You want to have $150,000 in your retirement account when you retire in 30 years. Your retirement account earns 7%
interest. How much do you need to deposit each month to meet your retirement goal?
Round your answer to the nearest cent.
Do NOT include the dollar sign.

Answers

Answer 1

Answer: 123.05

Use annuity formula

Answer 2

Answer:

Step-by-step explanation:

Since we're talking about making a deposit of a certain amount every month rather than just one big deposit, we are talking about an annuity. The formula for the value of an annuity is A(t)=d[(1+rn)nt−1](rn) where A(t) is the value of the annuity, d is the amount of each deposit, n is the number of deposits per year, t is the number of years, and r is the rate of interest. In this case we know we want the value of the annuity to be A(t)=$150,000, we want to make deposits every month, or 12 times a year, so n=12, we want to reach our desired value in 30 years, so t=30, and our account earns 7% interest, so r=0.07. We can plug in all of these values and solve for d to find the amount we need to deposit each month:

A(t)150,000150,000150,000d=d[(1+rn)nt−1](rn)=d[(1+0.0712)12⋅30−1]0.0712≈d[(1.00583)360−1]0.00583≈1,219.97d≈122.95

The amount you need to deposit each month is approximately $122.95.


Related Questions

In a recent survey by the National Association of Colleges and Employers, the average starting salary for college graduate with a computer and information sciences degree was reported to be $62,194.40 You are planning to do a survey of starting salaries for recent computer science majors from your university. Using an estimated standard deviation of $11,605, what sample size do you need to have a margin of error equal to $5000 with 95% confidence

Answers

Answer:

A sample size of 21 is needed.

Step-by-step explanation:

We have that to find our [tex]\alpha[/tex] level, that is the subtraction of 1 by the confidence interval divided by 2. So:

[tex]\alpha = \frac{1 - 0.95}{2} = 0.025[/tex]

Now, we have to find z in the Ztable as such z has a pvalue of [tex]1 - \alpha[/tex].

That is z with a pvalue of [tex]1 - 0.025 = 0.975[/tex], so Z = 1.96.

Now, find the margin of error M as such

[tex]M = z\frac{\sigma}{\sqrt{n}}[/tex]

Using an estimated standard deviation of $11,605

This means that [tex]\sigma = 11605[/tex]

What sample size do you need to have a margin of error equal to $5000 with 95% confidence

A sample size of n is needed. n is found when M = 5000. So

[tex]M = z\frac{\sigma}{\sqrt{n}}[/tex]

[tex]5000 = 1.96\frac{11605}{\sqrt{n}}[/tex]

[tex]5000\sqrt{n} = 1.96*11605[/tex]

[tex]\sqrt{n} = \frac{1.96*11605}{5000}[/tex]

[tex](\sqrt{n})^2 = (\frac{1.96*11605}{5000})^2[/tex]

[tex]n = 20.69[/tex]

Rounding up,

A sample size of 21 is needed.

An experiment examined the impact of THC (the active ingredient in marijuana) on various physiological and psychological variables. The study recruited a sample of 18 young adults who were habitual marijuana smokers. Subjects came to the lab 3 times, each time smoking a different marijuana cigarette: one with 3.9% THC, one with 1.8% THC, and one with no THC (a placebo). The order of the conditions was randomized in a double-blind design. At the start of each session, no subject reported being "high." After smoking the cigarette, participants rated how "high" they felt, using a positive continuous scale (0 representing not at all "high"). For the placebo condition, participants reported a mean "high" feeling of 11.3, with a standard deviation of 15.5. A 95% confidence interval for the population mean feeling of "high" after smoking a placebo marijuana cigarette is

Answers

Answer:

OOO

Step-by-step explanation:

Can someone watch number 10 ?

Answers

Answer:

-9

Step-by-step explanation:

Hello! So, we need to find log_6 1/6. The definition of log is the power that you need to multiply that number by to get the next number. 1/6=6^-1, so our equation would be:

-1=x/9, so x is clearly -9.

Have a nice day.

