Suppose that a family wants to start a college fund for their child. If they can get a rate of 7. 5%, compounded monthly, and want the fund to have a value of $75,000 after 18 years, how much should they deposit monthly? Assume an ordinary annuity and round to the nearest cent. A. $164. 98 b. $165. 30 c. $166. 21 d. $167. 52.

Answers

Answer 1

The amount that should deposit monthly is $164.98

The formula for calculating the compound amount is expressed as:

[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

P is the amount investedA is the amount after 18 years = $75000r is the rate = 7.5% = 0.075t is the time in years = 18 yearsn is the compounding time = 12 (monthly)

Substitute the given values into the formula to have:

[tex]75000=P(1+\frac{0.075}{12} )^{12(18)}\\75000 = P(1.00625)^{216}\\75000 =P(3.84125)\\P = \frac{75000}{3.84125}\\P= \$19,524.89[/tex]

Hence the amount of money they started with is $19,524.89.

Amount to deposit monthly = 19,524.89/120

Amount to deposit monthly = $164.98

Hence the amount that should deposit monthly is $164.98

Learn more on compound interest here: https://brainly.com/question/24274034


Related Questions

Help!! Ill give 100 points if your correct

Answers

[tex]\\ \sf\Rrightarrow 12\dfrac{5}{6}-5\dfrac{1}{6}[/tex]

[tex]\\ \sf\Rrightarrow \dfrac{77}{6}-\dfrac{31}{6}[/tex]

[tex]\\ \sf\Rrightarrow \dfrac{77-31}{6}[/tex]

[tex]\\ \sf\Rrightarrow \dfrac{46}{6}[/tex]

[tex]\\ \sf\Rrightarrow \dfrac{23}{3}[/tex]

[tex]\\ \sf\Rrightarrow 7\dfrac{2}{3}[/tex]

Given info:- Subtract and simplify. 12(5/6) - 5(1/6) The given options are (a) 6(1/3) (b) 5(2/3) (c) 7(1/3) (d) 7(2/3)

Solution: 12(5/6) - 5(1/6)

= (72+5)/6 - (30+1)/6

= 77/6 - 31/6

Take the LCM of 6 and 6 is 6.

so,

= (77*1 - 31*1)/6

= (77-31)/6

= 46/6

= (46÷2)/(6÷2)

= 23/3

= 7(2/3) Ans.

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Jerome solved the equation 1 3 x + 5 6 = 1 as shown. 1. Subtraction property of equality: 1 3 x + 5 6 − 5 6 = 1 1 − 5 6 2. LCD: 1 3 x = 1 6 − 5 6 3. Multiply by...

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The science club has 25 members and 40% of the girls how many girls are in the science club

Answers

Answer:

Step-by-step explanation:

25*40/100 = 10

Answer: 10

Step-by-step explanation:25*0.4=10

The first and second terms of an arithmetic sequence are 50 and 100, respectively.
The first and second terms of a geometric sequence are also 50 and 100,
respectively. The sum of the third terms of these two sequences is???

Answers

arithmetic sequence is a constant addition where geometric is a constant multiplication so the third in arithmetic is 150, whereas the geometric third is 200 because 50 = 100 • x and “x” is 2 so it’s 150 + 200 = 350!

please explain why. Thanks

Answers

Answer:

No

Step-by-step explanation:

By the Factor theorem

If (x - h) is a factor of f(x) then f(h) = 0

Here (x - 2) with h = 2 and

f(x) = x³ - 3x² - x + 7 , then

f(2) = 2³ - 3(2)² - 2 + 7 = 8 - 3(4) + 5 = 8 - 12 + 5 = 1

Since f(2) ≠ 0 then (x - 2) is not a factor of f(x)

There are 120 people at a party 1/3 of the people leave the party work out the number of people still at the party

Answers

Answer:

There is 80 people still at the party

Step-by-step explanation:

To find how many people are still at the party we first have to find how much 1/3 of 120 is.

∴120/3=40

then we subtract 1/3 of 120 from 120 to get the answer

120-40=80

help with my math please

Answers

Answer:

j mmmmmmm

Step-by-step explanation:

mmmmmmmmm

Use the translation rule (x, y) --> (x -10, y + 6) to find the image of A(5, - 10).

Answers

Answer:

(-5, -4)

Step-by-step explanation:

Plugin the values:

(x, y) ⇒ (x -10, y + 6)

= x - 10, y + 6

= (5 - 10, -10 +6)

= (-5, -4)

Therefore, A prime is (-5, -4).

Given that 35.8 x 4.23= 151.434
write down a division sum with an answer of 423.​

Answers

Answer:

  151434/358 = 423

Step-by-step explanation:

Every product with non-zero factors can be written as an equivalent division relation.

  a·b = c   ⇒   a = c/b

Here, we have 35.8 × 4.23 = 151.434. This can be written as the equivalent ...

