Current amount in account
P=36948.61
Future value of this amount after n years at i=11% annual interest
F1=P(1+i)^n
=36948.61(1.11)^n
Future value of $3000 annual deposits after n years at i=11%
F2=A((1+i)^n-1)/i
=3000(1.11^n-1)/0.11
We'd like to have F1+F2=280000, so forming following equation:
F1+F2=280000
=>
36948.61(1.11)^n+3000(1.11^n-1)/0.11=280000
We can solve this by trial and error.
The rule of 72 tells us that money at 11% deposited will double in 72/11=6.5 years, approximately.
The initial amount of 36948.61 will become 4 times as much in 13 years, equal to approximately 147800 by then.
Meanwhile the 3000 a year for 13 years has a total of 39000. It will only grow about half as fast, namely doubling in about 13 years, or worth 78000.
Future value at 13 years = 147800+78000=225800.
That will take approximately 2 more years, or 225800*1.11^2=278000.
So our first guess is 15 years, and calculate the target amount
=36948.61(1.11)^15+3000(1.11^15-1)/0.11
=280000.01, right on.
So it takes 15.00 years to reach the goal of 280000 years.
Answer:
The first statement is true.
Step-by-step explanation:
The function is f(x) = - (x + 6)(x + 2)
⇒ f(x) = - x² - 8x - 12
Now, condition for a function f(x) to be increasing at x = a is f'(a) > 0.
Now, f(x) = - x² - 8x - 12
⇒ f'(x) = -2x - 8 {Differentiating with respect to x}
Now, f'(a) = -2a - 8 {Here a can be any real value}
And, the condition for increasing function at x = a is
- 2a - 8 > 0
⇒ - 2a > 8
⇒ a < - 4
Therefore, the first statement is true i.e. the function is increasing for all real values of x where x < – 4. (Answer)
You can buy 23 salads because the group wants 12 instead of 15 15-12=3
First turns those into fractions, now you should have 4/5 and 1/5.
Now to generate a chance the 2 events will happen in a row (Like rain and a postponed game) you need to multiply the 2 fractions together so it should come out with 4/25 or 16%
