Tony Peyton, age 20, would like to have $1,000,000 by the time he is 65 years of age. If Tony could earn 6.9% annual interest compounded monthly, how much must he invest now to have $1,000,000 by the time he is 65?

Answers

Answer 1

Using compound interest, it is found that he must invest $45,225 now.

Compound interest:

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

A(t) is the amount of money after t years.  P is the principal(the initial sum of money).  r is the interest rate(as a decimal value).  n is the number of times that interest is compounded per year.  t is the time in years for which the money is invested or borrowed.

In this problem:

He wants to have $1,000,000 in 65 - 20 = 45 years, hence [tex]t = 45, A(t) = 1000000[/tex].6.9% annual interest, hence [tex]r = 0.069[/tex].Compounded monthly, hence [tex]n = 12[/tex].

Then:

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

[tex]1000000 = P\left(1 + \frac{0.069}{12}\right)^{12(45)}[/tex]

[tex]P = \frac{1000000}{(1.00575)^{540}}[/tex]

[tex]P = 45225[/tex]

He must invest $45,225 now.

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Answer 2

Answer:

He must invest $45,225


Related Questions


Jenna has 38 coins. She uses 19 coins to buy a notebook. How many coins does she have left?
Explain how you can solve and check this problem.

Answers

Answer: 19 coins

Step-by-step explanation:

38-19=19

To check, take any one of the nubers and replace it with x, and when you solve for x. you'll get that number back. For example:

Let x represent the amount used to buy a notebook

19+x=38

x=38-19

x=19

38 coins - 19 coins = 19 coins

You solve the problem by subtracting how many coins she used by how many coins she has

HELP ASAPPPPPPP!!!!!

Answers

you will do 7x2x2x3 then after u find the answer you will write it in a fraction form like for example if you get 64 which is the answer and u will write 6 over 4 and that is the answer.

A racing track is shaped like an oval. Each time around
the track is 1.2 miles. The total distance for the
race is 480 miles.
What percentage is one lap around the track of
the total race?
(b) How many laps will it take to complete 75% of the
race?

Answers

Answer:

Percentage of one lap around the track of

the total race = 0.25%

It will take 300 laps to complete 75% of the race.

Step-by-step explanation:

1.2/480=0.0025

0.0025*100=0.25

480/100*75= 360

360/1.2=300

PLEASE SHOW ALL WORK AND DO CORRECTLY

For #8 , fill in the missing information for the following trapezoids. SHOW YOUR WORK to solve for the missing value.

8.
height = 19.8 cm
b1 = ________
b2 = 14.4 cm
area = 401.94 cm2

Answers

Answer:

26.2 cm

Step-by-step explanation:

Area = (b1 + b2)/2 * h

401.92 = (x + 14.4)/2 * 19.8

Divide each side by 19.8

20.2989 = (x + 14.4)/2

Multiply each side by 2

40.6 = x + 14.4

Subtract 14.4 from each side

x = 26.2

Answer:

116.82

Step-by-step explanation:

Since your trying to find a missing base

19.8 x 14.4= 285.12

   401.94-285.12=116.82

Hopes This Helps

I need help on this question. please help me.. I don't have idea on this.​

Answers

Answer:

D.

Step-by-step explanation:

5(-4 +10) × 4.8 ÷ [tex]\frac{3}{4}[/tex]

5(6) × 4.8 ÷ [tex]\frac{3}{4}[/tex]

30 × 4.8 ÷ [tex]\frac{3}{4}[/tex]

30 × 4.8 × [tex]\frac{4}{3}[/tex]

_________________________________

Hope this helps!!

If I have made a mistake, please let me know; I enjoy leaning from them:)

Answer:

Step-by-step explanation:

True or False. If true, give a convincing argument. If false, explain why it is false. Be sure to use mathematical language in your explanation.

As an airplane flies toward you, its angle of elevation increases.

Answers

Answer:

True.

Step-by-step explanation:

We assume that the plane is flying at a constant height above the ground.

The angle of elevation is the angle made between the plane, you and the point on  the ground directly below the plane. As the plane approaches you the distance between you and the point on the ground decreases and therefore the angle of elevation increases.


Tell whether the ordered pair is a solution to the system.
(-1, -2) 3x + 5y = 3
-9x - 8y = -9
no
yes

Answers

Answer:

no

Step-by-step explanation:

no. substitute -1 for x and -2 for y.

the first one is -1 - 10

this equals -11 not 3

I think it’s a no but but I’m not sure

Select all the intervals where f is increasing.

A. −3 < x < −2
B. -1.5 < x < 0
C. 3.5 < x < 4.5
D. None of the above

Answers

Step-by-step explanation:

since f(x) is overall increasing for the interval -3 < x < 0,

A and B both fit in there and are correct answers.

Answer:

C. 3.5 < x < 4.5

Step-by-step explanation:

Anything that is above 1 (4, 9, etc)  is increasing and anything that is below 1 (0.4, -3, etc) is decreasing. A and B are wrong because they are negative or below 1 and it isn't D because C is increasing.