  4.23 = 151.434/35.8

We can multiply this by 100 to get a division relation with a quotient of 423:

  423 = 15143.4/35.8

If we want, we can move the decimal points another place to the right to get ...

  151434/358 = 423

For all values of x, f(x)=2x+1 and g(x)=x^2. Solve fg(x)=gf(x). (Mathwatch)

Answers

[tex]\text{Given that,}\\\\f(x) = 2x+1,~~ g(x) = x^2\\\\\ \text{now,}\\\\f(g(x)) = g(f(x))\\\\\implies f(x^2) = g(2x+1)\\\\\implies 2x^2+1=(2x+1)^2\\\\\implies 2x^2+1= (2x)^2 +2\cdot 2x + 1\\\\\implies 2x^2 +1 = 4x^2 + 4x +1\\\\\implies 4x^2 -2x^2 +4x +1-1 =0\\\\\implies 2x^2 +4x =0\\\\\implies 2x(x+2)=0\\\\\implies 2x =0~~ \text{or}~~ x+2 =0\\\\\implies x =0 ~~~\text{or}~ x =-2\\\\\ \text{Hence,}~ x =0 ~\text{and} ~ x =-2~ \text{are the solutions.}[/tex]

I need the function for the volume of the box for number 1

Answers

Answer:

Step-by-step explanation:

v = l * w * h

v = x * 22 * 28

v = 616x

Find the zeros of quadratic equation X^2 - 3x + 9 = 5x - 10

Answers

x^2 - 3x + 9 - 5x + 10 = 0

x^2 - 8x + 19 = 0

[tex]x^{2} -3x+9=5x-10 <=> x^{2} -3x-5x+9+10=0\\<=>x^{2} -8x+19=0 <=>x^{2} -2.4+16+3=0\\<=>(x-4)^2+3=0[/tex]

ok done. Thank to me :>

Two angles are supplementary. The measure
of one angle is 9º more than twice the measure
of the other angle. What is the measure of the
smaller angle?

Answers

Answer:

57°

Step-by-step explanation:

Let's assume the measurement of the second angle is x.

so, following the problem

(2x + 9) + x = 180

2x + x = 3x

=> 3x + 9 = 180

=> 3x = 180 - 9

3x = 171

x = 171/3

x = 57°

57° is the smallest angle

WHOEVER ANSWERS FIRST AND CORRECTLY GETS BRAINLIEST!

9y + 2 = 58; {4,5,6}
Please show your work.

A, Y=4
B, Y=5
C, Y=6

Answers

Answer:

Im pretty sure c Y=6

Step-by-step explanation:

9y+2=58

Subtract 2 from both sides.

9y=58−2

Subtract 2 from 58 to get 56.

9y=56

Divide both sides by 9.

y= 56/ 9  Which is Also 6.2

Solve the following:
2x - 7 = x + 3
4 3

Answers

Answer:

x = 10

Step-by-step explanation:

2x - 7 = x + 3

=> 2x - 7 = x + 3

=> x = 10

Therefore, x = 10.

Hoped this helped.

Answer: x=350

Step-by-step explanation:

Graph the linear equation.

3x−4y=12
school: k 12

Answers

Answer: slope : 3/4 points: (0,-3) (4,0)

Step-by-step explanation:

i looked it up

Answer:

look at graph

Step-by-step explanation:

does he like me (´༎ຶོρ༎ຶོ`)
yes or no !

Answers

Answer:

no he is dead

Step-by-step explanation:

Answer:

No

Step-by-step explanation:

Goran bought a sofa on sale for $172.80. This price was 36% of the original price.
What was the original price?

Answers

36% in decimal from it .36
172.80 + .36 = 173.16
So original price was 173.16

Answer:

$270

Step-by-step explanation:

So Big G gets a great deal on a sofa...$172.80...the original price has to be higher, right? He (? She?) got 36% off...This means that they DID NOT pay 36%, but they DID pay 64% (bc 36 + 64 = 100%)

SO, you need to change percents to decimals to work with them in an equation. Let p be the original price. Original price times 64% will equal the sale price.

.64p = 172.80

DIVIDE BY .64

p = 270

You can check it using the 36% ---

270 × .36 = 97.2

The discount is $97.20

270 - 97.20 = 172.80✅

The original price for Goran's sofa was $270.00

Jae bought 85 tickets to spend on games and rides at an amusement park. Games cost 3 tickets each, and rides cost 8 tickets each. Jae has already used 39 of the tickets. If he uses all of his remaining tickets for rides, how many more times can Jae go on rides?

Answers

Answer:

15

Step-by-step explanation:

Jae can go 15 more times on the rides.

