Amy invested $500 per month in a 401k that earned 6% annual return for 40 years. Hank invested $1,000 per month in a 401k that also earned 6% annual return, but for 20 years. Which of the following would be true?

Answers

Answer 1

Answer:

The correct option is a. Amy’s balance would be greater than Hank’s in the end.

Step-by-step explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Amy invested $500 per month in a 401k that earned 6% annual return for 40 years. Hank invested $1,000 per month in a 401k that also earned 6% annual return, but for 20 years. Which of the following would be true?

a. Amy’s balance would be greater than Hank’s in the end.

b. Amy’s balance is $5,142 and Hank’s balance is $3,207.

c. Hank’s balance would be greater than Amy’s in the end.

d. The investment and balance would be the same.

e. None of these are true

The explanation to the answer is now given as follows:

The balance in the end for each can be determined using the formula for calculating the Future Value (FV) of an Ordinary Annuity as follows:

FV = M * (((1 + r)^n - 1) / r) ................................. (1)

Where;

For Amy:

FV = Future value or balance in the end = ?

M = Monthly investment = $500

r = Monthly interest rate = 6% / 12 = 0.06 / 12 = 0.005

n = number of months the investment will be made = 40 years * 12 months = 480

Substituting the values into equation (1), we have:

FV = $500 * (((1 + 0.005)^480 - 1) / 0.005)

FV = $500 * 1,991.49

FV = $995,745.37

Therefore, Amy’s balance would be $995,745.37 in the end.

For Hank:

FV = Future value or balance in the end = ?

M = Monthly investment = $1,000

r = Monthly interest rate = 6% / 12 = 0.06 / 12 = 0.005

n = number of months the investment will be made = 20 years * 12 months = 240

Substituting the values into equation (1), we have:

FV = $1,000 * (((1 + 0.005)^240 - 1) / 0.005)

FV = $1,000 * 462.04

FV = $462,040.90

Therefore, Hank’s balance would be $462,040.90 in the end.

Conclusion

Since Amy’s balance of $995,745.37 is greater than Hank’s balance $462,040.90, it therefore implies that the correct option is a. Amy’s balance would be greater than Hank’s in the end.


Related Questions

Jerry read a 200 page book in 10 hours. At that rate, how long will it take him to read a 320 page book?

16 hours
18 hours
24 hours
32 hours

A model of a park was built on a scale of 1.5 cm to 50 m. If the distance between two trees in the park is 150m, what is this distance on the model? *

0.5 cm
4.5 cm
75 cm
225 cm

The practice range at a golf course charges $4.00 for a bucket of 40 golf balls. At this rate, how much will a bucket of 100 golf balls cost? *

$10.00
$10.50
$13.50
$16.00

Answers

Step-by-step explanation:

1. 200 = 10h

320 =

320x10 / 200

= 16h

2. 1.5 = 50m

x = 150 m

150x1.5 / 50

= 4.5cm

3. 4$ = 40balls

x = 100balls

100x4 / 40

= $10

The answer to the first one is 16 hours. This is because it is 20 pages per hour, then when you divide 320 by 20, you get 26.
Hope this helps. I was to lazy to do the others.

someone please help me i am so bad with point slope stuff
Write the equation of the line that passes through the points (2,−6) and (6,-6).
Write the equation of the line that passes through the points (9,8)and (6,3).
Write the equation of the line that passes through the points (-9,-4) and (-9,-4).
What is the equation of the line that passes through the point (−8,5) and has a slope of 0?
What is the slope of the line that passes through the points (-2, 7)and (2, -5).
What is the slope of the line that passes through the points (6, -5)and (6, -8).

Answers

Answer:

1.) y = -6

2.) y = 5/3x - 7

3.) y = 5

4.) y = -3x + 1

5.) x = -3

Step-by-step explanation:

So the equation you want to use is this:   [tex]\frac{y2-y1}{x2-x1}[/tex]

1.) Plug in

[tex]\frac{-6 - (-6)}{6 - 2} \\\\\frac{0}{4} = 0\\[/tex]

This line is zero slope to find the y-intercept get one of you points and plug them and the slope into this equation y = mx+ b. We will use (2,-6)

-6 = 0(2) + b (b represents y-intercept) (0*2=0)

-6 = b

So the equation is y = -6

2.) Do the same thing.

