Ron is 25 years old and is retiring at the age of 65. When he retires, he will need a monthly income of $4,123 for 20 years. If Ron contributes 10% of his monthly income to a 401(k) paying 5.5% compounded monthly, will he reach his goal for retirement given that his monthly income is 3,142.23? If he does not make his goal then state by what amount he will need to supplement his income. Round all answers to the nearest cent.a.Ron will meet his monthly goal of exactly $4,123 for retirement.b.Ron will meet his monthly goal of $4,123 for retirement with an excess of $125.34.c.Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.d.Ron will not make his monthly goal of $4,123 and will need $450.61 to supplement his monthly income when he retires.

Answers

Answer 1

Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.

What is Compound interest?

Compound interest simply means that the interest associated with a bank account, loan, or investment increases exponentially over time.

Given monthly income of Ron is $3,142.23

Ron is 25 years old and is retiring at the age of 65. so he has 40 years to contribute.

Total amount he contribute in 40 years paying 5.5% compounded monthly is given by

interest rate(r) = 0.055/12

time period = 40 years = 480 months

Principal amount = $314.223

Future value = [tex]P(\frac{(1+r)^{n}-1 }{r} )[/tex]

Substitute, we get,

= 3142.23 [tex].10(\frac{(1+\frac{0.055)^{12.40}-1) }{12} }{\frac{0.055}{12} }[/tex]

Thus, future value is $547074.681009.

After retirement his monthly income when he has $547074.681009 amount.

P = (A.i/2)/(1-(1+i/12)⁻ⁿ)

Putting values, we get,

P = (547074.68×0.55/12)/1-(1+0.055/12)⁻²⁴⁰

P = $3763.25

He will receive a monthly income of $3763.25.

But  given he will need a monthly income of $4,123 for 20 years, which is not met by Ron.

So, the amount he needs to supplement his monthly income when he retires by (4123-3763.25)= $359.74

Hence, Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.

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Related Questions

HELP ME PLEASE!!!!!!!!!!!!

Answers

Answer:

Your first equation y=1/2(1+0.3)^t is going to be growth

Your second equation y=0.3(0.95)^t is going to be decay

Your third equation y=((1+0.03)^1/2)^2t is going to be growth

your fourth equation y=200(0.73)^t is going to be decay

your last equation y=4(1/4)^t is going to be decay

Step-by-step explanation:

You can find this by graphing each of you equations on desmos

Answer:

Step-by-step explanation:

See attachment

YES I WILL MARK BRAINLIST:D

Sarah is going to the food truck with her friends. Hot dogs cost $2 and drinks cost $3. She has a total of $24 that she can spend. The equation 2x+3y=24 represents this scenario.

Determine the amount of hotdogs that can be purchased if Sarah orders 4 drinks.

Question 4 options:

4 hotdogs


7 hotdogs


6 hotdogs


5 hotdogs

Answers

The answer is 6 hotdogs. If you plug in the number of drink for y you get 12. 24-12=12. 12/2=6

Answer:

6 hotdogs

Step-by-step explanation:

:)

Lee earns $17.00 per hour at her job. How much money will Lee earn if she works for 4 hours?

Answers

Lee would earn 68 dollars if she worked 4 hours
He would earn $68 if he worked fo 4 hours

PLEASE HELP GIVING BRAINLIEST

Answers

Answer:

x=16.9+34.6

x=51.5

.............................

[tex]x - 16.9 = 34.6 \\ x = 34.6 + 16.9 \\ x = 51.5[/tex]

- BRAINLIEST answerer

Use the table to calculate the slope and y-intercept, then write the equation in slope intercept form.

Answers

Answer: y = (28/4)x + 4

Step-by-step explanation:

We'll be using 20, 144 (1) and 24, 172 (2) for this

slope = y2 - y1 / x2 - x1

slope = 172 - 144 / 24 - 20

slope = 28/4

y = mx + b

y = (28/4)x + b

We can then reduce 20, 144 by 4, 28

20, 144

16, 116

12, 88

8, 60

4, 32

0, 4

The y-intercept is when x = 0, so its 4.

Plug that into y = mx + b

y = (28/4)x + 4

ANSWER CORRECT FOR BRAINLIEST

Answers

Answer:

3 2 /5 ×3

change 3 2 /5 into an improper fraction

then you will get 17 /5

after that you say 17/5 ×3/1

=(17×3)/ (5x1)

=51/5 (51÷5)

=10.2/ 10 1/5

Solution:

[tex]3 \frac{2}{5} \times 3 \\ = \frac{17}{5} \times 3 \\ = \frac{51}{5} \\ = 10 \frac{1}{5} [/tex]

Answer:

[tex]10 \frac{1}{5} [/tex]

Hope it helps.

Do comment if you have any query.

find the sum
(2x+6)+(4x-12)
HELp

Answers

Answer:

6x - 6

Step-by-step explanation:

(2x + 6) + (4x - 12) ← remove parenthesis

= 2x + 6 + 4x - 12 ← collect like terms

= (2x + 4x) + (6 - 12)

= 6x + (- 6)

= 6x - 6

Can you help me plzzzzzzz

Answers

Answer:

Step-by-step explanation:u have to add x+6 = ur answer there u go

Could you please help me?!

