nd the compound interest and future value. Do not round intermediate steps. Round your answers to the neare Principal Rate Compounded Time $865 4% Annually 10 years The future value is $ and the compound interest is $ X Start over Ś​

Answers

Answer 1

All the values are,

Compound interest = $1280.2

Future value = $1280.2 + $x

Given that;

P = $865

r = 4%

T = 10 years

Formula is,

Compound Interest = P(1 + r)^t

Where, Principal = P, Interest rate = r, Number of compounds = n, Interest time = t

Plug, p = 865, r = 0.04, t = 10

Compound Interest = 865 (1 + 0.04)¹⁰

Compound Interest = 865 (1.04)¹⁰

Compound Interest = 865 x 1.48

Compound Interest = 1280.2

Hence, We get;

Future value = Compound Interest + Principal

Future value = $1280.2 + $x

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Related Questions

How do you write 9.6522 as a percentage

Answers


To convert a decimal number to a percentage, you need to multiply it by 100.

So, to write 9.6522 as a percentage, you need to multiply it by 100, which gives you:

9.6522 x 100 = 965.22%

Therefore, 9.6522 written as a percentage is 965.22%.

60. What is the slope of a line that passes through the point (-1, 1) and is parallel to a line that passes through
(3, 6) and (1,-2)?

Answers

The equation of the line that passes through the point (-1, 1) and is parallel to a line that passes through (3, 6) and (1, -2) is: [tex]$y = 4x + 5$[/tex].

What is slope?

The slope of a line is a measure of its steepness, and is calculated as the change in the y-coordinate divided by the change in the x-coordinate.

In this case, the line passing through the points (3, 6) and (1, -2) has a slope of [tex]$\frac{6 - (-2)}{3 - 1} = \frac{8}{2} = 4$[/tex].

Therefore, the line that passes through the point (-1, 1) and is parallel to the given line has the same slope of 4.

To find the equation of the line passing through (-1, 1) and having a slope of 4, we need to use the point-slope formula.

The point-slope formula is given by: [tex]$y - y_1 = m(x - x_1)$[/tex] where [tex]$(x_1, y_1)$[/tex] is a point on the line, and m is the slope of the line. In this case, [tex]$(x_1, y_1)$[/tex] is (-1, 1) and m is 4, so the equation of the line is:

[tex]$y - 1 = 4(x - (-1))$[/tex]

[tex]$y - 1 = 4x + 4$[/tex]

[tex]$y = 4x + 5$[/tex]

Therefore, the equation of the line that passes through the point (-1, 1) and is parallel to a line that passes through (3, 6) and (1, -2) is: [tex]$y = 4x + 5$[/tex].

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The equation of the line that passes through the point (-1, 1) and is parallel to a line that passes through (3, 6) and (1, -2) is: [tex]$y = 4x + 5$[/tex].

What is slope?

The slope of a line is a measure of its steepness, and is calculated as the change in the y-coordinate divided by the change in the x-coordinate.

In this case, the line passing through the points (3, 6) and (1, -2) has a slope of [tex]$\frac{6 - (-2)}{3 - 1} = \frac{8}{2} = 4$[/tex].

Therefore, the line that passes through the point (-1, 1) and is parallel to the given line has the same slope of 4.

To find the equation of the line passing through (-1, 1) and having a slope of 4, we need to use the point-slope formula.

The point-slope formula is given by: [tex]$y - y_1 = m(x - x_1)$[/tex] where [tex]$(x_1, y_1)$[/tex] is a point on the line, and m is the slope of the line. In this case, [tex]$(x_1, y_1)$[/tex] is (-1, 1) and m is 4, so the equation of the line is:

[tex]$y - 1 = 4(x - (-1))$[/tex]

[tex]$y - 1 = 4x + 4$[/tex]

[tex]$y = 4x + 5$[/tex]

Therefore, the equation of the line that passes through the point (-1, 1) and is parallel to a line that passes through (3, 6) and (1, -2) is: [tex]$y = 4x + 5$[/tex].

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The diagram shows a field. 66 m 140 m 102 m Work out the area of the field.​

Answers

The area of the field, given that it is a trapezium, would be 7, 986 m ² .

How to find the area ?

The field is in the shape of a trapezium which means that the area of the field can be found by the formula :

= ( a + b ) / 2 x height

Side a = 102 m

Side b = 140 m

height = 66 m

The area of the field is therefore:

= ( 102 + 140 ) / 2 x 66

= 121 x 66

= 7, 986 m ²

In conclusion, the area of the field is 7, 986 m ².

