You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $4000 per mont
h. You have access to an account that pays an APR of 6.0% compounded monthly. This requires a nest egg of $620,827.46.
What monthly deposits are required to achieve the desired monthly yield at retirement? (Round your answer to the nearest cent.)
What monthly deposits are required to achieve the desired monthly yield at retirement? (Round your answer to the nearest cent.)
1 answer:
Answer:
$311.74
Step-by-step explanation:
A financial calculator computes the payment amount to be $311.74.
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Your graphing calculator may have the capability to do this. Certainly, such calculators are available in spreadsheet programs and on the web.
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The appropriate formula is the one for the sum of terms of a geometric series.
Sn = a1·((1+r)^n -1)/(r) . . . . . where r is the monthly interest rate (0.005) and n is the number of payments (480). Filling in the given numbers, you have ...
$620827.46 = a1·(1.005^480 -1)/.005 = 1991.4907·a1
Then ...
$620827.46/1991.4907 = a1 ≈ $311.74
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Answer:
The number of textbooks of each type were sold is <u>134 math </u>and <u>268 psychology </u>books.
Step-by-step explanation:
Given:
Total number of math and psychology textbooks sold in a week is 402.
Now, let the number of math textbooks sold be .
And, the number of psychology textbooks be .
According to question:
Dividing both sides by 3 we get:
So, total number of math textbooks were 134 .
And, total number of psychology textbooks were
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Therefore, the number of textbooks of each type were sold is 134 math and 268 psychology books.