Find the total cost with sale tax.
2 answers:
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There are ways of picking 2 of the 10 available positions for a 0. 8 positions remain.
There are ways of picking 3 of the 8 available positions for a 1. 5 positions remain, but we're filling all of them with 2s, and there's
way of doing that.
So we have
The last expression has a more compact form in terms of the so-called multinomial coefficient,
The annuity could provide $221.19 each month
Step-by-step explanation:
The ANNUITY FORMULA is , where
1. is the balance in the account after t years
2. d is the regular deposit (the amount you deposit each year or month
or .........)
3. r is the annual interest rate in decimal
4. n is the number of compounding periods in one year
5. t the number of years
∵ Loren knows that he will have $500,000 when he retires
∴ = $500,000
∵ he sets up a payout annuity for 30 years in an account paying 10%
interest
∴ t = 30 years
∴ r = (10/100) = 0.1
∵ The annuity could provide each month
∴ n = 12
Substitute the values above in the formula
∴
∴
∴ 500,000 = d [2260.487925]
- Divide both sides by 2260.487925
∴ d = $221.19
The annuity could provide $221.19 each month
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