Let garret’s age be x
x + 2 + (x + 3) + 2 = 39
2x + 7 = 39
2x = 32
x = 32/2
x = 16
Garrett’s age after two years = 16 + 2 = 18
It depends on where you live. I’d supposed you live in the United States. The average minimum wage for all of United States is $9.73 dollars.
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Answer:
Step-by-step explanation:
The salaries are the same. Only the fraction of how much is saved is quite different.
Equation
x ( 9/11 - 7/9) = 1584
Explanation: The salary amount is x. The fractional amounts saved are also given. You have to take the difference because one of the people saves more than the other.
The amount that is more is 1584.
Solution
9/11 = 0.8182
7/9 = 0.7778
9/11 - 7/9 = 0.8182 - 0.7778 = 0.0404
Put that into the equation.
x(0.0404) = 1584 Divide by 0.0404)
x(0.0404) = 1584/0.0404
answer:x = 39204
Mode (most occurring) - 4
mean (average) - 8
median (middle number from least to greatest) - 4
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.
