Please help! (picture below)

You recently discovered that your job provides a 25% matching towards your retirement.

Harman [31]

Answer:

What is typed in the attached Excel file is =FV(B4,B5,-B3,0,0).

Step-by-step explanation:

Note: See the attached excel file for the calculation of future value of an ordinary annuity.

Since we want to find the balance after 30 years, the function in the Excel is the FV function which is used to calculate the future value (FV) of an ordinary annuity as follows:

=FV(rate,nper,-pmt,0,0) …………………… (1)

rate = Monthly interest rate = APR / 12 = 8.99% / 12 = 0.0899 / 12 = 0.00749166666666667. Note: This is typed in cell B4 in attached excel file.

nper = periods = number of months = 30 years * 12 months = 360. Note: This is typed in cell B5 in attached excel file.

pmt = monthly payment = $300. Note: This is typed in cell B3 in the attached excel file. And also typed as a negative value in cell B7, i.e. as -B3.

pv = present value = 0. Note: This is the first 0 typed in cell B7 in the attached excel file.

type 0 = 0 this is typed to indicate that deposit is made at end of period as a regular or ordinary annuity. This is the second 0 typed in cell B7 in the attached excel file.

Based on the above, the FV function in equation (1) above is converted to the following which is typed in the attached Excel file to find the balance after 30 years:

=FV(B4,B5,-B3,0,0)

The above then gives a future value of $548,080.11 which is the balance after 30 years.

Download xlsx

3 0

3 years ago

25 is what percent of 20?

denis-greek [22]

Answer:

20 is 80% of 25

Step-by-step explanation:

We assume, that the number 25 is 100% - because it's the output value of the task.

2. We assume, that x is the value we are looking for.

3. If 100% equals 25, so we can write it down as 100%=25.

4. We know, that x% equals 20 of the output value, so we can write it down as x%=20.

5. Now we have two simple equations:

1) 100%=25

2) x%=20

where left sides of both of them have the same units, and both right sides have the same units, so we can do something like that:

100%/x%=25/20

6. Now we just have to solve the simple equation, and we will get the solution we are looking for.

7. Solution for 20 is what percent of 25

100%/x%=25/20

(100/x)*x=(25/20)*x - we multiply both sides of the equation by x

100=1.25*x - we divide both sides of the equation by (1.25) to get x

100/1.25=x

80=x

x=80

8 0

3 years ago

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A school bought pens, each costing $1, and pencils, each costing $0.5. The cost of the whole purchase was $220. How many pens an

Mkey [24]

Answer:

120 pens and 200 pencils.

Explanation:

You can set a system of two equations.

1. Variables

x: number of pens
y: number of pencils

2. Cost

each pen costs $1, then x pens costs: x
each pencil costs $0.5, then y pencil costs: 0.5y

Then, the total cost is: x + 0.5y

The cost of the whole purchase was $ 220, then the first equation is:

x + 0.5y = 220 ↔ equation (1)

3. There were 80 more pencils than pens

Then:

pencils = 80 + pens

↓ ↓

y = 80 + x ↔ equation (2)

4. Solve the system

i) Substitute the equation (2) into the equation (1):

x + 0.5(80 + x) = 220

ii) Solve

x + 40 + 0.5x = 220

1.5x = 180

x = 180/1.5

x = 120 pens

iii) Substitute x = 120 into the equation (2)

y = 80 + 120

y = 200 pencils

Solution: 120 pens and 200 pencils ← answer

6 0

3 years ago

Alex and Charlene are playing a card game, where each card has a value, he has a total of -16.5 points . What was his cards valu

borishaifa [10]

-8.25 i know this because i divided it by two

8 0

4 years ago

Mary pumped 7 gallons of water out of her pool each minute for 63 minutes. What was the total change in the amount of water in t

ruslelena [56]

Answer:

The amount of water is 30 gallons a minute

5 0

3 years ago

Read 2 more answers