Today is your 10th birthday, and you decide to start saving for your college education. You will begin college on your 20th birthday and will need to pay ksh144,000 at beginning of first in a 4- year program. Fees will increase at inflation rate of 10% per year. You will make a deposit 1 year from today in an account paying 12% (percent) annually and continue to make an identical deposit each year up to and including the year you begin college. What should be the size of your deposit?

Answers

Answer 1

Answer:

The size of your deposit should be $13,023.92.

Step-by-step explanation:

First, the real interest has to be calculated using the following formula:

r = [(1 + i) / (1 + inf)] - 1 ..................... (1)

Where;

i = market interest rate = Interest rate on the account = 12%, or 0.12

r = real interest rate = ?

inf = inflation rate = 10%, or 0.10

Substituting the values into equation (1) and solve for r, we have:

r = [(1 + 0.12) / (1 + 0.10)] - 1 = 0.0181818181818183

Since you will need to pay ksh144,000 at beginning of first in a 4- year program, this implies that the relevant to use in calculating the size of the deposit is the formula for calculating the Future Value (FV) of an Annuity Due as follows:

FV = P * (((1 + r)^n - 1) / r) * (1 + r) ................................. (2)

Where,

FV = Future value or the amount needed to pay on the 20th birthday = ksh144,000

P = Fixed annual payment or size of the deposit = ?

r = real interest rate = 0.0181818181818183

n = number of years = 20 - 10 = 10 (Since you will make a deposit 1 year from today annually and continue to make an identical deposit each year up to and including the year you begin college.)

Substituting the values into equation (2) and solve for P, we have:

144,000 = P * (((1 + 0.0181818181818183)^10 - 1) / 0.0181818181818183) * (1 + 0.0181818181818183)

144,000 = P * 10.8591414092614 * 1.0181818181818183

144,000 = P * 11.0565803439752

P = 144,000 / 11.0565803439752

P = $ 13,023.92

Therefore, the size of your deposit should be $13,023.92.


Related Questions

jessica's piggy bank has 100 coins, including pennies, nickels, dimes and quarters/ together they are worth $8.36. there are nine more dimes than pennies and five times as many nickels as pennies. How many of each kind of coin does jessica have in her piggy bank?

Answers

Answer:

the bank contains 30 nickels and 70 dimes.

Step-by-step explanation:

Solve for X:
-2(x+2) < 14

Answers

Answer:

answer is 45 + 5 so it's 50

Answer:

-2X-4<14

-2X<18

X>9

Step-by-step explanation:

PLEASE HELP ME I NEED AN ANSWER ASAP!! <3

(photo included)

Answers

Answer: B.

tan 45=perpendicular/base

1=8/AB

So, AB=8

Since it's a right-angled triangle, BC is a hypotenuse.

BC=√(AC^2+AB^2)

     =r√(8^2+*^2)

     =8 √2

you're reading material illustrates a typical example of what happens if you pay just the minimum monthly payment every month on a credit card balance in this example approximately how long will it take to pay off the original deck completely.
A.2yrs
B.5yrs
C.12yrs
D. The debt will never be completely repaid.

Answers

Answer:

The correct answer is D. The debt will never be completely repaid.

Step-by-step explanation:

Since the question refers to a credit card debt on which the minimum monthly payment is paid for an indefinite period of months, in this case the debt will never be fully repaid, since the minimum payments will be constantly added values as interest, which will increase the value of the debt due to compound interest.

Answer:

c. 12 years

Step-by-step explanation:

according to the book, it says it would take 12 years to get it paid off with just the minimum payments

The polynomial is missing the coefficient of the third and last terms.
8x^3 - 144x²y + _xy² - _y^3

Answers

In order to divide polynomials using synthetic division, you must be dividing by a linear expression and the leading coefficient (first number) must be a 1. For example, you can use synthetic division to divide by x + 3 or x – 6, but you cannot use synthetic division to divide by x2 + 2 or 3x2 – x + 7. If the leading coefficient is not a 1, then you must divide by the leading coefficient to turn the leading coefficient into a 1. For example, 3x – 1 would becomex minus 1/3 and 2x + 7 would becomex plus 7/2. If synthetic division will not work, then you must use long division.

