Answer:
Dependent Events
Step-by-step explanation:
The answer is dependent events because a dependent event relies on the outcome of another event. Remember dependent depends on another event.
Step-by-step explanation:
population in 2010=119000
population in 2015=11900*1.063=126497
population in 2020=126497*(1 - 0.037)=126491*0.963= 121817
answer=
=1.0237%
The amount needed such that when it comes time for retirement is $2,296,305. This problem solved using the future value of an annuity formula by calculating the sum of a series payment through a specific amount of time. The formula of the future value of an annuity is FV = C*(((1+i)^n - 1)/i), where FV is the future value, C is the payment for each period, n is the period of time, and i is the interest rate. The interest rate used in the calculation is 4.1%/12 and the period of time used in the calculation is 30*12 because the basis of the return is a monthly payment.
FV = $3,250*(((1+(4.1%/12)^(30*12)-1)/(4.1%/12))