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based on an exponential model of the data, what is the predicted value of variable 2 when variable 1=2? round your answer to the nearest whole number.
a. variable 2 ≈ 128
b. variable 2≈ 166
c. variable 2≈ 181
d. variable 2≈ 263

Answers

The predicted value of Variable 2 when Variable 1 = 2 is 82.

How to calculate the value :-

The graph shows that the data has a diminishing exponential trend.

We can utilize the trendline tool in a spreadsheet program like Excel to discover the equation of the exponential function that matches the data. Using the trendline feature, we obtain the following equation:

Variable number 2 = 120.28 * 0.8555Variable number one

We can now use this equation to estimate the value of Variable 2 when Variable 1 = 2:

82 Variable 2 = 120.28 * 0.85552

When Variable 1 = 2, the anticipated value of Variable 2 is 82, rounded to the closest whole number.

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The predicted value of Variable 2 when Variable 1 = 2 is 82.

How to calculate the value :-

The graph shows that the data has a diminishing exponential trend.

We can utilize the trendline tool in a spreadsheet program like Excel to discover the equation of the exponential function that matches the data. Using the trendline feature, we obtain the following equation:

Variable number 2 = 120.28 * 0.8555Variable number one

We can now use this equation to estimate the value of Variable 2 when Variable 1 = 2:

82 Variable 2 = 120.28 * 0.85552

When Variable 1 = 2, the anticipated value of Variable 2 is 82, rounded to the closest whole number.

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what is the inverse of f(x)=(4x-9)^1/2

Answers

The inverse of f(x) = [tex](4x-9)^{1/2[/tex] when the variables of x and y are switched is [tex]F(x)^{-1}[/tex] =  [tex]\frac{x^{2}+9 }{4}[/tex]

What is an Inverse of a Function?

Inverse of a function is a function which can be reversed into another function. It is also a function that undoes the action of the another function.

How to determine this

When f(x) = (4x-9)^1/2

To determine the inverse, [tex]f(x)^{-1}[/tex]= y

y = (4x-9)^1/2

y = [tex]\sqrt{4x-9}[/tex]

By squaring both sides

y^2 = 4x - 9

By swapping the variables

x^2 = 4y - 9

Subtracting 9 from both sides

x^2 +9 = 4y

divide through by 4

[tex]\frac{x^{2}+9 }{4}[/tex] = 4y/4

y = [tex]\frac{x^{2}+9 }{4}[/tex]

Therefore [tex]F(x)^{-1}[/tex] = [tex]\frac{x^{2}+9 }{4}[/tex]

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MARKING AS BRAINLIST PLS HELP

Answers

Answer:

The angle of C is 118.6

Step-by-step explanation:

3x+2=8 what is the value of x

Answers

Answer:

x = 2

Step-by-step explanation:

3x + 2 = 8

Subtracting both sides by 2 we get,

=> 3x + 2 - 2= 8 - 2

=> 3x = 6

=> x = 6/3

=> x = 2

3x + 2 = 8
3x + 2 - 2 = 8 - 2
3x = 6
3x/3 = 6/3
x = 2

Don't know answer please help?

Answers

Answer:

104 square meters

Step-by-step explanation:

Make sure all the units are same and consistent!!


The shape of the shaded region = Trapezium


h = Perpendicular height of trapezium

  = 16 m


∴Area of shaded region = Area of trapezium

                                          = [tex]\frac{1}{2}[/tex] × (Sum of parallel sides) × h

                                          = [tex]\frac{1}{2}[/tex] × [(9 + 4) m] × (16 m)

                                         = [tex]\frac{1}{2}[/tex] × (13 m) × (16 m)

Area of shaded region = 104 [tex]m^{2}[/tex]

                                         = 104 square meters

Identify the law illustrated by the following: 4bracket(3x-7) is equivalent to 12x-28.

Answers

Distributive property

What are the values of the "t" column when the rule of the table is 3n + 5.

Answers

Answer:

8,11,14,17

Step-by-step explanation:

3n + 5

When n = 1,

3(1) + 5

=> 3 + 5

=> 8

When n = 2,

3(2) + 5

=> 11

When n = 3,

3(3) + 5

=> 14

When n = 4,

3(4) + 5

=> 17

2.1. Consider the following pattern. 2.1.1 complete the table. (match-sticks were used to make each shape) (6marks) Shape No. of match-sticks Rule 1 4 2 7 3 10 4 13 6 241 10 40 43 21 82​

Answers

The rule for this pattern is:

Number of matchsticks = 3n + 1, where n is the shape number.

