1. Yejin plans to retire at age 60. She wants to create an annuity fund, which will pay her a monthly allowance of $4000 during her retirement. She wants to save enough money so that the payments lasts for 30 years. A financial advisor has told her the she can expect to earn 5% interest on her funds, compounded annually.

2. Yejin has just turned 28 years old. She currently has no retirement savings. She wants to save part of her salary each month into her annuity fund. Calculate the amount Yejin needs to save each month, to meet her retirement goal.

Answers

Answer 1

9514 1404 393

Answer:

  $3891.10

Step-by-step explanation:

This question is a bit unusual in that the interest is compounded annually, but payments and withdrawals are made monthly. The effective monthly rate is ...

  1.05^(1/12) -1 = 0.407412378% = i

We assume that payments to the annuity are made at the end of the month, and that withdrawals are made at the beginning of the month. (The last payment and the first withdrawal are made on the same day.)

The amount of money required in the fund is ...

  A = $4000(1 -(1.00407^-360))/(1 -1.00407^-1) = $757,712.88

The amount of money needed each month to be put into the fund is P, where ...

  $757,712.88 = P(1 -1.00407)^(-12(60-28))/(1 -1.00407^-1) = 194.7297P

  P = $757,712.88/194.7297 = $3891.10

Yejin needs to save $3891.10 each month to meet her retirement goal.

_____

Sanity check

Yejin wants payments for 30 years from the fund to which she has contributed for 32 years. The similarity of the time periods means that Yejin's monthly contribution will need to be very similar to the amount she plans to withdraw.

The only ways to reduce the required contribution are to earn a higher interest on deposits, or to adjust the relative time periods (retire later).


Related Questions


If P = Set of all triangles, Q = Set of scalene triangles, R = Set of isosceles triangles and
S = Set of equilateral triangles.
State which of the following statements are true or false.
(a) QCР
(b) RCS
(c) SCR

Answers

Given:

P = Set of all triangles,

Q = Set of scalene triangles,

R = Set of isosceles triangles and

S = Set of equilateral triangles.

To find:

Which of the following statements are true or false?

Solution:

We know that,

Scalene triangles : All sides are different.

Isosceles triangles : Two sides are equal.

equilateral triangles : All sides are equal.

Set of all triangles contains all scalene triangles. So, set of scalene triangles Q is a subset of Set of all triangles P.

[tex]Q\subset P[/tex]

So, (a) is true.

All isosceles triangles are not equilateral triangles. So, set of isosceles triangles R is not a subset of set of equilateral triangles S.

[tex]R\nsubseteq S[/tex]

So, (b) is false.

Set of all isosceles triangles contains all equilateral triangles. So, set of equilateral triangles S is a subset of set of isosceles triangles R .

[tex]S\subset R[/tex]

So, (c) is true.

Find the total surface area of this square based pyramid

Answers

Given:

Length of a side of base of a square base pyramid = 6 cm

Height of each triangular surface = 4 cm.

To find:

The total surface area of the square based pyramid.

Solution:

Area of a square with side length a is

[tex]\text{Area of square}=a^2[/tex]

Area of square with side length 6 cm is

[tex]\text{Area of square}=(6)^2[/tex]

[tex]\text{Area of square}=36[/tex]

So, area of square with side length 6 cm is 36 cm².

Area of triangle is

[tex]\text{Area of a triangle}=\dfrac{1}{2}\times base\times height[/tex]

Area of each triangular surface is

[tex]\text{Area of each triangular surface}=\dfrac{1}{2}\times (6)\times (4)[/tex]

[tex]\text{Area of each triangular surface}=12[/tex]

Total area of 4 triangular surfaces is

[tex]\text{Area of 4 triangular surfaces}=4\times 12[/tex]

[tex]\text{Area of 4 triangular surfaces}=48[/tex]

So, area of all triangular surfaces is 48 cm².

Now, total area of pyramid is the sum of base area and area of all triangular sides.

