The amount needed such that when it comes time for retirement is $2,296,305. This problem solved using the future value of an annuity formula by calculating the sum of a series payment through a specific amount of time. The formula of the future value of an annuity is FV = C*(((1+i)^n - 1)/i), where FV is the future value, C is the payment for each period, n is the period of time, and i is the interest rate. The interest rate used in the calculation is 4.1%/12 and the period of time used in the calculation is 30*12 because the basis of the return is a monthly payment.
FV = $3,250*(((1+(4.1%/12)^(30*12)-1)/(4.1%/12))
Answer:
Eric rode 2 more miles per week than Kim rode.
Step-by-step explanation:
Find how many miles per week Kim rode by dividing the number of miles she rode by the number of weeks:
135/9
= 15
Find how many miles per week Eric rode:
102/6
= 17
So, Kim rode 15 miles per week and Eric rode 17 miles per week.
The answer is Eric rode 2 more miles per week than Kim rode.
Answer:
Step-by-step explanation:
A. 16.6%
B. 16.6%
1/3 x 1/2 = .166 = 16.6%