There jar of milk contains 40 litre,50 litre, and 60 litre of milk. Find the greatest capacity of vessel which can empty out each jar with the exact number of fillings​

Answers

Answer:

10

Step-by-step explanation:

Do HCF of 40,50,60 and the answer is 10

the measures of the angles of a triangle are shown in the figure. solve for x

Answers

Answer:

solution,

x+41+59=180⁰ ( the sum of total angle of triangle is 180⁰)

or, x+ 100=180

or, X=180-100

so , X=80

Step-by-step explanation:

let us check

59+41+80=180

( 15points)Help!!! I need to finish this less than 10 minutes

PlzzPlease help me bunnies <3
No monkey business plz. Or I will report

Answers

Okay! When you are ready, let me know what you need help with. Just comment this answer!

What is the question here?

hope your having a good day!

Answers

Answer:

yes im am gydyd6rrfxjdjsjwjejwhwwehebrhrhhrrhrhrhdhrhehrhehrhrhdhdhdhdhddhdgdgdhr

Solve using the Applicable Variation

The height of a TV varies directly with its width. If a TV with a width of 16 inches has a height of 9 inches, find the width of a TV with a height of 20.25 inches.

I'm so lost :'(​

Answers

Answer:

36

Step-by-step explanation:

9/16 = 20.25/?

16x20.25÷9= 36

Fill in the blanks using < or >. (a) -3 ...... -4 (b) 6 ....... -20 (c) -8 ...... -2 (d) 5 ...... -7

Answers

Fill in the blanks using < or >.

[tex]\sf \bf {\boxed {\mathbb {ANSWER:}}}[/tex]

(a) -3 [tex]\boxed{ > }[/tex] -4

(b) 6 [tex]\boxed{ >}[/tex] -20

(c) -8 [tex]\boxed{ < }[/tex] -2

(d) 5 [tex]\boxed{ > }[/tex] -7

[tex]\large\mathfrak{{\pmb{\underline{\orange{Mystique35 }}{\orange{☂}}}}}[/tex]

what's the difference between 7/10 and 4/15

Answers

Answer:

Difference is the answer to a subtraction problem.  If you are on here, you can probably use a calculator.  If you go to the desmos scientific calculator, you can type it in and it will give you your answer as a fraction.

Step-by-step explanation:

Answer:

13/30

Step-by-step explanation:

7/10 - 4/15

Get a common denominator of 30

7/10 *3/3 = 21/30

4/15 *2/2 = 8/30

21/30 -8/30

13/30

Solve this pls I beg

Answers

Answer:

-4 < n ≤ 5

Step-by-step explanation:

_________________

Question 8
A scuba diver was thirty feet below the surface of the water and ascended
thirteen and a half feet. The diver then descended an additional fifteen feet
from the surface of the water. What is the location of the diver in the water?
a.-48 feet
b.-31.5 feet
c. - 27.5 feet
X d. -28 feet

Answers

It’s b

Explanation

The scuba diver is 30 feet below, and ascend means up, so you subtract 13.5, and descend means down down so you add 15. That’s how you get the answer.

Answer:

b

Step-by-step explanation:

The scuba diver is 30 feet below, and ascend means up, so you subtract 13.5, and descend means down so you add 15. That’s how you get the answer.

please answer this!!!!

Jacob wanted to know what the most popular sneaker brand was of his classmates. His class had 30 students. To save time, he asked 10 boys the brand of sneakers that they were wearing. Of the students surveyed; Nike was the most popular sneaker brand.

Explain 2 ways Jacob's survey could have been more representative of his class's favorite sneaker brand.​

Answers

Answer:

He could have asked the girls as well, and could have asked the entire class instead of just 10 students.

Step-by-step explanation:

By only asking 10 boys, he is not getting a complete representation of the whole class, as their are 30 students in the class.