~cloud

Answer:

You are correct

Step-by-step explanation:

[tex]log_{6} \frac{1}{6} =\frac{x}{9}[/tex]

[tex]log_{6} 6^{-1} =\frac{x}{9}[/tex]

[tex](-1)log_{6}6=\frac{x}{9}[/tex]

[tex]-1=x/9[/tex]

[tex]-9=x[/tex]

Hope that helps :)

Translate the English expression into an equivalent mathematical expression, then simplify.
If a person earns $326 for working 40 hours, what is that person’s hourly wage?

Answers

326 (division sign) 40
Sorry I am on mobile so I don’t have the sign.
This will show you how much hourly pay is though because the given salary is for 40 hours.

Someone please help me answer this!!!

Answers

eAnswer:

B, C, E, F

Step-by-step explanation:

D. If the scale factor for the dilation of the figure is 0.9, then the dilation is an enlargement

Answers

Answer:

Option C.

Step-by-step explanation:

Suppose that we have a point (x, y)

If we do a dilation with a center in the origin of scale factor K, then the new coordinates of our point will be:

(k*x, k*y)

If k > 1, we have an elargement.

if 0 < k < 1, we have the opposite case.

Now, suppose that one random vertex of the preimage is A (a, b)

Then after we do the dilation, the new coordinate of this vertex will be:

A' = (k*a, k*b)  (this is, the original coordinates multiplied by the scale factor)

And this will happen for all points actually, so particularly the corresponding coordinates of the vertices of the image are the vertices of the preimage multiplied by the scale factor.

Then the correct option is C

Question 4

1p

Given the chart below, calculate the number of days one

could expect to have off due to hurricanes. Round to the nearest

day (enter your answer as a number only, you don't need to write "days" at the

end)

Number of Hurricane Days Each School Year

1

2

3

4

0

5

6

7

Days:

Chances of

having that

many days oft:

03

02

0.25

0.2

0.02

0.01

0.01

0.01

Answers

Answer:

2

Step-by-step explanation:

Given

See attachment for chart

Required

Number of off days

To do this, we simply calculate the expected value of the chart.

This is calculated as:

[tex]E(x) = \sum x * f[/tex]

Where

x = days

f = chances

So, we have:

[tex]E(x) = 0* 0.3 + 1 *0.2 + 2 * 0.25 + 3 * 0.2 + 4 * 0.02 + 5 * 0.01 + 6 * 0.01 + 7 * 0.01[/tex]

[tex]E(x) = 1.56[/tex]

[tex]E(x) \approx 2[/tex]

f(x) = 3x^2 - 7 4x^2 – 3 Find f(2)​

Answers

Answer:

f=5/8x^2+-3/2Divide both sides by two

Step-by-step explanation:

Hope that helped

A family buys 4 airline tickets online. The family buys travel insurance that costs ​$19 per ticket. The total cost is ​$752. Let x represent the price of one ticket. Write an equation for the total cost. Then find the price of one ticket.

Answers

(x•19)4=752

x would be multiplied by 19 then after it’s getting multiplied by 4.

HELP!!! Quick and easy!

Answers

Answer:

2r + 6 = 16

r = 5

The charitable foundation for a large metropolitan hospital is conducting a study to characterize its donor base. In the past, most donations have come from relatively wealthy individuals; the average annual donor income in the most recent survey was right at $100,000. The foundation believes the average has now increased. A random sample of 200 current donors showed a mean annual income of $103,157 and a standard deviation of $27,498. To perform this study, we should form a null hypothesis stating that the average is

Answers

Answer:

The null hypothesis will be that the average annual donor income is less or equal to $ 100,000

Step-by-step explanation:

The claim is mostly treated as alternate hypothesis .