[tex]Area=36+48[/tex]

[tex]Area=84[/tex]

Therefore, the area of given square pyramid is 84 cm².

which of the following is a proper fraction​

Answers

Answer:

Ummm... You didn't put any pictures or wrote any fractions lol.

Step-by-step explanation:

Have a great day! Thanks!

Answer:

where is the picture????????

What is this? Please answer with an explanation

Answers

Answer:

No

Step-by-step explanation:

Given

f(x) = [tex]\sqrt{x-10}[/tex] + 11 ← substitute x = 1

f(1) = [tex]\sqrt{1-10}[/tex] + 11

     = [tex]\sqrt{-9}[/tex] + 11

[tex]\sqrt{-9}[/tex]  is not real and therefore x = 1 does not have a real output for f(x)

What are the solutions of x^2+6x-6=10

Answers

Answer:

ifhofgoefouegf

Step-by-step explanation:

Answers (there are two solutions):

x = -8x = 2

I hope this helps!

can anyone help me thanks

Answers

Answer:

Option B: 1.3 hours is the correct answer.

Step-by-step explanation:

Given that:

Total distance = 140 miles

Speed on city roads = 35 miles per hour

Time travelled = 1.5 hours

Distance covered on city roads:

[tex]Distance = Speed * Time\\Distance = 35 * 1.5\\Distance = 52.5 miles[/tex]

Distance travelled on highway = Total distance - Distance on city roads

Distance travelled on highway = 140 - 52.5 = 87.5 miles

Speed on highway = 65 miles per hour

Time = [tex]\frac{Distance}{Speed}[/tex]

[tex]Time =\frac{87.5}{65}\\Time = 1.3\ hours[/tex]

Hence,

Option B: 1.3 hours is the correct answer.

A line has slope -1. It passes through the point Q(2, -n) and R(4, -3). What is the value of n?
A-5
B 1
C 4
D5​

Answers

Answer:

i need this answer too

Step-by-step explanation:

lol

Please help, it’s math! Give me the answers for 50+ points

Answers

Answer:

1. 0.45

2. 0.30

3. 0.583 with a bar over 3

4. 0.80

5. 0.6 with a bar over 6

6. 0.83 with a bar over 3

7. 0.16 with a bar over 6

8. 0.9375

9. 0.13 with a bar over 3

10. 0.36 with a bar over 36

11. 0.625

12. 0.8125

13. 0.12

14. 0.4 with a bar over 4

15. 0.8 with a bar over 8

16. 0.6875

17. 0.56

18. 0.73 with a bar over 3

The two tables below show the amount of tip ,y, included on the bill charging x dollars

Which companies the slopes of the lines created by the tables

Pleas help

Answers

Answer:

B

Step-by-step explanation:

trust

Answer:

B i think???

Step-by-step explanation:

To go on a summer trip, Kareem borrows 400$. He makes no payments until the end of 4 years when he pays off the entire loan. The lender charges simple interest at an annual rate of 6%.

Answers

What are the answers

Math Club members are selling games and puzzles. They make a profit of $10 per game and $8 per puzzle. They would like to make a profit of at least $200.

Answers

Answer:

a) [tex]10x+8y \geq 200[/tex]

b) The members should sell at least 15 puzzles

Step-by-step explanation:

Let x represents selling games

and y represents puzzles

The statement given is: They make a profit of $10 per game and $8 per puzzle. They would like to make a profit of at least $200.

a) The inequality will be:

[tex]10x+8y \geq 200[/tex]

at least 200 means the profit can be equal to 200 or greater than that.

b) If the members sell 8 games, how many puzzles would they have to sell?

Number of puzzles sold can be solved by solving the inequality [tex]10x+8y \geq 200[/tex]

Put x =8 and find value of y

[tex]10x+8y \geq 200\\10(8)+8y\geq 200\\80+8y\geq 200\\8y\geq 200-80\\8y\geq 120\\y\geq \frac{120}{8}\\y\geq 15[/tex]

So, the members should sell at least 15 puzzles to make the inequality true. because the profit should be at least $200.

