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Tutors Answer Your Questions about Money Word Problems (FREE)
Question 152528This question is from textbook
: Please help not really understanding this problem: The formula for calculating the amount of money returned for an initial deposit into a bank account or CD is given by A=P(1+r/n)^nt
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $3000 for 9 years at a rate of 6%
a)Calculate the return(A) if the bank compounds annually (n=1). Round your answer to the hundredth's place.
b)Calculate the return (A) if the bank compounds quarterly (n=4). Round your answer to the hundredth's place.
c) Does compounding annually or quarterly yield more interest? Why?
d)If a bank compounds continuously, then the formula userdf is A=Pe^rt where e is a constant and equals approximately 2.7183. Calculate A with continuous compounding. Round your answer to the hundredth's place.
e) How long will it take to double my money? At 6% interest rate and continuous compounding , what is the answer? Round your answer to the hundredth's place.
Thank you so much for your help in advance.This question is from textbook
: Please help not really understanding this problem: The formula for calculating the amount of money returned for an initial deposit into a bank account or CD is given by A=P(1+r/n)^nt
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $3000 for 9 years at a rate of 6%
a)Calculate the return(A) if the bank compounds annually (n=1). Round your answer to the hundredth's place.
b)Calculate the return (A) if the bank compounds quarterly (n=4). Round your answer to the hundredth's place.
c) Does compounding annually or quarterly yield more interest? Why?
d)If a bank compounds continuously, then the formula userdf is A=Pe^rt where e is a constant and equals approximately 2.7183. Calculate A with continuous compounding. Round your answer to the hundredth's place.
e) How long will it take to double my money? At 6% interest rate and continuous compounding , what is the answer? Round your answer to the hundredth's place.
Thank you so much for your help in advance.
Answer by mducky2(41)  (Show Source):
You can put this solution on YOUR website!Part A: We can just plug in the numbers:
The principal amount (P) is 3000, since that is what was originally deposited.
The rate (r) is 0.06 because 6% means 6/100.
The number (n) that it is compounded is 1, since annually means only once a year.
The time (t) is 9 years.
The formula is much easier to deal with when we first plug in n=1, so let's start with that:
This is also the general formula for the return on any deposit compounded annually. Now we can plug in the specific numbers:
The return is $5068.44.
Part B: We can just plug in the numbers. P, r, and t are the same, but now n changes from 1 to 4:
This is also the general formula for the return on any deposit compounded quarterly. Now let's plug in the numbers:
The return is $5127.42
Part C: Compounding quarterly yields more interest. This is because when we do it once a year, it only multiplies the whole thing once by 1.06. When we do it four times a year, it multiplies it by 1.015^4, which is 1.06136355, which is actually more than 1.06.
Part D: Now we will use a different formula entirely.
We can still plug in the same numbers for P, r, and t.
The return is $5148.02
Part E: In order to find out how much it will take to double the money, we start with the equation:
The variables P and r will be the same, but we no longer know how much time it will take.
It looks like we need to use logarithms to solve this problem. The natural log of 2 will equal 0.06*t:
It should take 11.55 years for the deposit to double.
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Question 152462: James paid $195 for a DVD player that was on sale for 25% off. What was the original price?: James paid $195 for a DVD player that was on sale for 25% off. What was the original price?
Answer by checkley77(1452) (Show Source): |
Question 152306: a dealer purchased tee shirts at $2.40 each and sold them for $4.25 each. his overhead was $0.60 per shirt. how much money did he make on each shirt?
: a dealer purchased tee shirts at $2.40 each and sold them for $4.25 each. his overhead was $0.60 per shirt. how much money did he make on each shirt?
Answer by orca(66) (Show Source):
You can put this solution on YOUR website!The total costs are the purchasing price plus overhead.
So the total cost is $2.40 + $0.60 = $3.
The net profit is
$4.25 - $3
= $1.25
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Question 152297: A man borrowed $3600 for 1 month at an annual rate of 5%. How much interest did he owe?: A man borrowed $3600 for 1 month at an annual rate of 5%. How much interest did he owe?