In this question the claim is given as the average annual donor income has increased therefore it is written as

Ha: u > 100,000

The null hypothesis is reverse of the alternate hypothesis

H0: u ≤ 100,000

The null hypothesis will be that the average annual donor income is less or equal to $ 100,000

Max used a base ten blocks to solve the division problem 9.15 divided by 3.
Which set of blocks shows the quotient for 9.15 divided by3?
A. 3 Ones,5 Tenths,0 Hundredths
B. 5 ones, 0 tenths, 3 hundredths
C. 0 ones, 3 tenths, hundredths
D 3 ones, 0 tenths, 5 hundredths

Answers

Answer:

D 3 ones, 0 tenths, 5 hundredths

Step-by-step explanation:

9.15 divided by 3.

915/3 = 305

Then, moving the decimal point two units to the left, we have 3.05.

The last number before the decimal point is called ones, which means that we have 3 ones.

The first number after the decimal point is called tenths, which means that we have 0 tenths.

The second number after the decimal point is called hundredths, which means that we have 5 hundredths.

The correct answer is given by option D.

Two sides of a right triangle have lengths of 78 inches and 30 inches. The third side is not the hypotenuse. How long is the third side ?

Answers

Answer:

the answer is 72 inches

Step-by-step explanation:

a²+b²=c²

a²+900=6084

a²=5184

a=72

Which of the following statements about opposites is true? Choose all correct answers.
A. The opposite of 5 is −5.
B. −(−8)=−8
C. The opposite of 0 is 0.
D. −(−2)=2

Answers

Answer:

A

Step-by-step explanation:

Terry buys an orange for 22p.
He pays with a £1 coin.
How much change does he get?
Give your answer in pence.​

Answers

£1=100p
100-22=78p
He gets 78p

Which of the following is the radical expression of2 times d to the seven tenths power? (2 points)

a
seventh root of 2 d to the tenth power

b
tenth root of 2 d to the seventh power

c
2 times the tenth root of d to the seventh power

d
2 times the seventh root of d to the tenth power

Answers

The answer to your question is c

You invest $17,804 in a CD that has a 6.275% annual interest rate, compounded continuously. How much will you have in 25 years?Round to the nearest cent.

Answers

Answer:

R = 3.813% per year.

Step-by-step explanation:

A = Accrued amount (principal + interest) P = Principal amount r = Annual nominal interest rate as a decimal R = Annual nominal interest rate as a percent r = R/100 n = number of compounding periods per unit of time t = time in decimal years; e.g., 6 months is calculated as 0.5 years. Divide your partial year number of months by 12 to get the decimal years. I = Interest amount ln = natural logarithm.

A jar contains black and white jelly beans. What is the probability of reaching into the jar and
selecting a black jelly bean?

Answers

Answer:

50% because there are only 2 colors

Step-by-step explanation:

Answer:50%

Step-by-step explanation:

The probability is 50% or 1/2 because there's only 2 types of jelly bean in the jar unless either one has more amount than the other's

a home mortgage for a home that costs $672096 with a 4% interest rate for 24 years. How much is the monthly payment for the mortgage with the interest?

Answers

9514 1404 393

Answer:

  $3633.96

Step-by-step explanation:

The monthly payment is given by the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

monthly payment for principal P at annual rate r for t years.

  A = $672096(0.04/12)/(1 -(1 +0.04/12)^(-12·24)) = $3633.96

The monthly payment for the mortgage is $3633.96.

can you guys help me on this please

Answers

[tex]9^{2}+a^{2}=15^{2} \\144=a^{2}\\a=12[/tex]

The answer is 144=a

The sum of two numbers is 50. One number is 23 more than the other one. Find the numbers.

Answers

27 twenty seven ok way

Use the model to find the expected number of automobile registrations (in millions) for year 1,988.

Express you answer as a decimal rounded to the nearest hundredth. Do not include units with your answer.