[tex]\frac{3-8}{6-9} \\\\\frac{-5}{-3} =\frac{5}{3}[/tex]

It's positive because when you divide a negative by a negative you get a positive. Plug in a point (6, 3) y = mx + b (b represents y-intercept)

3 = 5/3(6) + b (5/3*6 = 10)

3 = 10 + b (subtract 10 on both sides)

-7 = b

y = 5/3x - 7

3.) For this one you are just going to point slope form. y - y1 = m(x - x1)

Plug in

y - 5 = 0(x - (-8))

y - 5 = 0 (add 5 to both sides)

y = 5

4.) Do [tex]\frac{y2 - y1}{x2 - x1}[/tex] for this one

Plug in

[tex]\frac{-5 - 7}{2 - (-2)} \\\\\frac{-12}{4} = -3[/tex]

So the slope is -3. Plug into y = mx + b with the point (2, -5)

-5 = -3(2) + b (b represents y-intercept)

-5 = -6 + b (add 6 to both sides)

1 = b

The equation is y = -3x + 1

5.) Do the same thing as #4

[tex]\frac{-8 - (-5)}{6 - 6} \\\\\frac{-3}{0}[/tex]

This slope is undefined

Since you can't divide by 0 the equation would be

x = -3

Hope this helps ya!!

Andrea has 8 books on her summer reading list . She has read 5 out of the 8 books.what percent does she have left to read! Pls help ASAP!!

Answers

Answer:

3 percent because 8-5=3

Step-by-step explanation:

Answer:

37.5%

Step-by-step explanation:

Find two positive integers such that their sum is 10, and minimize and maximize the sum of their squares.

Answers

Two numbers whose sum is 10 is required.

The answer is

Minimum: 5, 5

Maximum: 9, 1

Let [tex]x[/tex] and [tex]y[/tex] be two numbers

[tex]x+y=10\\\Rightarrow y=10-x[/tex]

The sum of the squares would be

[tex]x^2+y^2=x^2+(10-x)^2\\ =2x^2-20x+100[/tex]

[tex]f(x)=2x^2-20x+100[/tex]

Differentiating with respect with x

[tex]f'(x)=4x-20[/tex]

Equating with zero

[tex]4x-20=0\\\Rightarrow x=\dfrac{20}{4}\\\Rightarrow x=5[/tex]

Double derivative of f(x)

[tex]f''(x)=4[/tex]

[tex]f''(x)>0[/tex]

So, at [tex]x = 5[/tex] the value of the function is minimum.

Therefore, at [tex]x=5[/tex] and [tex]y=10-5=5[/tex] the function has minimum value of [tex]5^2+5^2=50[/tex]

For the finding the maximum values of [tex]x[/tex] and [tex]y[/tex] we have to use trial and error method

[tex]9^2+1^2=82[/tex]

[tex]8^2+2^2=68[/tex]

[tex]7^2+3^2=58[/tex]

[tex]6^2+4^2=52[/tex]

0 and 10 will not be considered as 0 is neither positive nor negative.

So, the maximum value of the numbers is 9 and 1 and the maximum value of the function is 82.

Learn more:

https://brainly.com/question/1625850?referrer=searchResults

If f(x) and g(x) are quadratic functions but (f + g)(x) produces the graph below, which statement must be true?

Answers

Answer:

That the graph of (f+g)(x) is a parent graph of f(x) and g(x)

Answer:

A. The leading coefficients of f(x) and g(x) are opposite

Step-by-step explanation:

1.)How many people chose superman or thor?
2.) How many people chose Thor than The Hulk?
3.) How many more people chose Thor than Batman?​

Answers

Answer:

40% chose superman or thor

8% chose thor more than hulk

And 12% chose batman than Thor

Answer:

1) 40% of people chose Superman or Thor

2) 8% more people chose Thor than The Hulk

3)  15% more people chose Thor than Batman

Step-by-step explanation:

29 + 11 + 13 + 13 + 21 = 86

100 - 86 = 14

Batman: 14%

29 + 11 = 40

29 - 21 = 8

29 - 14 = 15

Which function describes this graph ?

Answers

the last option is the right one

write an equation that passes through points (-6,1) (4,3)

Answers

[tex]y=mx+b[/tex]

First, we find the slope.

[tex]m=\frac{y_2-y_1}{x_2-x_1} \\m=\frac{3-1}{4+6} \\m=\frac{2}{10}\\m=\frac{1}{5}[/tex]

Second, we know the slope. Substitute any ordered pairs that are given in the equation.

[tex]y=mx+b\\y=\frac{1}{5}x+b\\[/tex]

I'll use the ordered pairs (4,3) as I substitute x = 4 and y = 3.

