He needs to have $205783 amount of money to receive $5000 every 6 months for 10 years.
<h3>What is Interest ?</h3>
Interest is the amount of money received , when a certain lump sum amount is deposited.
It is given that the person is receiving ,
Interest = $5000 ,
after six months , every six month
Time Period = 10 years
Interest Rate = 4%
Compounded Semiannual
Let the principal amount be $x
Compound Interest is given by
Amount = P[ 1 + r/n]ⁿˣ
Here x is the time period
Therefore the Amount = x{ 1 +0.04/2}²⁰
x + 5000 *20 = x{ 1 +0.04/2}²⁰
x + 100000 = 1.486 x
x = $205783
Therefore he needs to have $205783 amount of money to receive $5000 every 6 months for 10 years.
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Answer:
8
Step-by-step explanation:
Answer:
we need the options
Step-by-step explanation:
what are the numbers
Answer:
Age of Mark is 25 years.
Step-by-step explanation:
Let the current age of Mark = x years
After 20 years, age of Mark=(x+20) years
10 years ago,age of Mark was (x-10) years.
In 20 years Mark will be three times as old as he was 10 years ago.
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