The perimeter of a rectangle is 80 feet.

Find the dimensions if the length is 5 feet longer than four times the width.

Then find the area of the rectangle.

Answers

Answer:

l=33 feet

w=7 feet

Area= 231 feet

Step-by-step explanation:

2/7x9 in simplest form

Answers

Answer:

2/63

Step-by-step explanation:

I'm going to assume that the x is a multiplication symbol.

7 x 9 = 63

Therefore, the simplest form would be 2/63

What is the value of x?

Answers

[tex]\large\huge\green{\sf{Answer:-}}[/tex]

option d is correct

[tex]\large\huge\green{\sf{Explanation:-}}[/tex]

The sum of all three angle of triangle is180°

[tex](8x + 5) + (5x - 1) + (4x + 6) = 180 {}^{o} \\8x + 5 + 5x - 1 + 4x + 6 = 180 {}^{o} \\ 8x + 5x + 4x + 5 - 1 + 6 = 180 {}^{o} \\ 17x + 10 = 180 {}^{ {}^{o} } \\ 17x = 180 - 10 \\ 17x = 170 \\ x = \frac{170}{10} = 17 \\ x = 17[/tex]

Use the linear combination method to solve the system of equations. â€""3x 8y = 16 3x 4y = 8 What is the value of x? â€""1 0 1 2.

Answers

The value of x from the system of equation is 0

Given the systems of equation

–3x + 8y = 16

3x + 4y = 8

Using the elimination method.

Add both equations

-3x + 3x + 8y + 4y = 16 + 8

12y = 24

y = 24/12

y = 2

Substitute y = 2 into equation 2:

3x + 4y = 8

3x + 4(2) = 8

3x = 8 - 8

3x = 0

x = 0

Hence the value of x from the system of equation is 0.

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Given g(r) = 3 – 8r, find g (–3).

Answers

Answer: R = 3/5

Step-by-step explanation:

i think

The two parallel sides of a trapezium are 19.8 and 7.2 and its area is 135 cm²..find its height

Answers

Answer:

10cm

Step-by-step explanation:

the formula for an area of a trapezium:

[tex] \frac{(a + b) \times h}{2} = area[/tex]

where a and b are the parallel sides and h is the height. equating what we have:

[tex] \frac{(19.8 + 7.2) \times h}{2} = 135[/tex]

simplify the numerator by adding 19.8 and 7.2=27

[tex] \frac{27h}{2} = 135[/tex]

multiply both sides by 2

[tex]27h = 270[/tex]

divide both sides by 27

[tex]h = \frac{270}{27} = 10[/tex]

the height is 10cm

Lilly buys fresh fruit from a fruit stand. Apples cost $5 per pound and oranges cost $4 per pound. She has $40 to spend. The table shows the function relating the number of pounds of apples, x, and the number of pounds of oranges, y, Lilly could purchase.

Apples (lb) Peaches (lb)
x y
0 10
1 8.75
2 7.5
4 5
6 2.5
8 0

Answers

Answer:

Different ways to answer this question

Step-by-step explanation:

You can do a ratio  of 1:4 apples and 1:5 oranges


Order the angles in the triangle above from largest to smallest.
Largest
1.B
2.D
3.С
Smallest

Answers

The order is C, B, then D.

The function f is given by f(x) = (x + 3)^2 - 1.
1) Write the coordinates of the vertex of the graph of f.
2) Does the graph open up or down? How do you know?

Answers

Answer:

the coordinate of the vertex is going to be (-3,-1) and it's concave up

Step-by-step explanation:

1.notice this function is in graphing form (x-h)^2+k, where (h,k) is your coordinate of the vertex, hence in this problem it's going to be (-3,-1)

2. notice that this function have a parent function of x^2, where it's a parabola that is concave up which in this case is basiclly the same shape it's also concave up

In calculus, we can proof it by finding the first derivatives and find the critical points, then take the second derivative at that critical points to see if that's negative or positive in this case it's positive

When the swimming pool is 25% full, it takes 2250 cubic meters (m3) to fill it up from that point. When it is full, it can be emptied at a rate of 120 m3/h. How many hours does it take to empty an 80% full pool?

Answers

Answer:

  20 hours

Step-by-step explanation:

The volume of water when the pool is 80% full can be found using the proportion ...

  2250/75% = v/80%

  v = (80/75)(2250) = 2400 . . . cubic meters

Emptying at the rate of 120 m³/h will take ...

  time = volume/rate

  time = (2400 m³)/(120 m³/h) = 20 h

It will take 20 hours to empty the pool from 80% full.

what is the solution
3x-1/4 = -5/11
(3x-1)11 = -5(4)
33x-11 = -20
+11 = +11
33x = - 9
33x/33 = -9/33
x = -3/11

Answers

Answer:

3x-1/4=-5/1111 (3x-1)=4 (5)33x-11=2033x=20+1133x=31x=31/33x=?