9 What is the volume of the cone below? * 267.95 in3 33.49 in3 133.97 in3

Answers

Answer:

Volume of cone = 33.49 inch³

Step-by-step explanation:

Missing information;

Height of cone = 8 inch

Diameter of cone = 4 inch

Find:

Volume of cone

Computation:

Radius of cone = Diameter of cone / 2

Radius of cone = 4 / 2

Radius of cone = 2 inch

Volume of cone = [1/3][πr²h]

Volume of cone = [1/3][(3.14)(2)²8]

Volume of cone = [1/3][(3.14)(4)8]

Volume of cone = [1/3][(3.14)(32)]

Volume of cone = [1/3][100.48]

Volume of cone = 33.49 inch³

If Jamie's paddling pool has a diameter of 10m, what is its area in square meters?
pls help

Answers

Answer:

use app Gauthmath its will give you the answer

Answer:

100msquare (or) sq.m (diameter in a circle inscripted square is one of its side)

Step-by-step explanation:

area of squr=side*side

=10*10

=100msquare (or) sq.m

I’m begging you too pls pls pls pls help! I’d appreciate it so much. This is independent work and I have no clue of what this means so pls comment as fast as u can because according to my teacher this was supposed to be due yesterday and I’m just doing it today. Pls help thank you so so so much! Pls don’t waste time thanks again!

Answers

Answer:

1. 160 min

2. 84 min

3. 5:12 p.m.

4. 6:40 p.m.

5 a 4:44 p.m.

b 7:14 p.m.

3a+5b+2c=?
a+b=15
b+c=14
5b=3b,2b

Answers

Step-by-step explanation:

please check you typing 5b = 3b, 2b

?????

Answer:

73

Step-by-step explanation:

3a + 5b + 2c = ?

Given:

a + b = 15

b + c = 14

now express in terms of b

a = 15 - b    equation (i)

c = 14 - b     equation (ii)

3a + 5b + 2c

substitute the values

3(15 - b) + 5b + 2(14 - b)

45 - 3b + 5b + 28 - 2b

add or subtract like terms

73 + 5b - 5b

plus 5b and minus 5b gets cancel

73

YALL REALLY NEED TO
HELP MEEEE
determine if the triangles are similar. Why are they similar or not similar ?
please show work

Answers

Answer:

Not similar

Step-by-step explanation:

In triangle MLN & WXY,

Right angles - > 1

There is nothing common in these 2 triangles other than (1)

Therefore,

Not similar

Solve 3x + 8 = 2x + 21

Answers

Answer:

x = 13 Step-by-step explanation:

3x+8=2x+21solve for x3x8-2x+21x8=21x=21-8=13solution is x=13/

HOPE IT HELPS!!!

PLZ I NEED BRAINLIEST!!

The answer is x equals to 13

i have no clue what i’m doing

Answers

Answer:

c(x) =  16x + 22736

R(x) = -2x^2 + 524x  

[ -2x^2 + 508x  - 22736] = 0

Factored: f(x) = -2(x - 196)(x - 58)

58 to break even

Step-by-step explanation:

Your cost is the amount it cost you to "make" stuff.

You have fixed and variable costs (cost of oven is fixed cost of flower and sugar is variable to make cupcakes)

your cost is c(x) =  16x + 22736

"your oven and building cost $22736 per month and you use $16 worth of sugar butter flour to make one cupcake ( it  must be a huge one) ...

your revenue is the amount of money that "comes into your business"...

the amount of money in the cash register.... Note: this is only money IN you still have to pay for the building, sugar flour etc.

R(x) = -2x^2 + 524x  

Note: the minus and the square basically say that the more you charge the less cupcakes you will sell...

Profit is the money in minus the money out

P - R - E   [ -2x^2 + 524x  ] - [16x + 22736]

the break even point is where the two functions are the same

in other words where C=R or R-C=0

[ -2x^2 + 524x  ] = [16x + 22736]

[ -2x^2 + 508x  - 22736] = 0

Factored: f(x) = -2(x - 196)(x - 58)

Answer:

Step-by-step explanation:

C(x)=16x+22736

R(x)=-2x²+524x

P(x)=R(x)-C(x)

=-2x²+524x-16x-22736

=-2x²+508-22736

when profit is zero then no gain or loss.

so -2x²+508x-22736=0

or x²-254x+11368=0

196+58=254

196×58=11368

x²-54x-196x+11368=0

x(x-54)-196(x-54)=0

(x-54)(x-196)=0

x=54,196

so x=54 is the smallest number of bins to break even.

select all explanation that prove triangle ABC is congruent to triangle A'B'C

Answers

Answer:

AB = A'B'

BC = B'C'

AC = A'C'

angle ABC = angle A'B'C'

angle CAB = angle C'A'B'

angle CBA = angle C'A'B'

Step-by-step explanation:

use different axomes to show relation,

Answer: Reflect ABC across the vertical line passing through C

Step-by-step explanation:

Which data type is variable 'a' as per below code?(numeric/non-numeric) Dim a as integer a=10 for grade 7 Computer

Answers

Answer:

The answer is "numeric".

