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zloy xaker [14]

3 years ago

15

Jim wants to retire in 10 years what amount should he invest today so he can withdraw $25000 at the end of each year for 30 year

s. Assume he can invest money at 9% interest compounded annually

1 answer:

Rainbow [258]3 years ago

3 0

after 10 years it will be either $3,526 or 7%

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Angelina_Jolie [31]

Answer:

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Step-by-step explanation:

To solve this question you will simply make a ratio type equation. You know that every 1/6 of an hour, or every 10 minutes, the bucket will fill 1/2 an inch. The bucket is 12 inches tall.

$\frac{10 min}{1/2 inch} = \frac{x min}{12 inches}$

Cross multiply

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$x=240 min$

Convert minutes to inches

$\frac{240 min}{1} * \frac{1 hr}{60 min} = 4 hr$

Final answer: 4 hours

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