[tex]3=\frac{1}{5}(4)+b\\3=\frac{4}{5}+b\\15=4+5b\\15-4=5b\\11=5b\\\frac{11}{5}=b[/tex]

Therefore, the equation is [tex]y=\frac{1}{5}x+\frac{11}{5}[/tex]

Simplify: –6(2x – 5)


–12x – 30


–12x + 30


12x – 30


12x + 30

Answers

Answer: -12x + 30

Step-by-step explanation:

Answer:

the answer is b

Step-by-step explanation:

-6(2x-5)

-6(2x+5)

-6(2x) + 6(5)

-12x +30

Pls help i dont get i t
The store is selling 6 oranges for $ 1.80. How much will it cost to buy 16 orange .Show work .

Answers

Answer:

$4.80

Step-by-step explanation:

6 oranges for 1.80

sp 6 divided by 1.80 comes out to 0.3 per orange

0.3 times 16 comes out to 4.80

therefor $4.80

Answer:

$4.80

Step-by-step explanation:

1.80/6=0.3

0.3=$0.30 for each orange

16×0.3=4.8

4.8=$4.80 for 16 oranges

I WILL MARK BRAINIEST

Answers

Answer:

m<4= 60

m<1=60

m<3=30

Step-by-step explanation:

I'd like to explain but I would be very difficult to do with out being in person

Answer:

m1 = 60°

m2 = 90°

m3 = 30°

m4 = 60°

Step-by-step explanation:

m<5 + m<4 = 180° ( on a straight line)

120° + m<4 = 180°

m<4 = 60°

m<2 = m<3 + m<4

90° = m<3 + 60° ( on a straight line)

m<3 = 90° - 60°

m<3 = 30°

m<1 + m<2 + m<3 = 180°

m<1 = 180 - 90 -30

m<1 = 60°

Why is this the answer can u show work please

Giving extra points

Answers

Please mark brainliest!

What is the value of x?

Answers

Answer:

I believe it is x+3..

Step-by-step explanation:

Answer:

x = 5

which agrees with the first answer option listed

Step-by-step explanation:

Use the proportionality associated with similar triangles, considering that the larger triangle has sides:

x + (x+5) = 2 x + 5

and

(x+1) + (x-2) = 2 x - 1

and the smaller triangle:

x   and  (x-2)

The we build the following proportionality:

(2 x + 5) / x  = (2 x - 1) / (x - 2)

cross multiply to eliminate denominators:

(2 x + 5) (x - 2) = x (2 x - 1)

operate:

2 x^2 - 4 x + 5 x -10 = 2 x^2 - x

combine like terms:

2 x^2 + x -10 = 2 x^2 - x

subtract 2 x^2 from both sides:

x - 10 = - x

add x to both sides:

2 x  -10 = 0

add 10 to both sides

2 x= 10

divide both sides by 2:

x = 5

which agrees with the first answer option listed

Please help it’s due

Answers

1 = 70

2 = 20

3 = 70

4 = 20

5 =110

valor de x de (5x-20) 85

Answers

Answer/valor de x is x=21

Basketball shoes are on sale for 22% off. What is the regular price if the sale price is $42?​

Answers

Answer:

x =53.85

Step-by-step explanation:

Let x be the original price

If the price is 22% of, you will pay 100% -22% = 78%

x * 78% = 42

Change to decimal form

.78x = 42

Divide each side by .78

.78x/.78 = 42/.78

Rounding to the nearest cent

x =53.85

The answer is X= 53.85

Five years ago, John’s age was half of the age he will be in 8 years. How old is he now? Show your steps.

Answers

Answer:

John is 18 years old at this point in time.

Step-by-step explanation:

This question is basic algebra. The equation you will need to write to solve it is (x-5) = (x+8)/2. When you solve this equation, the answer comes out to 18.

2. The electrical resistance R of a wire varies inversely with the square of its diameter d. If a wire with a
diameter of 3 millimeters has a resistance of 0.4 ohm, find the resistance of a wire having the same
length and a diameter of 8 millimeters.

Answers

I believe the resistance of the new wire with a diameter of 8 will be 1.06 repeating or 1.07 ohms rounded up. 0.4 ohms divided by 3 millimeters is roughly 0.13 so 0.13 times 8 is roughly 1.06 or 1.07 rounded up.