Answers

Answer:

Step-by-step explanation:

Facts to know :

-diagonals of rhombus are angle bisector so angle A is double 28

∡A = 28*2 = 56°

-opposite angles in a rhombus are congruent so angle A and angle C have the same measure

∡C = 56°

-the sum of angles in a rhombus is 360°

360 - 2*56 = 360-112 = 248

248 /2 = 124

∡B = ∡D = 124°

how many kilograms of pure water is to be added to 100 kilograms of a 30% saline solution to make it a 10% saline solution

Answers

Answer:

  200 kg

Step-by-step explanation:

If w is the amount of water added, then the concentration of the solution is ...

  salt/solute = 100(0.30)/(100 +w) = 0.10

  30 = 10 +0.10w . . . . . simplify

  20 = 0.10w . . . . . . . . subtract 10

  20/0.10 = w = 200 . . . . divide by 0.10

200 kg of water must be added to dilute the solution to 10%.


I need help with this ASAP It will give you 55 points!!!!!!!

Answers

F:(-2/3) = -1/3
-f * 3/2 = -1/3
-3/2f= -1/3
F= 2/9

expand and simplify
(x +3)(x+5)

Answers

x • x + x • 5 + 3 • x + 3 • 5
2x + 5x + 3x + 15
10x + 15

Answer:

x² + 8x + 15

Step-by-step explanation:

(x +3)(x+5)

=> x² + 5x + 3x + 15

=> x² + 8x + 15

So, after simplifying, we can conclude that x² + 8x + 15 is our answer. Hoped this helped.

Mr. Smith charged Jill $320 for parts and $150 per hour for labor to repair her bicycle. If he spent 3 hours repairing her bike, how much does Jill owe him? Write an expression and show your work and answer.

Answers

Answer:A repair bill for a car is $648.45. The parts cost $265.95. The labor cost is $85 per hour.

Step-by-step explanation:

had this question

Dave owns 15 shares of ABC Mining stock. On Monday, the value of
each share rose $2, but on Tuesday the value fell $5. What is the
change in the value of Dave's shares?
To travol tho
Write an expression to represent.

Answers

Answer:

15(2) + 15 (-5) . #45 drop

Step-by-step explanation:

the length of 2/3 a rope is (4u-5) inches Express the total length of the rope in terms of u

Answers

Answer:

6u - 15/2 inches

Step-by-step explanation:

(2/3)rope = 4u - 5

multiply both sides by 3/2

rope = 6u - 15/2

PLZ HELP ME WITH THIS ASAP

Answers

Answer: y= 9

Step-by-step explanation: x, y= 9

Explain the steps to locate the average rate of change when two points are displayed on an exponential graph. -

Answers

Answer:

Explanation: The rate of change between two points on a curve can be approximated by calculating the change between two points. Let be the coordinates of the first point and be the coordinates of the second point. Then the formula giving approximate rate of change is

Step-by-step explanation:

calculating the change between two points.

help me with this please

Answers

Answer:

12

Step-by-step explanation:

[tex]1/3(3)(12)[/tex]

The 1/3 and 3 cancel and you are left with

[tex]12[/tex]

Yep, the person above is completely correct!

find the nth term of 1,6,11,16

Answers

Answer:

5n-4

Step-by-step explanation:

The rule of the sequence is 5n-4.

If n=1 then 5(1)-4=1 because 5x1=5 and 5-4=1

If n=2 then 5(2)-4=6 because 5x2=10 and 10-4=6

If n=2 then 5(3)-4=11 because 5x3=15 and 15-4=11

If n=2 then 5(4)-4=16 because 5x4=20 and 20-4=16

Please help! This is due in 25 minutes!! Will give brainliest, 5 star rating, 10 points, and a thanks!!!!

Answers

Answer:

333

666

Step-by-step explanation:

333 / 9 = 37

666 / 9 = 74

yeah-ya...... right?

Answer:

333

Step-by-step explanation:

we see that all three digits are the same so heres a list of numbers it could be 222 333 444 555 666 777 and we know that numbers divisible by nine mean all the digits added up have to be divisible by nine and we can see that 333 equals 9 when the digits are added together so this is the answer.

Water flows through a pipe at a rate of 89 cups per second. Express this rate of flow in gallons per hour

Answers

Answer:

Step-by-step explanation:

that sucks

Answer:

Answer: 20025 gallons per hour

89 times 60= 5340 cups in one minute

5340 times 60= 320,400 cups in one hour

Convert 320,400 cups into gallons and you will get 20025.

Not positive if this is correct but it’s better than nothing lol

what is the mean number of cars owned by a family? Give your answer to 1 decimal place.

