Suppose you'd like to see if I have money to pay cash for the next year. The goal is to save an extra $26,000 over the next six years. What amount of quarterly payments must you make it into an account that earns 5.5% interest in order to reach your goal?

Answers

Answer 1
Answer:

Answer:

Amount he must save to earn his goal = $7193.1≅

Step-by-step explanation:

The 5.5% interest is compounded quarterly, hence the compound interest expression is used

A = P(1+r%)ⁿ

A = $26000

P = ?

r = 5.5%

n = 4 x 6 = 24 quarters

P = A ÷ (1+r%)ⁿ = 26000 ÷ (1 + 0.055)²⁴ = 7193.070497956 = $7193.1≅


Related Questions

All are equivalent except x<-2, x-2<4, 2x<-4, x-2<-4 ?
Which of the following is not a property of mathematical proofs?
3 A linear function is graphed below.7 (3,5)X(-1,-5)What is the y-intercept of this graphed line?PLEASE HELP!!!!!!
The quantity demanded per month, x, of a certain make of personal computer (PC) is related to the average unit price, p (in dollars), of PCs by the equationx = f(p) =1009810,000 − p2It is estimated that t mo from now, the average price of a PC will be given byp(t) =4001 +18t+ 200 (0 ≤ t ≤ 60)dollars. Find the rate at which the quantity demanded per month of the PCs will be changing 16 mo from now. (Round your answer to one decimal place.)
A survey was taken of 44 people to see if they have a cat and/or a dog. The results are shown in the Venn diagram.Enter your answers in the boxes to complete the two-way table based on the given data.Have a cat Dont have a cat TotalHave a dog ______ ___________ ____Don't Have a dog ____ __________ ____Total _____ ___________ ____

There are 49,000 seats in a sports stadium. Tickets for the seats in the upper level sell for $25, the ones in the middle level cost $30 and the ones in the lower level are $35 each. The number of seats in the middle and bottom levels together equal the number of seats in the upper level. When all of the seats are sold for an event, the total revenue is $1,419,500. How many seats have been sold in the upper level?

Answers

u- amount of upper level tickets which cost 25$
m-amount of middle level tickets which cost 30$
b-amount of bottom level tickets which cost 35$

m+b=u and
m+b+u=49000 and
25u+30m+35b=1419500

putting u from first equation to the second
2u=49000
u=24500 - seats in upper level
m+b=24500 so m=24500-b
25*24500+30(24500-b)+35b=1419500
612500+735000-30b+35b=1419500
1347500+5b=1419500
5b=72000 /:5
b=14400
amount of seads in bottom level

Find the perimeter of a quadrilateral with vertices at C (−1, 2), D (−2, −1), E (2, −2), and F (1, 1). Round your answer to the nearest hundredth when necessary.

Answers

To get the perimeter of the quadrilateral, the distance formula can be used. We simply have to subtract the y coordinate of one point to another and the same for the x coordinate. The square root of the sum of the squares of the difference is the distance.The results can then be added to get the perimeter. So,
CF = sqrt ( (2-(-1))^2 + (-1-(-2))^2 ) = sqrt(10)
FE = sqrt ( (-2-1)^2 + (2-1)^2 ) = sqrt(10)
ED = sqrt ( (-1-(-2))^2 + (-2-2)^2 ) = sqrt(17)
DC = sqrt ( (2-(-1)^2 + (-1-(-2))^2 ) = sqrt(10)

P = CF + FE + ED + DC = sqrt(10) + sqrt(10) + sqrt(17) + sqrt(10) = 13.61

Answer: The answer is 12.68 units.

Step-by-step explanation:

How can you use addition and subtract to put together and separate measures of an angle and its parts

Answers

How can you use addition and subtract to put together and separate measures of an angle and its parts

Adding and Subtracting angles can be put this way.
Complementary angles can be formed by two angles with total of 90 degrees.
Supplementary angles can be formed by two angles with total of 180 degrees.

X + Y = 90 degrees
Y = 90 - X
X = 90 - Y

X + Y = 180 degrees
Y = 180 - X
X = 180 - Y

Round the number to the hundredths place 12, 863 .14 846?A. 12,863.14

B. 12,900

C. 12,863.15

D. 12,800

Answers

The hundredth place is two moves from the right of the decimal point.

So here, the hundredth digit is 4 and next digit is 8, so we round the hundredth up to 5 and we are left with 12,863.15 (C)

What is -(5) to the power of -1

Answers

the answer would be -0.2 ;)

Please helpThese are Honors Geometry problems that I don't understand. Please explain how you got your answers and show you work so I can understand what to do

Please don't erase any answers. I really need help

Answers

First we know that a circle is 360 degrees. From the center of the pentagon if you draw a segment to each point M N P Q R, you create 5 triangles from the center. So 360/5 = 72 degrees. Each 'turn' from letter to letter is a 72degree rotation about the center O.
Moving N 72 degrees maps it onto M. Moving N 144 degrees maps it onto P. Mapping P to Q would be a 72 degree rotation since they are one rotation away from each other. I hope you understand.