Answers

Answer:

6.26 automobile registrations

Step-by-step explanation:

Given

[tex]y=0.3949x-778.7[/tex] --- [function, missing from the question]

Required

The expected number in 1988

To do this, we substitute 1988 for x in: [tex]y=0.3949x-778.7[/tex]

[tex]y = 0.3949 * 1988 - 778.8[/tex]

[tex]y = 785.0612 - 778.8[/tex]

[tex]y = 6.2612[/tex]

[tex]y \approx 6.26[/tex] --- approximated to the nearest hundredth

Marcelo can select from 2 types of oranges and 3 types of peaches. If he randomly selects 1 orange and 1 peach, how many possible choices does he have? ___________ possible choices

Answers

6

2x3=6

oranges-
peaches-

possible combination:
1-

2-

3-

4-

5-

6-

Reflect across the x-axis. Then rotate the shape around point B' 120 degrees clockwise.​

Answers

9514 1404 393

Answer:

  see below

Step-by-step explanation:

Reflection across the x-axis just changes the signs of the y-coordinates. Rotation -120° about B' is difficult to do by hand. The transformation rule for that is ...

  (x, y) ⇒ (x·cos(-120°) +y·sin(-120°), -x·sin(-120°) +y·cos(-120°))

  (x, y) ⇒ ((-(x-3) +(y+2)√3)/2 +3, (-(x-3)√3 -(y+2))/2 -2)

__

It looks like your problem is presented in GeoGebra, which makes reflection and rotation easy.

Using the following data, calculate the mean absolute deviation: 7 2 8 5 9 9 5 6 8 1 What is the mean absolute deviation for these data? (4 points)​

Answers

Answer:

The mean absolute deviation is 2. Hope this helps

Step-by-step explanation:

7+2+8+9+9+5+6+8+1=5.5

7-5.5=1.5

5.5-2=3.5

8-5.5=2.5

9-5.5=3.5

9-5.5=3.5

5.5-5=0.5

6-5.5=1.5

8-5.5 2.5

5.5-1=4.5

1.5+3.5+2.5+3.5+3.5+0.5+1.5+2.5+4.5=2

Answer is 2.

I hope this can help!

Have a nice day :)

~Amy

what is the answer for 1/3x+y=4 and if you use big ideas math program and you got the right answer lemme know

Answers

Answer:

x=-3y+12

Step-by-step explanation:

Yes.

Pleaseee help is he right or wrong and why!!!

Answers

Answer:

No, Andre is not correct.

Step-by-step explanation:

I believe Andre is not correct because each 1 on the left balances with a 1 on the right. So taking away the two 1s on the left only leaves the hanger balanced if two 1s are removed on the right. This leaves on the left and three 1s on the right, so x=3. This is like x+2=5 if you subtract 2 from the x side then you get x=3. Hope this helps!

Question 8 of 10 This circle is centered at the origin, and the length of its radius is 3. What is the circle's equation?​

Answers

Answer: is x^2 + y^2 = 100

Krysta knit a total of 16 centimeters of scarf over 8 nights. How many nights will Krysta have
to spend knitting in order to knit a total of 46 centimeters of scarf? Assume the relationship is
directly proportional.
nights

Answers

Answer:

23 nights

Step-by-step explanation:

What does "Proportional" Mean? Proportional means that the ratio is the same throughout.

Step One: First, to set this up, we will put the 16 centimeters for the numerator and then the 8 nights on the bottom. The bottom is the independent variable because we can't physically change the number of nights. 16/8.

Step Two: Now, we have to scale this up to 46. Because the 46 is the centimeters, we have to do 46/16 to see how much we need to scale it by: 46/16= 2.875.

Step Three: Lastly, we can multiply 8 by 2.875 to see how many nights it took: 8 times 2.875 is 23 nights.  

the volume of a solid triangular prism is 726 cubic centimeters. its height is 12 centimeters and its bases are congruent right isosceles triangles. find the lengths of the equal sides of each base.

Answers

9514 1404 393

Answer:

  11 cm

Step-by-step explanation:

The volume of the prism is given by the formula ...

  V = Bh

where B is the area of the triangular base, and h is the height.

Filling in the given information, we find the area of the triangular base to be ...

  726 cm³ = B(12 cm)

  B = 726 cm³/(12 cm) = 60.5 cm²

The area of an isosceles right triangle is half the area of a square with the same side lengths:

  B = 1/2s²

  60.5 = 1/2s²

  s = √(2(60.5)) = √121 = 11

The length of each of the equal sides of the base is 11 cm.

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