1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
navik [9.2K]
3 years ago
7

On the 40th birthday, Mr. Ramos decided to buy a pension plan for himself. This plan will allow him to claim

Mathematics
1 answer:
Mama L [17]3 years ago
7 0

Answer:

The amount of one-time payment should he make on his 40th birthday to pay off his pension plan is P32,880.77.

Step-by-step explanation:

Step 1: Calculation of present value on 3 months after his 60th birthday

The present value on 3 months after his 60th birthday can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV60 = Q * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV60 = present value on 3 months after his 60th birthday = ?

Q = quarterly claim = P10,000

r = quarterly interest rate = annual interest rate / 4 = 8% / 4 = 0.08 / 4 = 0.02

n = number of quarters = number of years * Number of quarters in a year = 5 * 4 = 20

Substitute the values into equation (1), we have:

PV60 =  P10,000 * ((1 - (1 / (1 + 0.02))^20) / 0.02)

PV60 = P10,000 * 16.3514333445971

PV60 = P163,514.33  

Step 2: Calculation of one-time payment on his 40th birthday

The one-time payment can be calculated using the formula the following formula:

PV = PV60 / (1 + r)^n ........................ (2)

Where;

PV = Present value or One-time payment = ?

PV60 = present value on 3 months after his 60th birthday = P163,514.33

r = quarterly interest rate = annual interest rate / 4 = 8% / 4 = 0.08 / 4 = 0.02

n = number of quarters from 40th to 3 months after his 60th birthday = (number of years * Number of quarters in a year) + One quarter = (20 * 4) + 1 = 81

Substitute the values into equation (2), we have:

PV = P163,514.33 / (1 + 0.02)^81 = P32,880.77

Therefore, the amount of one-time payment should he make on his 40th birthday to pay off his pension plan is P32,880.77.

You might be interested in
A combined total of $53,000 is invested in two bonds that pay 5% and 6.5% simple interest. The annual interest is $3,085.00. How
m_a_m_a [10]

Answer:

Step-by-step explanation:

the amount of money invested at the rate of 5% is $24000

the amount of money invested at the rate of 6.5%. Is $29000

Step-by-step explanation:

Let x represent the amount of money invested at the rate of 5%.

Let y represent the amount of money invested at the rate of 6.5%.

The combined total of $53,000 is invested in two bonds that pay 5% and 6.5% simple interest.. This means that

x + y = 53000

The formula for simple interest is expressed as

I = PRT/100

Where

P represents the principal

R represents interest rate

T represents time

Considering the investment at the rate of 5%,

P = x

R = 5

T = 1

I = (x × 5 × 1)/100 = 0.05x

Considering the investment at the rate of 6.5%,

P = y

R = 6.5

T = 1

I = (y × 6.5 × 1)/100 = 0.06.5y

The annual interest is $3,085.00.

it means that

0.05x + 0.065y = 3085 - - - - - -1

Substituting x = 53000 - y into equation 1, it becomes

0.05(53000 - y) + 0.065y = 3085

2650 - 0.05y + 0.065y = 3085

- 0.05y + 0.065y = 3085 - 2650

0.015y = 435

y = 435/ 0.015 = 29000

Substituting y = 29000 into

x = 53000 - y

x = 53000 - 29000

x = $24000

6 0
2 years ago
((W to the power of 2)) to the power of 4
UkoKoshka [18]
X^2^4 = x^8

Just multiply then 2 and 4 to get 8
8 0
3 years ago
Read 2 more answers
What number makes the the number sentence true 420,008 - 9,569 =n
LekaFEV [45]
N=410,439
You can just type your problem into a calculator-- you're just finding out what 420,008-9,569 is. :)
4 0
3 years ago
Read 2 more answers
Solve |3k-2|=2|k+12|
Stella [2.4K]

Answer:

k = 26   or   k = -\dfrac{22}{5}

Step-by-step explanation:

|3k - 2| = 2|k + 12|

\dfrac{|3k - 2|}{|k + 12|} = 2

|\dfrac{3k - 2}{k + 12}| = 2

3k - 2 = 2(k + 12)   or   3k - 2 = -2(k + 12)

3k - 2 = 2k + 24   or   3k - 2 = -2k - 24

k = 26   or   5k = -22

k = 26   or   k = -\dfrac{22}{5}

7 0
3 years ago
PLEASE!! I REALLY NEED HELP WITH THIS!!!
ioda
Do you have an example of what the "Constant of proportionality" would be for a different question?
7 0
3 years ago
Other questions:
  • Identify the like terms.
    7·1 answer
  • What is the relationship the values of given digits like 44,000
    11·1 answer
  • Data plan has 32,000 megabytes of storage. She wants a increase the amount of data by 4%. If each photo uses 5magebytes, will sh
    9·1 answer
  • What two numbers multiply to -105 and add to 8
    6·1 answer
  • Chicago to Memphis is 527.4 miles Memphis to New Orleans is 393.8. How far is Chicago to new movie orleans
    8·1 answer
  • 3(-6) + 5 = 26 - 3 is it true, false, or open
    15·1 answer
  • Ken drew a pair of intersecting rays and marked the angle between them.
    15·2 answers
  • Need help and will mark brainlist and thank You
    9·1 answer
  • I need help here plz​
    6·1 answer
  • Rewrite in simplest terms: -3(s – 10) + 7(-2s – 1)
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!