Based on the information, Christian would have $5525.5 of an annuity.
<h3>How to calculate the annuity?</h3>
According to the given information, the number of coffees per week is 3 then, per month is 3x4 = 12
Each coffee is $4.5. Then monthly expenditure for coffees is 12 x 4.5 = $54
Rate of interest r = 1.6% = 1.6/100 = 0.016 and for monthly compounding r = 0.016/12 = 0.00133
n = number of payments = 8 x 12 = 96
We can use the formula for finding the future value as below
FV = C x [ ( 1 + r )n-1 ] / ( r )
FV = 54 x [ ( 1 + 0.00133 )96 – 1 ] / (0.00133)
= 54 x [ (1.13609 - 1)] / (0.00133)
= 54 x 0.13609 / (0.00133)
= 54 x 102.3233
= 5525.5
Therefore Christian would have $5525.5 of the annuity.
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Answer: (26996, 42744)
Step-by-step explanation: N/A
<span>Write 7.4 as a mixed number and as an improper fraction. Do not try to simplify your answers.
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The answer is 37/5
Well, 25 certainly doesn't divide evenly into 595, but it does divide into 600, which is <em>very</em> close to 595. So if we divide 600 by 25, we can get a rough estimate of what 595 divided by 25 is.
I donnt think that there is a solution, but could be wrong
