Can someone plss help mee ??

Mathematics

1 answer:

Dvinal [7]3 years ago

3 0

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Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra $28,000 over the next 6 year

Anna35 [415]

Given:

• Amount to save, A = $28,000

• Time, t = 6 years

• Interest rate, r = 5.3% ==> 0.053

• Number of times compounded = quarterly = 4 times

Let's find the amount that must be deposited into the account quarterly.

Apply the formula:

$FV=P(\frac{(1+\frac{r}{n})^{nt}-1}{\frac{r}{n}})$

Where:

FV is the future value = $28,000

r = 0.053

n = 4

t = 6 years

Thus, we have:

$28000=P(\frac{(1+\frac{0.053}{4})^{4\times6}-1)}{\frac{0.053}{4}}$

Let's solve for P.

We have:

$\begin{gathered} 28000=P(\frac{(1+0.01325)^{24}-1}{0.01325}) \\ \\ 28000=P(\frac{(1.01325)^{24}-1)^{}}{0.01325}) \\ \\ 28000=P(\frac{1.371509114-1}{0.01325}) \\ \\ 28000=P(\frac{0.371509114}{0.01325}) \end{gathered}$

Solving further:

$28000=P(28.0384237)$

Divide both sides by 28.0384237:

$\begin{gathered} \frac{28000}{28.0384237}=\frac{P(28.0384237)}{28.0384237} \\ \\ 998.6=P \\ \\ P=998.6 \end{gathered}$

Therefore, the amount that must be deposited quarterly into the account is $998.60

ANSWER:

$998.60

8 0

1 year ago

6,204,601/9,481,714 as a percentage

GrogVix [38]

Answer:

65.44%

Step-by-step explanation:

6 0

3 years ago

Read 2 more answers

Now say you only have $1700 to invest and the highest interest rate you can find is 3.7% compounded annually. If you decide to w

Andreyy89

$\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+r\right)^{t}
\quad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to &\$1700\\
r=rate\to 3.7\%\to \frac{3.7}{100}\to &0.037\\
t=years\to &8
\end{cases}
\\\\\\
A=1700(1+0.037)^8$