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zloy xaker [14]

2 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]2 years ago

3 0

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

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<u>Step 1: Solve for y in the first equation</u>

$3y - x = -12$

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<u>Step 2: Determine the important aspects</u>

We know that our line is parallel to the other line that has a slope of 1/3 which means that our slope is also going to be 1/3. We also know that our line crosses the point (18, 2) which means that we can use the point slope form to determine our equation

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7 0

1 year ago