Assuming monthly payment of $250, which implies APR=0.01*12=0.12.
If it is different, please specify.
target P=20000,
A=250
n=to be determined such that P>=target P=20000
The annuity equation with given (monthly) payment is given by
P=250(P/A,i,n)
=A((1+i)^n-1)/(i(1+i)^n)
=250(1.01^n-1)/(0.01(1.01)^n)
=25000(1.01^n-1)/(1.01^n)
Solve for n by trial and error,
Rewrite
20000<=25000(1-1/1.01^n)
=>
1.01^n>=25000/20000=1.25
Take log on both sides,
n*log(1.01)>=log(5)
n>=log(5)/log(1.01)=161. 75
=> n=162 (next integer)
Check:
P=250(P/A,0.01,162)=250*(1.01^162-1)/(.01*1.01^162)=20012.56 ok.
Answer: See explanation
Step-by-step explanation:
There are no options attached to this.
The fraction in a checking account will be: = 1 - 1/10 = 9/10
Since the financial advisor puts 1/10 of all income into a savings account. The percentage in the savings account will be: = 1/10 × 100 = 10%
The Percentage in the checking account will be: = 9/10 × 100 = 90%
Explain this question more in the comments! I could help!
Answer:
77
Step-by-step explanation:
b is present in both ratios, find first the LCM of 8 and 6, which is 24.
Multiply a:b=3:8 by 3 to get a:b=9:24
Similarly, multiply b:c=6:11 by 4 to get b:c=24:44
Then we conclude
a:b:c=9:24:44
Since there is no common factor among the three numbers, this is the simplest ratio possible.
If a,b and c are integers, the smallest values for a,b and c are 9,24,44.
Add up the three numbers to get the least value of a+b+c=77.
divide total miles by time:
220 / 3.5 = 62.857
rounded to nearest tenth = 62.9 miles per hour
