Answer:
4.8
Step-by-step explanation:
Answer:
Ans. Jessica has to make monthly deposits of $203.34 in order to get $11,000 at the end of the fourth year, at a rate of 6% compounded monthly.
Step-by-step explanation:
Hi, the first thing to do is to convert that compounded rate into an effective rate, that is by just dividing by 12, therefore, 0.06/12=0.005 or 0.5% effective monthly.
We also know that this deposits are going to take place at the end of every month, for 4 years, that means 48 months.
And to find the value of the monthly deposit, we need to use the following equation and solve for A
![FutureValue=\frac{A((1+r)^{n}-1) }{r}](https://tex.z-dn.net/?f=FutureValue%3D%5Cfrac%7BA%28%281%2Br%29%5E%7Bn%7D-1%29%20%7D%7Br%7D)
Filling it up, we get:
![11,000=\frac{A((1+0.005)^{48}-1) }{0.005}](https://tex.z-dn.net/?f=11%2C000%3D%5Cfrac%7BA%28%281%2B0.005%29%5E%7B48%7D-1%29%20%7D%7B0.005%7D)
![11,000=\frac{A((0,270489161) }{0.005}](https://tex.z-dn.net/?f=11%2C000%3D%5Cfrac%7BA%28%280%2C270489161%29%20%7D%7B0.005%7D)
![11,000=A( 54,098 )](https://tex.z-dn.net/?f=11%2C000%3DA%28%2054%2C098%20%29)
![A=203.34](https://tex.z-dn.net/?f=A%3D203.34)
Best of luck
Well, let's see . . . . .
2, 4, and 48
2, 6, and 46
2, 8, and 44
2, 10, and 42
2, 12, and 40
2, 14, and 38
2, 16, and 36
2, 18, and 34
.
.
and so on and so forth.
When I keep going and do all of them, I get 46 answers altogether.
If you need the even numbers to be consecutive,
then they're 16, 18, and 20 .
The riddle is if you have 1,2,3 or 4 round it down. If it is 5,6,7,8, or 9 round it up.
Look at the next number after 8. It's 4 so round it down. Your answer is 3,800,000.
Hope I helped:)