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
evablogger [386]
3 years ago
6

Abby Mia wants to know how much must be deposited in her local bank today so that she will receive yearly payments of $18,000 fo

r 20 years at a current rate of 9% compounded annually. (Use the tables found in the textbook.)
Mathematics
1 answer:
muminat3 years ago
6 0
We are not given tables, so will just use the amortization formula.
P=\frac{A*((1+i)^n-1)}{i*(1+i)^n}
where 
P=amount to be deposited today, to be found
A=amount withdrawn each year=18000
i=Annual interest=9%
n=number of years = 20

Substituting values,
P=\frac{A*((1+i)^n-1)}{i*(1+i)^n}
=\frac{18000*((1+0.09)^{20}-1)}{0.09*(1+0.09)^{20}}
=164313.82   to the nearest cent
You might be interested in
How is finding the factors of a number different from finding the prime factorization of a number
ICE Princess25 [194]
Cause a prime number is a number that can only be divideed by itself like 19
factors are 0 2 4 6 8 10
8 0
3 years ago
Read 2 more answers
There are 24 dogs to 18 at the pet day care write the ratio of cats to dogs
fgiga [73]

Answer:

24:18

Step-by-step explanation:

this is the way i wa taught not sure if its right

8 0
3 years ago
Read 2 more answers
The table shows interest owed for a home improvement loan based on how long it takes to pay off the loan.
Alexxandr [17]
Remember that  the formula for simple interest is:
I=prt
Where I is the interest to paid, p is the loan, r is the interest rate (in decimal), and t is the time (in years).

A. We know that the interest rate for a loan of 9 months is 2.9%, but we need to convert that rate to decimal. To do that just divide the interest rate by 100%:
\frac{2.9}{100} =0.029
Next, we are going to find the time t in years. Since the period of time is 9 months, we are going to dive by 12, the number of months in a year, to obtain the time in years:
t= \frac{9}{12} =0.75
Now, we just need to replace the values in our formula to find the interest owned:
I=(900)(0.029)(0.75)=19.58
We can conclude that <span>the interest owed for a home improvement loan of $900 after 9 months is $19.58.
</span>
B. Similarly:
r= \frac{3.1}{100} =0.031
t= \frac{18}{12} =1.5
I=(2500)(0.031)(1.5)=116.25
We can conclude that the interest owed for a home improvement loan of $2500 after 18 months is $116.25.

C. Similarly:
r= \frac{2.4}{100} =0.024
t= \frac{6}{12} =0.5
I=(5600)(0.024)(0.5)=67.2
We can conclude that the interest owed for a home improvement loan of $5600 after 6 months is $67.2
7 0
3 years ago
5 people take 12 hours to build a wall.<br> How long would it take 3 people to build the wall?
mafiozo [28]

Step-by-step explanation:

5p=12h

3p=?(h)

12×3=5h

36=5h

h=36/5

h=7.2 hours

8 0
3 years ago
What is 5 x 3/7 !!! 15 POINTS !!
Sav [38]

Answer: 13/7

Step-by-step explanation: So you add a one on the bottom of the 5 then multiply it. 5X3=13 and 1X7= 7 then you get 13/7.

8 0
3 years ago
Other questions:
  • Mariah wanted to make cookies for her family but needed to reduce the recipe. The original recipe required five cups of
    15·2 answers
  • Which best describes the range of the function f(x) = 2(1/4) after it has been reflected over the y-axis? all real numbers all r
    9·2 answers
  • You placed each of these cards in a brown paper bag and randomly select one and then record your results. After each selection,
    6·1 answer
  • Find the product. (3x 2 - 5x + 3)(3x - 2)
    5·1 answer
  • Please<br> help find the measure of the exterior angle
    6·2 answers
  • Please show the problem as a proportion along with work.
    9·1 answer
  • The manager of a music store surveyed a random sample of customers who shop in the store
    6·1 answer
  • Hello people kinda need help with this question below...
    15·2 answers
  • Help me please heres a pic​
    10·1 answer
  • If the crane operator works 30 years and the train engineer works 33 years, who makes the most lifetime income? How much more?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!