Solution for 3x-7=18 equation:

3x - 7 = 18

3x = 18 + 7

3x = 25 (divide both sides by 3 to get x)

3x/3 = 25/3

x = 8.33333333333

3 0
3 years ago
Other questions:
  • Is the inverse of a function always a function? explain your answer please
    9·1 answer
  • Which of the following graphs represents the equation below? f(x) = x^2 + 4x
    14·1 answer
  • Question 4 Unsaved The area of Canada is approximately 1 x 107 square miles. The area of Italy is approximately 3 x 105 square m
    10·2 answers
  • If you answered 18 questions correct on a 30 question test, what is your score?
    5·1 answer
  • What is the length (magnitude) of the vector (7,-2)?
    6·1 answer
  • Find the missing measurement. Round your answer to the nearest tenth. It doesn't say what shape it is (just assume I guess). If
    6·1 answer
  • What type of graph is made up of two or more overlapping circles?
    6·1 answer
  • Solve 3x-4= 7 you may use the flowchart to help you if you wish
    5·2 answers
  • In circle O, AD and BE are diameters.
    14·2 answers
  • Your piggy bank is filled with nickels and dimes. When you turn the change in you end up having 595 cents. Write a equation and
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!