Using this rule, we can complete the table as follows:

Shape | No. of match-sticks
--- | ---
1 | 4
2 | 7
3 | 10
4 | 13
5 | 16
6 | 19
7 | 22
8 | 25

Therefore, the completed table is:

Shape | No. of match-sticks
--- | ---
1 | 4
2 | 7
3 | 10
4 | 13
5 | 16
6 | 19
7 | 22
8 | 25

2. Why was the Constitutional Convention held?
lengte
A. Each state's government was too weak.
B. Americans wanted to win independence from England.
C. The national government was too weak.
D. The states wanted to form the first American government.


Anyone pls

Answers

The answer is C) The national government was too weak.

Supplementary angles

Answers

The angles that is supplementary to <HAE is <IAE

What are supplementary angles?

Supplementary angles are simply described as a pair of angles whose sum is 180 degrees.

Some properties of supplementary angles are;

The two angles are said to be supplementary angles when they sum up to 180°The two angles together make a straight line, but the angles must not be together in the same place.In a cyclic quadrilateral, opposite angles are said to be supplementary

From the information given, we can see that;

<HAE is on a straight line with <IAE , making their sum to be 180 degrees

Then, <IAE is supplementary is <HAE

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Lee watches TV for 2 hours per day. During that time, the TV consumes 150 watts per hour. Electricity costs (18 cents)/(1 kilowatt-hour). How much does Lee's TV cost to operate for a month of 30 days?

Answers

If the TV consumes 150 watts per hour and electricity costs (18 cents)/(1 kilowatt-hour), it would cost Lee $1.62 to operate his TV for a month of 30 days.

To calculate the cost of operating Lee's TV for a month of 30 days, we need to determine the total amount of electricity used by the TV in that period.

First, we need to calculate the total number of hours Lee watches TV in a month:

2 hours/day x 30 days = 60 hours

Next, we need to calculate the total electricity consumed by the TV:

150 watts/hour x 60 hours = 9,000 watt-hours or 9 kilowatt-hours (kWh)

Now, we can calculate the cost of operating the TV for a month:

9 kWh x $0.18/kWh = $1.62

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If the TV consumes 150 watts per hour and electricity costs (18 cents)/(1 kilowatt-hour), it would cost Lee $1.62 to operate his TV for a month of 30 days.

To calculate the cost of operating Lee's TV for a month of 30 days, we need to determine the total amount of electricity used by the TV in that period.

First, we need to calculate the total number of hours Lee watches TV in a month:

2 hours/day x 30 days = 60 hours

Next, we need to calculate the total electricity consumed by the TV:

150 watts/hour x 60 hours = 9,000 watt-hours or 9 kilowatt-hours (kWh)

Now, we can calculate the cost of operating the TV for a month:

9 kWh x $0.18/kWh = $1.62

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The claim is that for a smartphone​ carrier's data speeds at​ airports, the mean is 18.00 Mbps. The sample size is n= 14 and the test statistic is t= -2.645 .
whats the ​P-value?

Answers

According to given information the P-value is approximately 0.016.

What is P-value?

In statistical hypothesis testing, the p-value is the probability of obtaining a test statistic as extreme as or more extreme than the observed results, under the assumption that the null hypothesis is true.

According to given information:

To find the P-value for this hypothesis test, we need to use a t-distribution with degrees of freedom equal to n-1 = 14-1 = 13. Since the test statistic is t = -2.645, we need to find the area under the t-distribution curve to the left of t.

Using a t-table or calculator, we can find that the area to the left of t = -2.645 with 13 degrees of freedom is approximately 0.008. This is the probability of observing a t-value less extreme than -2.645, assuming the null hypothesis is true.

Since this is a two-tailed test (we are testing whether the true mean is less than or greater than 18.00 Mbps), we need to double the one-tailed P-value to get the two-tailed P-value. Therefore, the P-value is approximately 0.016 (i.e., 2 x 0.008).

So, the P-value is approximately 0.016.

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The length of a rectangle is 4 meters less than 3 times the width. The perimeter is 24 meters. Find the width

Answers

Answer:

Step-by-step explanation: length of a rectangle is 4 meters less than 3 times the width so we can write L = 3W-4

The formula for the perimeter of a rectangle: P = 2L+2W

Now plug the numbers: P = 2(3W-4)2W

                                        24 = 6W - 8 +2W

                                         24 = 8W - 8

                                         32 = 8W

                                          W = 4

Help!!