Answers

Answer:

Step-by-step explanation:

total # of families=15

families that own 0 cars=2

families that own 1 cars=5

families that own 2cars=4

families that own 3 cars=3

families that own 4 cars=1

so 2+5+4+3+1=15

total# of families/ sum of cars = 15/15=1

hi! can someone please help me with these i’m confused on how to answer it

Answers

Answer:

Step-by-step explanation:

I need help pls help me

Answers

Answer:

$1,270

Step-by-step explanation:

let x be the total amount of ice cream sold without tax

x + (x*0.0635)=21270

1.0635x=21270

x=20,000

so the amount he needs to send to state is

21270-20000

1,270

Total cost of icecream without cost be x

[tex]\\ \sf\longmapsto x+0.0635x=21270[/tex]

[tex]\\ \sf\longmapsto 1.0635x=21270[/tex]

[tex]\\ \sf\longmapsto x=21270/1.0635=20000[/tex]

Amount to be paid

[tex]\\ \sf\longmapsto 21270-20000=1270[/tex]

two friends A and b invest some money in a buisness in the ratio 13:12. they make a profit of 542600. How much should b receive as profit if the profit is proportional to the investment

Answers

Answer:

Step-by-step explanation:

find the limiting value using L hospital​

Answers

Answer:

  -1

Step-by-step explanation:

The expression evaluates to the indeterminate form -∞/∞, so L'Hopital's rule is appropriately applied. We assume this is the common log.

  d(log(x))/dx = 1/(x·ln(10))

  d(log(cot(x)))/dx = 1/(cot(x)·ln(10)·(-csc²(x)) = -1/(sin(x)·cos(x)·ln(10))

Then the ratio of these derivatives is ...

  lim = -sin(x)cos(x)·ln(10)/(x·ln(10)) = -sin(x)cos(x)/x

__

At x=0, this has the indeterminate form 0/0, so L'Hopital's rule can be applied again.

  d(-sin(x)cos(x))/dx = -cos(2x)

  dx/dx = 1

so the limit is ...

  lim = -cos(2x)/1

  lim = -1 when evaluated at x=0.

_____

I find it useful to use a graphing calculator to give an estimate of the limit of an indeterminate form.

Lucy has some number cards that each have a whole number on them.
If she chooses a card at random, the probability that the number on it is
even is
3/7

Work out the ratio of even cards to odd cards that Lucy has.
Give your answer in its simplest form.



PLEASE HELP BRAINLIST TO FASTEST AND CORRECT ANSWER

Answers

Answer:

Well lucy has a 50/50 chance to get a odd card so that is it

Step-by-step explanation:

The ratio of even cards to odd cards that Lucy has is 3:4 in its simplest form.

Let's denote the number of even cards as "x" and the number of odd cards as "y".

The probability of choosing an even card is given as [tex]\frac{3}{7}.[/tex]

The probability of choosing an even card is calculated by dividing the number of even cards by the total number of cards:

Probability of choosing an even card = Number of even cards / Total number of cards

Therefore, we have:

[tex]\frac{3}{7} = \frac{x}{x+y}[/tex]

To find the ratio of even cards to odd cards, we can set up the equation:

[tex]\frac{x}{y} = \frac{3}{4}[/tex]

Therefore, the ratio of even cards to odd cards that Lucy has is 3:4 in its simplest form.

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48,000 is borrowed for 13 years. if the interest on the loan is 56,703.96, find the monthly payment

Answers

Answer:

130542

Step-by-step explanation:

FV=48000(2.7196)

FV=130542

man to be honest there is a girl i really like should i tell her how i feel

Answers

Answer:

I think if you haven't hung out with her a lot, you should start hanging out with her, getting along, until you have built up courage to tell her you have feelings for her.

Yesss but be smooth with it though.

Could somebody help n explain pls thx

Answers

Answer:

lines are perpendicular

Step-by-step explanation:

• Parallel lines have equal slopes

• The product of the slopes of perpendicular lines = - 1

The equation of a line in slope- intercept form is

y = mx + c ( m is the slope and c the y- intercept )

Rearrange the given equations into this form and extract the slope

3x - 2y = - 6 ( subtract 3x from both sides )

- 2y = - 3x - 6 ( divide through by - 2 )

y = [tex]\frac{3}{2}[/tex] x + 3 ← in slope- intercept form

with slope m = [tex]\frac{3}{2}[/tex]

----------------------------------

4x + 6y = 2 ( subtract 4x from both sides )

6y = - 4x + 2 ( divide through by 6 )

y = - [tex]\frac{4}{6}[/tex] x + [tex]\frac{2}{6}[/tex] , that is

y = - [tex]\frac{2}{3}[/tex] x + [tex]\frac{1}{3}[/tex] ← in slope- intercept form

with slope m = - [tex]\frac{2}{3}[/tex]

--------------------------------------

[tex]\frac{3}{2}[/tex] ≠ - [tex]\frac{2}{3}[/tex] , then lines are not parallel

[tex]\frac{3}{2}[/tex] × - [tex]\frac{2}{3}[/tex] = - 1

Thus the lines are perpendicular to each other

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