Answer:

Jae can ride 5.75 or 5 more times

Step-by-step explanation:

Total of tickets, Jae buys 85

Jae uses (-) 39 tickets

85 - 39 = 46 remaining tickets

Rides: 8 tickets each

46/8 = 5.75

I hope this helps.

CAN SOMEONE HELP ME PLEASE ASAP!?

Answers

Answer:

false

Step-by-step explanation:

Use completing the square to solve for x in the equation (x+ 7)(x-9)=25,
OX= 4 or 6
O X-2 or 14
O x=1V89
O x=1 V87

Answers

Answer:

3rd option

Step-by-step explanation:

(x + 7)(x - 9) = 25 ← expand left side using FOIL

x² - 2x - 63 = 25 ( add 63 to both sides )

x² - 2x = 88

To complete the square

add ( half the coefficient of the x- term )² to both sides

x² + 2(- 1)x + 1 = 88 + 1

(x - 1)² = 89 ( take square root of both sides )

x - 1 = ± [tex]\sqrt{89}[/tex] ( add 1 to both sides )

x = 1 ± [tex]\sqrt{89}[/tex]

WILL GIVE BRAINLIEST

Answers

Using the equation y2-y1 / x2-x1 to find the gradients:

The 'm' stands for gradient

7) 9+20/-5+14

m = 29/9


8) -6-1/5+1

m = -7/6


9) -9-9/-14-15

m = 18/29


10) 15+12/18-2

m = 27/16

Describe the graph x = 2.

Group of answer choices

Horizontal line that goes through the point (0,2).

Vertical line that goes through the point (2,0).

Diagonal line that goes through point (0,2).

Diagonal line that goes through the point (2,0).

Answers

Answer:

3rd is the answer!! Hope this helps

What is the answer plsss say the CORRECT answer

Answers

Answer: 40

Step-by-step explanation:

Write a system of linear inequalities represented by the graph.

Answers

Answer:

x=2 ,. y=y -3

Step-by-step explanation:

I hope it helps

The equations of the lines given in the graph will be y = 3x and y =-5x -2.

What is an equation of the line?

An equation of the line is defined as a linear equation having a degree of one. The equation of the line contains two variables x and y. And the third parameter is the slope of the line which represents the elevation of the line.

The general form of the equation of the line:-

y = mx + c

m = slope

c = y-intercept

Slope = ( y₂ - y₁ ) / ( x₂ - x₁ )

For line one the points are:-

( 1,3 ) and ( 0,0)

Slope = ( 0 - 3) / ( 0 - 1 )

Slope = 3

The equation will be,

y = 3x

For line two the points are:-

(-1,3) and (0,-2),

Slope = ( -2 - 3 ) / ( 0 + 1)

Slope = -5

The y-intercept will be,

y = mx +c

c = -2

The equation can be written as:-

y = -5x - 2

To know more about an equation of the line follow

https://brainly.com/question/18831322

#SPJ2

(Exit
Topic 3: Assessment Form C
Hugo's exercise data is shown. Use the trend line y = 3.5x + 10 to complete the sentence.
Laps
7 8 9 10 11
Time (min)
35.5
37
41.5
45
49.5
It will take Hugo about
min to run 6 laps

Answers

Answer:

35.5

Step-by-step explanation:

kari purchased 3 cherry trees for sale. Each cherry tree cost $9 less than its full price. She paid a total of $135

Answers

Answer:

whats the question?

Step-by-step explanation:

Answer:

each tree was $36

Step-by-step explanation:

if the trees are $9 less then the full price and she purchased 3

9 times 3 is 27 135-27 is 108 so then when you divide 108 and 3 to get $36

Why is education important is it experimental or observational

Answers

Answer:

it is experimental

Step-by-step explanation:

okay

1/4 5/8 1/2 least to greatest

Answers

Answer:

1/4, 1/2, 5/8

Step-by-step explanation:

1/4, 1/2, 5/8

Answer:

1/4,1/2,5/8

Step-by-step explanation:

because 1/2 is 0.25 and 1/2 is 0.50

A grocery store charges $5 for every 3 1/4 pounds of furit. Eleizibeth has 9 3/4 pounds of fruit in her grocery cart. How much will Elizabeth have to pay to purchase the fruit?
Sorry for the spelling :)

Answers

Answer:

15 dollars

Step-by-step explanation:

because f it 9 3/4 and it 5 dollars for every 3 1/4  its like multiplying 3 to 3 1/4 so 15 dollars  :(:

What is the greatest common factor of 24 and 9

Answers

Answer:

The Greatest Common Factor of 24 and 9 is 3.

Answer:

3

Step-by-step explanation:

the biggest number u can divide 24 and 9 commonly is 3

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