First you express it as a fraction so that would be 2475/1000 which can be simplified to 99/40
The answer to this problem is 403.6
Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37
Answer: 56 times.
Step-by-step explanation:
394/7 = 56.3
56 * 7 = 392
392 + 7 = 399
399 is more than 394, therefore the answer is 56.