Three friends decided to exercise together four times a week to lose fatand increase muscle mass. While all three were healthier
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Given:
• Amount to save, A = $28,000
,• Time, t = 6 years
,• Interest rate, r = 5.3% ==> 0.053
,• Number of times compounded = quarterly = 4 times
Let's find the amount that must be deposited into the account quarterly.
Apply the formula:
Where:
FV is the future value = $28,000
r = 0.053
n = 4
t = 6 years
Thus, we have:
Let's solve for P.
We have:
Solving further:
Divide both sides by 28.0384237:
Therefore, the amount that must be deposited quarterly into the account is $998.60
ANSWER:
$998.60
A = amount invested at 4%.
b = amount invested at 9%.
we know the total amount invested was $26500, thus a + b = 26500.
whatever% of anything is just (whatever/100) * anything.
how much is 4% of a? well, is just (4/100) * a, or 0.04a.
how much is 9% of b? well, is just (9/100) * b, or 0.09b.
we know the interest yielded for both amounts adds up to $1510, thus 0.04a + 0.09b = 1510.
how much was invested at 9%? well, b = 26500 - a.
b = amount invested at 9%.
we know the total amount invested was $26500, thus a + b = 26500.
whatever% of anything is just (whatever/100) * anything.
how much is 4% of a? well, is just (4/100) * a, or 0.04a.
how much is 9% of b? well, is just (9/100) * b, or 0.09b.
we know the interest yielded for both amounts adds up to $1510, thus 0.04a + 0.09b = 1510.
how much was invested at 9%? well, b = 26500 - a.