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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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Fifteen percent of an employee's taxable income is collected each paycheck. Before taxes are removed from each paycheck,
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Answer:

y = x [1-\frac{15}{100}]

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y = x [1-\frac{15}{100}]. (Answer)

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3. Solve the following application of a system of linear equations.
zhuklara [117]

Answer:

Equations:

y =  14 + 9 x --- Cindy

y = 10 x --- Ruben

Solution to equation:

Time they have the same amount: 14 minutes

Number of cards they have at that time: 140 flashcards

Step-by-step explanation:

Solving (a): Variables and what they represent

The variables to use are x and y

Where x represent the minutes and y represents the number of flashcards in x minutes

Solving (b): System of linear equation

Cindy:

Existing\ Flashcards = 14

Additional = 9 per minute

Total number of flashcards (y) in x minutes is:

y =  Existing\ Flashcards + Additional * x

y =  14 + 9 * x

y =  14 + 9 x

Ruben:

Rate = 10 per minute

Total number of flashcards (y) in x minutes is:

y = Rate * x

y = 10 * x

y = 10 x

Solution to Equations:

Time they have the same amount.

To do this, we equate both expressions

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10x = 14 + 9x

Collect Like Terms

10x - 9x = 14

x = 14

Number of cards they have at that time.

Here, we simply substitute 14 for x in any of the equations.

y = 10 x

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or

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