You flip a coin and roll a dice. The resultant outcome table where H means heads, T means Tails, and the number represents what number was rolled on the dice. The outcome list is as follows: Coin Toss H H H H H H TTTTTT Die Roll 1 2 3 4 5 6 1 2 3 1 2 3 4 5 6 What is the probability that the coin reads heads or tails and the dices number is less than or equal to 6?​

Answers

The probability that the coin reads heads or tails and the dices number is less than or equal to 6 is 1/3 or approximately 0.333.

How to calculate the probability that the coin reads heads or tails and the dices number is less than or equal to 6?​

There are 12 possible outcomes in the table where the coin reads heads or tails and the dice roll is less than or equal to 6. These are:

Coin Toss: H, Die Roll: 1

Coin Toss: H, Die Roll: 2

Coin Toss: H, Die Roll: 3

Coin Toss: H, Die Roll: 4

Coin Toss: H, Die Roll: 5

Coin Toss: H, Die Roll: 6

Coin Toss: T, Die Roll: 1

Coin Toss: T, Die Roll: 2

Coin Toss: T, Die Roll: 3

Coin Toss: T, Die Roll: 4

Coin Toss: T, Die Roll: 5

Coin Toss: T, Die Roll: 6

Out of these 12 outcomes, 6 have the coin reading heads and 6 have the coin reading tails. So, the probability that the coin reads heads or tails and the dice number is less than or equal to 6 is:

P(heads or tails and dice number <= 6) = P(heads and dice number <= 6) + P(tails and dice number <= 6)

= 6/36 + 6/36

= 12/36

= 1/3

Therefore, the probability is 1/3 or approximately 0.333.

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7
An acceleration of 2.5 miles per hour per second
mi/hr
S
feet per hour per second
is closest to which of the following values, in
(1 mile = 5,280 feet)
A) 13,200
B) 2,112
C) 220
D)
1/2,112

Answers

The converted acceleration in feet per hour per second is 13200 feet per hour per second

Converting the acceleration from miles per hour per second to feet per hour per second

From the question, we have the following parameters that can be used in our computation:

Acceleration = 2.5 miles per hour per second

From the question, we have

(1 mile = 5,280 feet)

Substitute the known values in the above equation, so, we have the following representation

Acceleration = 2.5 * 5,280 feet per hour per second

Evaluate the products

So, we have

Acceleration = 13200 feet per hour per second

Hence, the acceleration = 13200 feet per hour per second

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320.041 - 47.96 multiple it for me

Answers

Answer:

320.041 - 47.96 = 272.081

Step-by-step explanation:

I need more information on what you want me to do.

Do you want me to:

Multiply 320.041 by 47.96?

Subtract 47.96 from 320.041?

Multiply the difference between 320.041 and 47.96 by 47.96?

Multiplying 320.041 by 47.96 gives 152,399.6896.

Subtracting 47.96 from 320.041 gives 272.08.

Multiplying the difference between 320.041 and 47.96 by 47.96 gives 13049.0048.

Change zero degrees Celsius to Fahrenheit.

Answers

Answer: F=32

Step-by-step explanation:formula: F = Celsius*9/5+32

so plug the zero for Celsius, in this case, 0*9/5+32 = 32

(I NEED THIS RIGHT NOW!! PLEASE GIVE EXPLANATION!!) Millie and her brother, Jack, sold candy baes for the band fund-raiser. Millie sold three times as many candy bars as Jack. If Jack sold 30 candy bars, which equation and solution can be used to represent y, the number of candy bars Millie sold?

A. 3y = 30; y = 10
B. 30 = y/3; y = 103
C. 30 = y/3; y = 90
D. 3y = 30; y = 90

Answers

The answer is C: 30=y/3; y=90

The reason for this is that we know that Millie sold 3 times as much as Jack, and, if we use x to represent the number that Jack sold, and y to represent the number that Millie sold, we can form the equation y=3x which is equivalent to x=y/3.

