Current amount in account
P=36948.61
Future value of this amount after n years at i=11% annual interest
F1=P(1+i)^n
=36948.61(1.11)^n
Future value of $3000 annual deposits after n years at i=11%
F2=A((1+i)^n-1)/i
=3000(1.11^n-1)/0.11
We'd like to have F1+F2=280000, so forming following equation:
F1+F2=280000
=>
36948.61(1.11)^n+3000(1.11^n-1)/0.11=280000
We can solve this by trial and error.
The rule of 72 tells us that money at 11% deposited will double in 72/11=6.5 years, approximately.
The initial amount of 36948.61 will become 4 times as much in 13 years, equal to approximately 147800 by then.
Meanwhile the 3000 a year for 13 years has a total of 39000. It will only grow about half as fast, namely doubling in about 13 years, or worth 78000.
Future value at 13 years = 147800+78000=225800.
That will take approximately 2 more years, or 225800*1.11^2=278000.
So our first guess is 15 years, and calculate the target amount
=36948.61(1.11)^15+3000(1.11^15-1)/0.11
=280000.01, right on.
So it takes 15.00 years to reach the goal of 280000 years.
Answer:
x<4
Step-by-step explanation:
3x < 12
Divide with 3 on each side
x< 4
In words x has all the real numbers that are less than 4 or x belongs to any number from -ve infinity to 4.
The answer would be A. 21 because 21/7 would equal 3
Answer:
The value of AM = 43
Step-by-step explanation:
As point M is the midpoint of AB, so
Given
AB = 8x - 50
AM = 2x + 9
so substituting AB = 8x - 50 and AM = 2x + 9 in the equation AB = AM + BM
AB = AM + BM
8x - 50 = 2x + 9 + BM
8x - 2x - 50 - 9 = BM
6x - 50 = BM
Thus,
BM = 6x - 59
As
AM = BM
so substituting AM = 2x + 9 and BM = 6x - 59 in the equation AM = BM
2x + 9 = 6x - 59
switch sides
6x - 59 = 2x + 9
subtract 2x from both sides
6x - 2x - 59 = 2x + 9 - 2x
4x - 59 = 9
add 59 to both sides
4x - 59 + 59 = 9 + 59
4x = 68
divide both sides by 4
4x/4 = 68/4
x = 17
Thus, the value of x = 17
Therefore, the value of AM will be:
AM = 2x + 9 = 2(17) + 9 = 34 + 9 = 43
Hence, the value of AM = 43
<u>Verification:</u>
AM = BM
2x + 9 = 6x - 59
2(17) + 9 = 6(17) - 59
34 + 9 = 102 - 59
43 = 43
and
AB = 8x - 50 = 8(17) - 50 = 86