Which choice represents a pair of parallel lines?
A. 8x-2y=20 & y= -1/4x+3
B. y=3x+5 & y= 1/3x-2
C. -3x+4y=18 & y= 3/4x+6
D. -3x+4y=16 & y= -3/4x-10

Answers

Answer:

A

Step-by-step explanation:

How many groups of 1/3 inch are in 3/4 inch?

Answers

Answer: There are 2 1/4 groups of 1/3 inch in 3/4 inch.

Step-by-step explanation:

1. Find a common denominator. 3 and 4 are both multiples of 12, so 12 would be the common denominator.

2. Convert each fraction to have the common denominator of 12.

1/3 * 4/4 = 4/12

3/4 * 3/3 = 9/12

3. Divide using the keep, change, flip method.

9/12 * 12/4 = 108/48

108/48 = 2 1/4

A soda pop manufacturer runs a contest and places a winning bottle cap on every sixth bottle. If a person buys the soda pop, find the probability that the person will win for the first time on his third purchase.

Answers

Answer:

[tex]\dfrac{25}{216}[/tex]

Step-by-step explanation:

From the given information:

The probability (p) of winning a bottle cap = [tex]\dfrac{1}{6}[/tex]

The probability of not winning a bottle cap will be (q) = 1 - p

[tex]= 1- \dfrac{1}{6}[/tex]

[tex]= \dfrac{5}{6}[/tex]

Since we are told that the winning is placed once on every sixth bottle

Then the required probability = P( of not winning the first purchase) × P( of not winning the second purchase) × P( of winning the third purchase)

[tex]= \dfrac{5}{6} \times \dfrac{5}{6} \times \dfrac{1}{6}[/tex]

[tex]= \dfrac{25}{216}[/tex]

what phrase represents this expression x/3

Answers

Answer:

X PARTS OF AN INTEGER DIVIDED INTO 3 PARTS

Step-by-step explanation:

X PARTS OF AN INTEGER DIVIDED INTO 3 PARTS

The function representing Brent's texting per month is f(m) = 117m + 3. What does the 117 represent?

Answers

Answer:

rate of change of rent's texting with respect to the month x

Step-by-step explanation:

This expression is written in the form of equation of a straight line f(x) = mx+c where;

m is the slope of rate of change of the function

c is the y-intercept

On comparing, we will see that the slope of the given equation is 117 which can be represented as the rate of change of rent's texting with respect to the month x

what is 33.32 divided 9.8 plsssssss helpppppppp

Answers

3.4

Is the answer you are looking for
Your answer would be 3.4


33.32/9.8=3.4

Della bought 3 new dresses for a total cost of $203. The
sales tax was 7.5%. What is the best estimate for the
amount of sales tax?

Answers

Answer:

$15.23

Step-by-step explanation:

Which of the following is true about the linear function 4x+2y=12
1.it has a slope of -2 and a y intercept of 6
2. It has a slope of -2 and a y intercept of 12
3 it has a slope of -1/2 and a y intercept of 6
4 it has a slope of -4 and a y intercept of 12

Answers

Answer:

i believe is 4

Step-by-step explanation:

If you 2y=-4x+12

need to get the Y by it self

The correct answer is that it has a SLOPE of -2 and a y-intercept of 6 so the answer is #1


help !! asap
!!!!!!!!!

Answers

First division second multipl

what means ratio with explanation​

Answers

In mathematics, a ratio indicates how many times one number contains another. For example, if there are eight oranges and six lemons in a bowl of fruit, then the ratio of oranges to lemons is eight to six (that is, 8∶6, which is equivalent to the ratio 4∶3).

NEED HELP ASAP WILL GIVE BRAINLIEST

Answers

Answer:

The answer is option A.

Step-by-step explanation:

If both equations are graphed side by side, will produce same figure.

Will give BRAINLIEST

Answers

Answer:

post office, Library, Park, town hall

Step-by-step explanation:

Post office, library, park, town hall

It helps if you draw a number line to visualize it

N is an integer.