By substituting x=30, we get to 30=y/3 and multiplying both sides by 3, we get to y=90

Answer:

C

Step-by-step explanation:

When we do 30=y/3 we get 90 because of the fraction symbol and its says in the problem 3 times as much so more not less so 3x30 equals 90 so we already take out A and B and when there is nothing but a simple equation like 30=3 we dived so it cant be D Ethier so its C

PLS GIVE BRAINLIST

Happy Easter

Two cyclists, 64 miles apart, start riding toward each other at the same time. One cycles 3 times as fast as the other. If they meet 2 hours later, what is the speed (in mi/h) of the faster cyclist? a. Write an equation using the information as it is given above that can be solved to answer this problem. Use the variable r to represent the speed of the slower cyclist. b. What is the speed of the faster cyclist?

Answers

a. Let r be the speed of the slower cyclist in mi/h. Then the speed of the faster cyclist is 3r mi/h. The total distance they travel when they meet is 64 miles. The slower cyclist travels for 2 hours, so the distance he covers is 2r miles. The faster cyclist travels for 2 hours, so the distance he covers is 2(3r) = 6r miles. The sum of these distances is 2r + 6r = 8r miles. Since they are 64 miles apart when they start, we have the equation:

8r = 64

b. Solving the equation 8r = 64 for r, we get:

r = 8

Therefore, the speed of the slower cyclist is 8 mi/h, and the speed of the faster cyclist is 3r = 3(8) = 24 mi/h. a. Let r be the speed of the slower cyclist in mi/h. Then the speed of the faster cyclist is 3r mi/h. The total distance they travel when they meet is 64 miles. The slower cyclist travels for 2 hours, so the distance he covers is 2r miles. The faster cyclist travels for 2 hours, so the distance he covers is 2(3r) = 6r miles. The sum of these distances is 2r + 6r = 8r miles. Since they are 64 miles apart when they start, we have the equation:

8r = 64

b. Solving the equation 8r = 64 for r, we get:

r = 8

Therefore, the speed of the slower cyclist is 8 mi/h, and the speed of the faster cyclist is 3r = 3(8) = 24 mi/h.

Need some help with this khan academy question, thanks.

Answers

The relative frequency of the two frequency table is completed as below

                               less than 2 years    2 or more years      row total

college degree           0.26                         0.74                     1.00

no coll degree             0.70                          0.30                     1.00

How to fill the table

The relative frequency table is filled by comparing the values as below

                               less than 2 years    2 or more years      row total

college degree              5/19                       14/19                     1.00

no coll degree                16/23                     7/23                     1.00

The row total

5 + 14 = 19 so we have 5/19 (0.26) and 14/19 (0.74)

16 + 7 = 23 o we have 16/23 (0.70) and 7/23 (0.30)

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Talisa plans a 36​-foot deep pond. While​ digging, she hits rock 30 feet down. How can Talisa modify the radius to maintain the original volume of the​ pond?

Talisa should make the radius ___ ft

Answers

The radius of the pond should be modified to 19.72ft to be able to maintain the original volume of the pond.

How to modify the radius to maintain the original volume?

The original shape of the pond is the shape of a cylinder and the formula tye can be used to calculate the volume of a cylinder = πr²h

The volume of the original pond is calculated as follows;

π = 3.14

Radius = 18 ft

height = 36ft

Vol = 3.14×18×18×36

= 36,624.96ft³

The radius of the modified pond is calculated as follows; Volume = 36,624.96ft³

height = 30ft

radius = ?

That is;

36,624.96 = 3.14×r²× 30

r² = 36,624.96/94.2

= 388.8

r = √388.8

= 19.72 ft

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Suppose that a researcher is interested in finding out whether a new math program increases students’ math skills. 36 students participate in the program. After the training, the student’s math skills are measured by an exam that is known to have a µ = 70 and σ = 12. The researcher finds out that students who participated in the program scored an average of 73.6. Can we conclude that the training was successful? Justify and explain your answer.

Answers

The hypothesis test conclude that the training program was successful in increasing students' math skills.

As the average exam score of students who participated in the program was significantly higher than the population mean.

Number of students participated = 36

Population mean µ = 70

and σ = 12

To determine whether the math program was successful in increasing students' math skills, we can conduct a hypothesis test.

The null hypothesis denoted as H₀,

There is no difference between mean exam scores of students who participated in math program and population mean µ = 70.

The alternative hypothesis denoted as H₁,

There is a difference between the mean exam scores of the two groups.

Mathematically, the hypotheses as follows,

H₀: µ = 70

There is no difference in the mean exam scores of students who participated in the math program and the population mean.

H₁: µ > 70

The mean exam scores of students who participated in the math program are greater than the population mean.

Use a one-sample t-test to test the hypotheses.