Two cars head toward each other from opposite ends of a freeway 2286 miles long. If the speed of the first car is 68 miles per hour and the speed of the second car is 59 miles per hour, how long will it take before the cars pass each other? hours​

Answers

Answer:

Step-by-step explanation:

multiply 68*59

what are vowels in numbers ​

Answers

hi! i'm not really sure if i comprehend this question clearly, but if you're talking about the vowels in the word "numbers"...

Answer:

the letter "u" and "e"

Step-by-step explanation:

vowels in english are: a, e, i, o, u

hope this helped but if you have any others questions, please feel free to let me know!

rewrite the function f(x)=-3(x+3)^2-13
in the form f(x)=ax^2+bx+c

Answers

Answer:

-3x^2-18x-40

Step-by-step explanation:

(x+3)^2: x^2+6x+9

= -3(x^2+6x+9)-13

Expand:

-3(x^2+6x+9): -3x^2-18x-27

= -3x^2-18x-27-13

Final Answer: -3x^2-18x-40

Answer:

-3x^2-18x-40

Step-by-step explanation:

-3(x+3)^2-13

-3(x^2+6x+9)-13

-3x^2-18x-27-13

-3x^2-18x-40

Pls help i need to get this done or i will get grounded for a week

Answers

Answer: the answer is 3

Step-by-step explanation:

Isolate the x so in other words do the opposite, then you have your answer.

Answer:

D

Step-by-step explanation:

BRUH ALL IT SAYS IS "IT HAS ADDITION" HOW CAN YOU NOT SEE THAT I-

Brooke already owns 4 necklaces, and additional necklaces are priced at 2 for a dollar. With $2 to spend on new necklaces, how many total necklaces can Brooke own? Write and solve an equation to find the answer.

Answers

4+1+1=6

Step-by-step explanation:

she already has 4 necklaces so than she got 2 for a dollar so that equals 6.

She can own 4 necklaces because she gets 2 just for one dollar hope this helps

A six sided cube is rolled. What is the probability of getting a 3 and then a 4, givrn the first number rolled was 3.

Answers

Answer:

1/6

Step-by-step explanation:

Use conditional probability:

P(A given B) = P(A and B) / P(B)

P(4 given 3) = P(4 and 3) / P(3)

P(4 given 3) = (1/36) / (1/6)

P(4 given 3) = 1/6

A large container for water weighs 21 pounds. If a gallon of water weighs 8.34 pounds, what is an equation that relates the weight of the
water and the container, W. in pounds and the amount of water, A, in gallons? (1 point)
W

Answers

Answer:

The equation that relates the weight of the water and the container in pounds and the amount of water in gallons is [tex]A = \frac{W}{8.34}[/tex].

Step-by-step explanation:

From Physics we understand that conversions are represented by the following linear equation:

[tex]u' = r\cdot u[/tex] (1)

Where:

[tex]u[/tex] - Original value, measured in original unit. (pounds)

[tex]r[/tex] - Conversion value, measured in final unit per original unit. (gallons per pound)

[tex]u'[/tex] - Final value, measured in final unit. (gallons)

If we know that [tex]u' = A[/tex], [tex]u = W[/tex] and [tex]r = \frac{1}{8.34} \,\frac{gal}{lbm}[/tex], then the equation is:

[tex]A = \frac{W}{8.34}[/tex]

The equation that relates the weight of the water and the container in pounds and the amount of water in gallons is [tex]A = \frac{W}{8.34}[/tex].

a spring stretches to 18 cm with a 70 g weight attachment to the end. with a 100 g attached, it stretches to 24 cm . which equation models the distance y the spring stretches with weight x attached to it?

Answers

Answer:

Yes it is y=1/5x+4

Step-by-step explanation:

(please answer)
If f(x) = (x + 3) - 2, which of the following is the value of f(-3)?

Answers

Answer:

f(3)= 4

Step-by-step explanation:

x= -3=0

x= 3

f(3)=(3+3)-2

f(3)= 6-2

f(3)= 4

I really need help on this one too please!

Answers

Answer:

53 degrees

Step-by-step explanation:

a complementary angle is 90 degrees and it's split, if one is 47 degrees, you do 90-47 which equals 53

Well it’ll be 53 because it’s the the measure of the 1 no se

What is the standard form of y –7 = – 23 (x + 1)

Answers

Answer:

23x+y=-16

Step-by-step explanation:

Function and Linear question look at the image

I will give brainliest if correct

Answers

To the first problem the answer is: The relation to a function. To the Second problem
is: nonlinear
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