Write the values of n such that -15<3n≤6

Answers

Answer:

n = - 4, - 3, - 2, - 1, 0, 1, 2

Step-by-step explanation:

Given

- 15 < 3n ≤ 6 ( divide the 3 intervals by 3 )

- 5 < n ≤ 2

Thus  n ≠ - 5 but n can equal the upper limit of 2

Hence

n = - 4, - 3, - 2, - 1, 0 , 1, 2

In 2003, the average combined SAT score (math and verbal) for college-bound students in the United States was 1026. Suppose that approximately 45% of all high school graduates took this test and that 100 high school graduates are randomly selected from among all high school grads in the United States. Which of the following random variables has a distribution that can be approximated by a binomial distribution? Whenever possible, give the values for n and p.
a. The number of students who took the SAT
b. The scores of the 100 students in the sample
c. The number of students in the sample who scored above average on the SAT
d. The amount of time required by each student to complete the SAT
e. The number of female high school grads in the sample

Answers

Answer:

The random variables which has a distribution that can be approximated by a binomial distribution is:

c. The number of students in the sample who scored above average on the SAT.

Step-by-step explanation:

The binomial distribution in this scenario will be between the number of students in the sample who scored below average on the SAT and the number of students who scored above average.  Variables that have a binomial distribution must meet these four conditions:

1: The observed number of students who sat for the SAT 'n' is not variable.  

2: Each student's score (observation) is purely independent of each other, either above or below average scores.  

3: Each student's score (observation) shows one of the two outcomes ("success" or "failure").  Those below average are "failures."  Those above average are "successes."

4: The outcome probability of "success" 'p' for each student is the same.

Expand 4(-2y+ 3).
2y+7
0:-8 y + 12
2 y + 12
-8 y+ 3

Answers

It is -8y+12
You have to multiply 4 by -2 which equals -8
Then you do 4x3 which equals 12

Which of the following is an open statement?
A) An angle that measures 40° is an acute angle.
B) An angle that measures 95° is an obtuse angle.
C)
XYZ is an acute angle.
OD) An angle that measures 95° is an acute angle

Answers

Answer:

OD

Step-by-step explanation:

an angle that is more than 90 is considered a acute angles

The correct option for an open statement is:

C) XYZ is an acute angle.

The answer is C.  We don't know if it's true or false.  

Here, we have,

we know that,

An open statement is one that can be true or false depending on the value or condition being discussed.

In this case, the statement "An angle that measures 95° is an acute angle" is an open statement because it can be evaluated as true or false based on the definition of an acute angle.

An acute angle is defined as an angle that measures less than 90 degrees.

Since 95° is greater than 90°, the statement is false.

However, if we were discussing a different angle measure, the statement could be true or false depending on its value.

Options A and B are not open statements because they provide specific angle measures (40° and 95°) and classify them as either acute or obtuse, which can be determined as true or false based on their given measures.

Option C does not provide any specific information or condition,

We don't know if it's true or false.  

The correct option for an open statement is:

C) XYZ is an acute angle.

To learn more on angle click:

brainly.com/question/28451077

#SPJ2

a hummingbird egg's mass

Answers

Answer:

A hummingbird eggs mass is approximately 0.374 mg.

Answer:

Hummingbird Nesting Habits. First of all, we must remember that there are about 17 species of hummingbirds found in the US and not all of these different species have the same nesting habits. The most prominent difference lies in their choice of location for the nest (but more on this later), nevertheless there is not much difference in the way they build their nests and tend to their young.

Step-by-step explanation:

give all credit to my brain

Which point could represent 5/3?
B -3
A -1/2
D 1/2
C 1 1/2

Answers

Answer:

(D)

Step-by-step explanation:

is the correct because is 1/2

Answer:

C. 1 1/2

Step-by-step explanation:

What is the value of - |-60| ?

Answers

Answer:

-60

Step-by-step explanation:

absolute value cancels the negative

then the negative outside the absolute value makes it negative.

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