Step-by-step explanation:

The Dim keyword is used in Visual Basic which is used to establish the dependent variable and other information such as the code that the variable may access the variables, computer utilizes the statement Dim. The dimensions are brief and then used to define variables. The Dim statement is placed just after sub definition only at the start of a VBA module (short for Subroutine).The variable to hold an integer value is seen in the above example.

Which function has the same range as
f(x)=-2 Sqrt X-3 +8?

g(x)= VX-3-8
g(x) = VX-3+8
g(x)=- Vx+3+8
g(x)=√x-3-8


Answers

Answer:

C

Step-by-step explanation:

The option that has the same range than f(x) is:

[tex]g(x) = -\sqrt{x + 3} + 8[/tex]

What is the range of the given function?

Here we first have the function:

[tex]f(x) = -2*\sqrt{x - 3} + 8[/tex]

Remember that the square root only can be evaluated arguments equal or larger than zero.

So the minimum value of x that we can use is x = 3.

[tex]f(3) = -2*\sqrt{3 - 3} + 8 = 8[/tex]

And as x increases, the outcome will decrease (because the square root is being mulitiplyed by a negative number). So we can conclude that the range is y ≤ 8.

Which other function has the same range?

So, we need another function that has a maximum value in the range equal to positive 8, so we need to have a constant equal to 8, and a square root being multiplyed by a negative number.

The option that meets these two conditions is the third one:

[tex]g(x) = -\sqrt{x + 3} + 8[/tex]

If you want to learn more about domains and ranges, you can read:

https://brainly.com/question/10197594

How many solutions does the following equation have:
16y + 7 = -3y + 10 + 8y

Answers

Answer:

one solution only

Step-by-step explanation:

16y + 7 = -3y + 10 + 8y

16y + 3y - 8y = 10 - 7

11y = 3

y = 3/11

one solution because you get an answer in the end

For #4 - 5, the two polygons are similar. Find the
values of x and y.
60°
18
12
22
x + 4
4.

Answers

Answer:

x = 10.7

y = 120°

Step-by-step explanation:

If two polygons are similar, their corresponding angles would be the same, while the ratio of their corresponding sides will be equal.

Therefore, the angles of the two polygons given are equal, while the ratio of their corresponding side length is equal.

Thus:

✔️Find x:

22/(x + 4) = 18/12

22/(x + 4) = 3/2

Cross multiply

(x + 4)3 = 2*22

3x + 12 = 44

Subtract 12 from each side

3x = 44 - 12

3x = 32

x = 32/3

x = 10.7

✔️Find y:

y + 60° = 180° (adjacent angles are supplementary)

y = 180 - 60

y = 120°

Plz hep me I don’t understand

Answers

It’s the red one all the way to the right

Answer:

Purple

Step-by-step explanation:

Because the graph has the circle filled in at the point 11, we know that it is a valid solution and that we are looking for a sign with the line under it. However, because we know that the number line extends to the right of 11, these would include answers such as 12, 13, 14, 15, etc. Because all these values are "greater than or equal to" 11, our answer is 11 <or= a, which is the purple one or the one on the right.

Find the probability that a randomly
selected point within the circle falls
in the red shaded area.
Ir = 4cm
2.5 cm
3 cm
3 cm
[?]%
Round to the nearest tenth of a percent.

Answers

Answer:

38.8%

Step-by-step explanation:

Area of the triange:

6*6.5*.5= 19.5

Area of the circle:

π*16= 16π

19.5/16π= .387940174

38.8%

Answer:

38.8%

Step-by-step explanation:

Which graph represents y as a function of x?

Answers

Answer:

A

Step-by-step explanation:

By vertical line test, if you draw any vertical line, except for A, all graph meet at more than two points. So, graph A represents y as a function of x.

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