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Sergeu [11.5K]
3 years ago
10

Suppose you invest $100 a month in an annuity that

Mathematics
2 answers:
Yuliya22 [10]3 years ago
5 0

Answer: B. $2518.59

Step-by-step explanation:

Just took this quiz on a p e x :)

Dominik [7]3 years ago
4 0

Answer:

  $2502.60

Step-by-step explanation:

The formula for the amount of an annuity due is ...

  A = P(1 +r/n)((1 +r/n)^(nt) -1)/(r/n)

where P is the monthly payment (100), r is the annual interest rate (.04), n is the number of compoundings per year (12), and t is the number of years (2). Given these numbers, the formula evaluates to ...

  A = $100(1.00333333)(1.00333333^24 -1)/0.00333333

  = $100(301)(0.08314296)

  = $2502.60

_____

This value is confirmed by a financial calculator. The given answer choices all appear to be incorrect. The closest one corresponds to an annual interest rate (APR) of 4.286%, not 4%.

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\bf \begin{array}{lcccl} &\stackrel{lbs}{quantity}&\stackrel{\textit{cost}}{per~lb}&\stackrel{\textit{cost}}{total}\\ \cline{2-4}&\\ A~ nuts&50&2&100\\ B~nuts&x&7&7x\\ \cline{2-4}&\\ mixture&y&6&6y \end{array} \\\\\\ \begin{cases} 50+x=\boxed{y}\\ 100+7x=6y \end{cases}\qquad \qquad \implies 100+7x=6\left( \boxed{50+x} \right) \\\\\\ 100+7x=300+6x\implies \blacktriangleright x=200 \blacktriangleleft

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Step-by-step explanation:

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