Let the total amount that Sarah deposited be $x
using the annuity formula:
A=P[((1+r)^n-1)/r]
A=future value
r=rate
n=number of years
from the information given:
A=$500000
r=2.75%
n=65-42=23 years
p=$x
thus plugging our values in the formula we get:
500000=x[((1+0.0275)^(23)-1)/(0.0275)]
500000=31.50x
x=15,872.04883
She deposited 15,873.04883 per year
The monthly deposit will therefore be:
15873.04883/12=$1322.67
Answer:
x = 3/4
Step-by-step explanation:
Step 1: Write equation
5x - 2(x + 1) = 1/4
Step 2: Solve for <em>x</em>
- <u>Distribute -2:</u> 5x - 2x - 2 = 1/4
- <u>Combine like terms:</u> 3x - 2 = 1/4
- <u>Add 2 to both sides:</u> 3x = 9/4
- <u>Divide both sides by 3:</u> x = 3/4
Step 3: Check
<em>Plug in x to verify it's a solution.</em>
5(3/4) - 2(3/4 + 1) = 1/4
15/4 - 2(7/4) = 1/4
15/4 - 14/4 = 1/4
1/4 = 1/4
Answer:
Step-by-step explanation:
let me know if you want an explanation
