The monthly deposit should be $81.38.
An ordinary annuity is a fixed payment made for a fixed amount of time at the end of each period.
The formula to determine the monthly deposit is:
Future value / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 5.5 / 12 = 0.4583%
- n = 20 x 12 = 240
35,450 / [(1.004583)^240 - 1] / 0.004583 = $81.38
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Answer:
$8
Step-by-step explanation:
The formula for simple interest is i = p*r*t, where r is the interest rate as a decimal fraction.
Here, i = $80*0.10*1 = $8
Answer:
Step-by-step explanation:
The rule for making a negative exponent positive is to take whatever the negative variable is on and put it under a 1.
Do that for the next 2:
and