The water level in a tank measures 15 inches and is decreasing 0.5 inches every
minute.
How many minutes, x, will it take for the water level to measure 9 inches deep?

Answers

Answer:

The answer is 12 minutes

Step-by-step explanation:

This is because if you're seeing how long it takes to get from 15 inches to 9 inches, that is a difference of 6 inches.

6 / 0.5 inches per minute = 12 minutes

The tank would take time of 12 minutes for the water level to measure 9 inches deep.

What is the two-step problem?

A two-step problem is a word problem that must be addressed in two steps. While many of these questions have only one step, a two-step word problem requires the solution of two separate equations.

Two separate operations (like multiplication and addition) or two of the same operation may be utilized in the two-step word problem (like subtraction and subtraction).

Given a tank measurement of 15 inches, it shrinks by 0.5 inches per minute.

We must calculate the minute when the water level reaches 9 inches deep.

The difference in inches is 6 inches.

15 inches - 6 inches = 9 inches

Calculating for minutes,

⇒ 6 / 0.5

⇒ 12 minute

Therefore, the tank would take time of 12 minutes for the water level to measure 9 inches deep.

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What is the solution set for x^2 - 2x - 15 = 0

A. {-5, -3}

B. {5, -3}

C. {3, 5}

D. {-3, 5}​​

Answers

Answer:

B

Step-by-step explanation:

I have done this before

14. The number of customers that a small
restaurant serves increases by 25% each
week. The restaurant served 400 customers
the first week it was open.
How many customers did the restaurant
serve during the third week?

Answers

Answer:

625

Step-by-step explanation:

ok so, 25% of 400 is 100 since 25 is 1/4 of 100 just like 100/400. Now, we do 100+ 400 for the second week which is 500. Now, 500 divided by 25 is next and if we had 4 boxes wed be able to fit 100 in each and the last 100 is split so 100 divided by 4 is 25. so we add 25 to each box. Now we have 125 in each box. so thats it divided by 25% or 1/4. 125 + 500 is 625 and thats your awnser. Have a good day!


I think of a number, increase it by four and double the answer. The
result is 20 more than the number. Find this number.

Answers

Answer:

(x+4)2=x+20

2x+8=x+20

2x-x=20-8

x=12

The number I thought of is 12.

How to convert statements into numerical expressions ?

To convert statements into numerical expression break the statement into chunks write the terms with mathematical operations.Interpret twice, thrice, half of this etc logically.Practice a lot.

According to the given question I think of a number,Let the number be x.

I increase it by four and double (x+4)×2 = 2(x+4).

The result is 20 more than the number which is (x+20).

∴ 2(x+4) = (x+20)

2x + 8 = x + 20.

2x - x = 20 - 8.

x = 12.

learn more about numerical expression here :

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Which of these is a correct statement regarding payday loans

Answers

Step-by-step explanation:

I think your question is not complete

resend it if you don't mind

They're easier to get than both mortgages and car loans

Write the gcf of:
200x^2y^5 and 1000x^3y^2


Answers

Answer:

Step-by-step explanation:

200 divides into 1000 so that is part of the HCF.

x^2 and x^3 are present so the HCF contains x^2

y^2 and y^5 are present so the HCF contains y^2

HCF = 200*x^2 * y^2

how do I do this question?

Answers

Answer:

x = (y +2)/3

Step-by-step explanation:

y= 3x-2

y+2=3x

x=(y +2)/3

What is the equation for the line perpendicular to y=3/2x + 2 that contains (3, -5)?

Answers

Answer:

B?

COREEC IF WRONG

Answer:

y=-2/3x-3

Step-by-step explanation:

let the slope of the given line =m1

let the slope of the perpendicular line,=m2

m2=-1/m1

m2=-1/3/2

m2=-2/3

Now the equation of the perpendicular line

y--5=-2/3(x-3)

y+5=-2/3(x-3)

3y+15=-2x+6

3y=-2x+6-15

3y=-2x-9

y=-2/3x-3

Question 3 of 5
764 =
O A. 16
OB. 4
O c. 2
O D. 8

Answers

Answer:

b. 4

Step-by-step explanation:

I hope this helps!!

The answer is B equal to four

Which line plot (s) represents 2/4?

Answers

Answer:

Number 1= 5th vertical line

number 2= 2nd vertical line

number 3= halfway between 2nd and 3rd vertical line

Step-by-step explanation:

what is the modulus of the complex number -4+3i

Answers

The modulus of the complex number -4+3i is 5.

Complex number is an element of a number system that contains the real numbers and a specific element denoted i, called the imaginary unit,

A complex number is a number of the form a + bi, where a and b are real numbers.

The modulus (z) of a complex number x + iy is given by:

z = √(x² + y²)

The modulus of the complex number -4+3i is:

[tex]z=\sqrt{(-4)^2+3^2} =\sqrt{25}=5[/tex]

Find out more on complex number at: https://brainly.com/question/2218826

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