Answer:
The amount needed as a one-time deposit to earn $7,500 in 3 years is <em>$4388.17</em>
Step-by-step explanation:
<u>Basic Finance Formulas
</u>
One of the most-used formulas to compute present and future values is
Where FV is the future value, PV is the present value, r is the interest rate and n is the number of periods. It's vital to keep in mind that r and n must be referred to the same compounded time, e.g. r is compounded monthly and n is expressed in months
The question requires to compute the PV needed as a one-time deposit to earn a future value of $7,500 in 3 years at a 1.5% rate compounded monthly.
FV=7,500
r=1.5%=0.015
n=3*12=36 months
We converted n to months because r is compounded monthly
. The formula
must be managed to make PV isolated
Answer: The amount needed as a one-time deposit to earn $7,500 in 3 years is $4388.17
Two <em>possible answers</em> are:
23.65 and 23.72.
Explanation:
For the first number, 23.65, we are rounding to the tenths place. 23.65 itself is smaller than 23.7. Looking behind the tenths place, the digit behind it is 5. This means we round the tenths place up; this becomes 23.7.
23.72 is larger than 23.7. We will round it to the tenths place as well. Looking behind the tenths place, we have a 2; this means we "round down." This means leave the 7 as it is and drop the other digits behind it. This gives us 23.7.
Answer:14
Step-by-step explanation:
Answer:
answer a. 12 times 14 give us 168 minutes.
answer b. 42/14 = 3 tires
Step-by-step explanation:
You can do this problem a couple of ways.
Since we have two different forms of problems, let's solve for per minute of each tire.
a. 56/4 gives us time per tire in minutes.
14 minutes per tire
3 vans have 12 tires.
answer a. 12 x 14 give us 168 minutes.
b.
divide 42 minutes by 14 minutes to see how many tires he can fit.
answer b. 42/14 = 3 tires
