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adell [148]
3 years ago
12

Dr. Porterfield a financial counselor guru informed Mr. Halpayne he needs $2,000,000 saved if he intends to retire with his wive

s (7 of them) and not be homeless in future. Calculate the present value Mr. Halpayne needs if he intends to retire in 20 years provided he invests in a financial plan that pays 5% interest compunded monthly.
Mathematics
1 answer:
ser-zykov [4K]3 years ago
6 0

9514 1404 393

Answer:

  $737,289

Step-by-step explanation:

The future value of an investment P invested at rate r per year compounded monthly for t years is ...

  FV = P(1 +r/12)^(12·t)

We want to find P for the given future value, so we can solve for that:

  P = FV/(1 +r/12)^(12·t) = FV(1 +r/12)^(-12·t)

  P = $2,000,000(1 +.05/12)^(-240) = $737,289

Mr. Halpayne needs a present value of $737,289 to support his retirement.

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Answer:

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Step-by-step explanation:

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What is the simple interest of a note that has a face value of $12,000, a rate of 8%, and a term of 1 year?
Tju [1.3M]

Solution:

Given:

\begin{gathered} P=\text{ \$}12,000 \\ R=8\text{ \%} \\ T=1year \end{gathered}

Using the simple interest formula,

\begin{gathered} I=\frac{PTR}{100} \\ I=\frac{12000\times1\times8}{100} \\ I=\text{ \$}960 \end{gathered}

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8 0
1 year ago
Solve the simultaneous equation:<br>2x+3y=13<br><br>X+2y=9​
Neko [114]

Answer:

2x + 3y = 13

4x - y = -2

In the second equation, subtract 4x from both sides.

-y = -2 - 4x

Divide both sides by -1.

y = 2 + 4x

Put this into the first equation in place of y.

2x + 3(2 + 4x) = 13

Multiply everything in the parenthesis by 3.

2x + 6 + 12x = 13

Combine like terms.

14x + 6 = 13

Subtract 6 from both sides.

14x = 7

Divide 14 on both sides.

x = 7 / 14

x = 0.5

Put this into the second equation in place of x.

4(0.5) - y = -2

2 - y = -2

Subtract 2 from both sides.

-y = -4

Divide both sides by -1.

y = 4

So x = 0.5 and y = 4.

Step-by-step explanation:

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