Answer:
A) $93,504.818
B) $40,000
C) $53,504.818
Step-by-step explanation:
Yearly contribution ( periodic payment) = $4000
Period (p) = 10years
Additional period(y) = 5years
Annual interest(r) = 9% = 0.09
Future value (FV) =
periodic payment [(1 + r)^y - 1] / r
4000 [(1 + 0.09)^10 - 1 / 0.09]
4000[1.09^10 - 1 / 0.09]
4000[1.3673636 / 0.09]
4000(15.192929)
= 60771.716
If left for five more years:
FV = 60771.716(1 + r)^n
FV = 60771.716(1 + 0.09)^5
FV = 60771.716(1.09)^5
FV = 60771.716(1.5386239549)
FV = $93,504.818
B) MR. HUGHES CONTRIBUTION :
Periodic payment × p ; $4000 was deposited annually for 10 years.
$4000 × 10 = $40,000
C) Interest = Future value - contribution
$93,504.818 - $40,000
= $53,504.818
The answer is 1.5 buddy or 3/2
Get a common denominator.
3/10 = 30/100
30/100 + 3/100 = 33/100
Answer: 33/100
B I’m pretty sure sorry if I’m wrong
