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34kurt
3 years ago
14

If XYZ invested $5,800 today in an account that is expected to earn 3.2 percent per year, and she expects to make another invest

ment in the same account in 3 years from today, then how much money does XYZ expect to invest in 3 years if she expects to have $15,000 in her account in 4 years from today
Business
1 answer:
ira [324]3 years ago
6 0

Answer:

The answer is "$8,160.08".

Explanation:

A= \text{future value} = \$ 15,000 \\\\P= \text{present value}= \$ 5,800  \\\\r=\tex{rate} =3.2 \%\\\\n= \text{time in years} = 4

Using formula:

A=P(1+ \frac{r}{100})^n + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ \frac{3.2}{100})^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1+ 0.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\15,000=5,800 (1.032)^4 + \text{Investment in 3 years} \times (1.032)\\\\

15,000 = 5,800 \times 1.13427612  +\text{Investment in 3 years} \times (1.032)\\\\15,000=6,578.8015 + \text{Investment in 3 years} \times (1.032)\\\\\text{Investment in 3 years} = \frac{(15000-6578.8015)}{1.032}\\\\\text{Investment in 3 years} = \frac{8,421.1985}{1.032}\\\\\text{Investment in 3 years} = 8,160.07607\\\\ \text{Investment in 3 years} = 8,160. 08

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Assume that a college student spends her income on Coke and Snickers. During finals week, the price of a Snickers candy bar is $
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The answer is: 10 Snickers bars and 20 cans of Coke.

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You make $10.25 per hour. You have 7.5% of your total pay taken out of your check for your 401K retirement plan. How much will b
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The amount that will be taken off the pay check for the 401k retirements plan given all the criteria indicated above is $38.82 (Option D)

<h3>What is the computation justifying the above?</h3>

Given:

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Learn more about 401k retirements plan:
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Full Question:

You make $10.25 per hour. You have 71/2% of your total pay taken out of your check for your 401K retirement plan. How much will be taken out for your 401K if you work 47 hours this week? You get paid time-and-a-half for all hours over 40.

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A. $36.13

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C. $54.20

D. $38.82

E. $14.35

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