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baherus [9]
2 years ago
10

If your financial goal is to save at least $40,000 in 10 years, what would be the least

Mathematics
1 answer:
adoni [48]2 years ago
4 0

<em><u>The least amount of money you would need to invest per month is; $335</u></em>

<em><u>The anticipated rate of return on your investments is; 7%</u></em>

<em><u /></em>

  • Amount to have been saved at the end of 10 years ≥ $40,000

Number of years of savings = 10 years.

  • We want to find out the least amount to be invested per month.

There are 12 months in a year. Number of months in 10 years = 10 × 12 = 120 months.

  • Thus, amount to be saved monthly = 40000/12 = $333.33
  • Since the minimum amount he wants to save after 10 years is $40000, then we need to approximate the monthly savings in order.

Thus;

Monthly savings ≈ $335

  • Now, for the anticipated rate of return on the investment, we know from S & P's that the benchmark on good rate of return for investment is a minimum of 7%.

  • From online calculator, the worth of the investment after 10 years based on 7% rate of return yearly would be $57626.

Read more at; brainly.com/question/9187598

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The given table represents a function which is in the form of a quadratic equation,

y = ax² + bx + c

We choose three points (3, -10), (4, -16) and (5, -24) from the table and satisfy the equation to get the values of a, b, and c.

For point (3, -10)

-10 = a(3)² + 3b + c

9a + 3b + c = -10 -------(1)

For point (4, -16)

-16 = a(4)² + 4b + c

16a + 4b + c = -16 ------(2)

For point (5, -24)

-24 = a(5)² + 5b + c

25a + 5b + c = -24 -----(3)

Equation (1) - equation (2)

(9a + 3b + c) - (16a + 4b + c) = -10 + 16

-7a - b = 6

7a + b = -6 ------(4)

Equation (2) - equation (3)

(16a + 4b + c) - (25a + 5b + c) = -16 + 24

-9a - b = 8

9a + b = -8 -------(5)

Equation (4) - Equation (5)

(7a + b) - (9a + b) = -6 + 8

-2a = 2

a = -1

From equation (4),

-7(1) + b = -6

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b = 1

From equation (1)

9(-1) + 3(1) + c = -10

-9 + 3 + c = -10

c = -10 + 6

c = -4

Therefore, the value of constant term c is (-4).

5 0
3 years ago
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