NEED HELP FAST!
1 answer:
You might be interested in
Answer:
Step-by-step explanation:
Answer:
a. The amount that is saved at the expiration of the 5 year period is $22,769.20¢
b. The amount of interest is $2,769.20¢
Step-by-step explanation:
Since the amount that is deposited every year for a period of five years is $4,000 and the rate of the interest is 6.5%. We can always calculate the amount that is saved at the expiration of the five years.
We will first state the formula for calculating the future value of annuity:-
Future value of annuity =
Where P is the amount deposited per year.
r is the rate of interest
t is the time or period
and in this case, the actual value of P = $4,000
rate of interest, r is 6.5% = 0.065
time, t is 5 years.
Substituting e, we have:
Fv of annuity =
= 4,000 × [((1.065)^5)- 1/0.065]
= 4,000 × [(1.37 - 1)/0.065]
= 4,000 × (0.37/0.065)
= 4,000 × 5.6923
= $22,769.20¢
a. Therefore the amount that is saved at the end of the five (5) years is $22,769.20¢
b. To find the interest, we will calculate the amount of deposit made during the period of five years and subtract the sum from the current amount that is saved ($22,769.29¢).
Since I deposited 4,000 every year for five years, the total amount of deposit I made at the period =
4,000 × 5 = $20,000
The amount of interest is then = $22,769.20¢ - $20,000 = $2,769.20¢
The ex- suffix often correlates a word to mean "outside", while the in- suffix often correlates a word to mean "inside". An exterior angle of a polygon would mean "an angle outside of a polygon". An interior angle of a polygon would mean "an angle inside of a polygon". Three exterior angles of this polygon would be angle B, angle D, and angle A. This is because these angles are outside of the polygon due to the extending lines from the shape. Two interior angles of this polygon would be angle 6 and angle 8 (explanation was given when I first began answering this question). Angle 9 would be exterior since it is outside of the polygon. Two exterior angles of the polygon that are congruent are angle D and angle 9, since they are both 90 degrees (right angles).
