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MAXImum [283]
2 years ago
14

Ricky Bobby wants to buy a new automobile for $55,000 in 8 years. How much money must Ricky's original investment be if he makes

a single deposit into an account with monthly compounding and an annual interest rate of 3.90% in order to reach his goal? Round your answer to the nearest cent.
Mathematics
1 answer:
laila [671]2 years ago
4 0

Answer:

PV= $40,279.36

Step-by-step explanation:

Giving the following information:

Number of periods= 8*12= 96 months

Interest rate= 0.039/12= 0.00325

Future value (PV)= $55,000

<u>To calculate the initial investment, we need to use the following formula:</u>

PV= FV/(1+i)^n

PV= 55,000 / (1.00325^96)

PV= $40,279.36

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1(6x-9)=(4x-6)  

One solution was found :

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Rearrange:

Rearrange the equation by subtracting what is to the right of the equal sign from both sides of the equation :

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Step by step solution :

Step  1  :

Step  2  :

Pulling out like terms :

2.1     Pull out like factors :

  6x - 9  =   3 • (2x - 3)  

Equation at the end of step  2  :

 3 • (2x - 3) -  (4x - 6)  = 0  

Step  3  :

Equation at the end of step  3  :

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Step  4  :

Solving a Single Variable Equation :

4.1      Solve  :    2x-3 = 0  

Add  3  to both sides of the equation :  

                     2x = 3

Divide both sides of the equation by 2:

                    x = 3/2 = 1.500

One solution was found :

                  x = 3/2 = 1.500

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Step-by-step explanation:

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