The formula for the t-test statistic is,

t = (X - µ) / (s / √n)

X is the sample mean = 73.6

µ is the population mean = 70

s is the sample standard deviation

s = 12 / √36

  = 2

and n is the sample size= 36

Substituting these values into the formula, we get,

t = (73.6 - 70) / (2 / √36)

 = 3.6 / (1/3)

 ≈10.8

To determine whether the t-value is significant,

Compare it to the critical t-value at a chosen significance level α. Assuming significance level of 0.05 and 35 degrees of freedom df=n - 1 .

Critical t-value to be approximately 1.69.

Since calculated t-value 10.8 is greater than the critical t-value 1.69.

Reject the null hypothesis .

Therefore, using hypothesis test conclude that there is sufficient evidence to suggest that the math program was successful in increasing students' math skills.

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There are only red counters, blue counters and green counters in a bag.
number of red counters: number of blue counters: number of green
counters = 1:3:7
A counter is going to be taken at random from the bag.
Complete the table below to show each of the probabilities that the counter will be red or blue or green.
(2 marks)

Answers

Answer:

Color Probability

Red         1/11

Blue 3/11

Green 7/11

Step-by-step explanation:

The total number of counters in the bag is 1+3+7=11. The probability of selecting a red counter is 1/11, because there is only one red counter in the bag. The probability of selecting a blue counter is 3/11, because there are three blue counters in the bag. Similarly, the probability of selecting a green counter is 7/11, because there are seven green counters in the bag.

PLSSSS LOOK AT ATTACHMENT

Answers

Answer:

Step-by-step explanation:

Since they are in a row, add all the measurements

4 ft 10 in

5 ft 6 in             add ft with the ft and in with in

3 ft 3 in

12 ft 19 in        

There are too many inches.  So you can take away 12 of those inches and and turn it into 1 more foot.  That would make 13 ft.  You'd be left with 7 in.

12 ft + 1 ft    19 in - 12 in

13 ft 7in

Determine the function is positive, negative, increasing, or decreasing. Then describe the end behavior of the function.

Answers

The function is positive and increasing.

Given is an exponential function y = √4x,

So, since all the value of the function will be above x-axis therefore, the function is positive.

Now,

Differentiating the function,

y' = d(√4x)/dx

y' = 1/2 × [tex]4x^{-1/2[/tex]

y' = 1/2√4x

y' = 1/4√x

Since, y' > 0, therefore, the function is increasing.

Now,

For functions with exponential growth, we have the following end behavior.

The end behavior on the left (as x → -∞), it has a horizontal asymptote at y = 0,

The end behavior on the right (as x → ∞), y→ ∞.

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A television show conducted an experiment to study what happens

Answers

Answer:

Step-by-step explanation:

[tex]H_o: p = 0.5,H_1:p\neq 0.5[/tex]

[tex]p(\text{buttered side down})=\frac{19}{51}[/tex]

[tex]\pi _o=0.5\\n=51[/tex]

[tex]z=\frac{p-\pi _o}{\sqrt{\frac{\pi _o(1-\pi _o)}{n} } } =\frac{\frac{19}{51}-0.5 }\sqrt{{\frac{0.5(1-0.5)}{51} } }[/tex]

≈ [tex]-1.82[/tex]

a = 0.01    [tex]z_a/z=2.58\\|z| < |z_[ay}}_2|[/tex]

Thus, it cant reject H₀

The toast will land with the buttered side down 50% of the time.

{Hypothesis test}

The Hartford offered an annuity that pays 5.5% compounded monthly.
What equal monthly deposit should be made into this annuity in order
to have $100000 in 10 years?

Answers

If an annuity pays 5.5% compounded monthly, then the "equal-monthly-deposit" to have $100000 in 10 years is $627.

In order to calculate the "monthly-deposit" needed to accumulate $100,000 in 10 years at 5.5% compounded monthly, we use the formula for the future value of an annuity:

Which is : FV = P × [(1 + r)ⁿ - 1]/r,

where:

FV is "future-value" = $100000,

P = monthly deposit

r = monthly interest rate (5.5%/12 = 0.00458)

n = number of months (10 years × 12 months per year = 120 months)

Substituting the values,

We get,

⇒ 100000 = P × [(1 + 0.00458)¹²⁰ - 1]/0.00458,

⇒ P = 100000 × 0.00458 / [(1 + 0.00458)¹²⁰ - 1],

⇒ P ≈ $627,

Therefore, an equal monthly deposit is approximately $627.

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