Answer by orca(66) (Show Source):
You can put this solution on YOUR website!First we need to figure out the monthly interest rate.
The monthly interest rate is the annual interest rate divided by 12.
So the interest rate per month is
5%/12
The interest for 1 month is
3600*5%/12
= 15
So the interest is $15
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Question 152258: The sales price of a car is $12590, which is 20% off the original price. What is the original price?: The sales price of a car is $12590, which is 20% off the original price. What is the original price?
Answer by mducky2(41) (Show Source): |
Question 152258: The sales price of a car is $12590, which is 20% off the original price. What is the original price?: The sales price of a car is $12590, which is 20% off the original price. What is the original price?
Answer by baruto123(1) (Show Source): |
Question 152163: If 300 jellybeans cost you X dollars. How many jellybeans can you purchase for 50 cents at the same rate?: If 300 jellybeans cost you X dollars. How many jellybeans can you purchase for 50 cents at the same rate?
Answer by nerdybill(383) (Show Source):
You can put this solution on YOUR website!If 300 jellybeans cost you X dollars. How many jellybeans can you purchase for 50 cents at the same rate?
.
Since you know that:
300 jellybeans per x dollars
.
You would multiply the above with the amount of money you have to find out how many jellybeans you would have:
300/x * .5 = 150/x
.
Notice that you have to multiply with the same UNITS -- that is, we have to convert "cents" into "dollars" -- 50 cents is equal to .5 dollars.
.
Therefore, your answer would be 150/x
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Question 151705: A woman buys 3 pairs of jeans for $99.84, including tax. If each pair of jeans cost $32, what was the sales tax?: A woman buys 3 pairs of jeans for $99.84, including tax. If each pair of jeans cost $32, what was the sales tax?
Answer by jojo14344(271) (Show Source): |
Question 151706: Sandy has $3.75 in change. She has 3 more quarters than dimes but twice as many nickles as quarters. Express the given information as an algebraic expression and simplify. You are not required to solve the problem.: Sandy has $3.75 in change. She has 3 more quarters than dimes but twice as many nickles as quarters. Express the given information as an algebraic expression and simplify. You are not required to solve the problem.
Answer by jojo14344(271) (Show Source):
You can put this solution on YOUR website!Let,
number of dimes= 
number of quarters=  , three more than dimes
number of nickels=  =  , twice as many as quarters
Therefore, adding everything totals to $3.75:
 ----------> WORKING EQN.
WILL RESULT TO:  , no. of dimes
 , no. quarters
 . no. of nickels
In doubt? Go back WORKING EQN & substitute "x=6" and you'll see.
Thank you,
Jojo
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Question 151698: Jenny wants to utilize a portion of her garden for growing flowers. Being a designer herself, she visualizes a triangular area with different lenghts for each side. For this Jenny decides to keep a side of the triangular area 6 feet shorter and the other 5 feet longer than the third side. She also wants to restrict the perimeter of the triangular area to 29 feet, so that it does not cover a huge area of the garden. Determine the lenght of each side of the triangular area that Jenny has visualized.: Jenny wants to utilize a portion of her garden for growing flowers. Being a designer herself, she visualizes a triangular area with different lenghts for each side. For this Jenny decides to keep a side of the triangular area 6 feet shorter and the other 5 feet longer than the third side. She also wants to restrict the perimeter of the triangular area to 29 feet, so that it does not cover a huge area of the garden. Determine the lenght of each side of the triangular area that Jenny has visualized.
Answer by jojo14344(271) (Show Source):
You can put this solution on YOUR website!Okay, we know adding the 3 sides of a triangle gives us the  right?
Let's appoint "x" as measurement of the sides and based the conditions on this measurement.
1st side: She decided one side to be 6 feet shorter, = 
2nd side: She wants the other side 5 feet longer, = 
3rd side:
Given  , therefor we can get the side by adding the three:
 ---------> 
 ------------> 3rd side
 --------------> 1st side
 --------------> 2nd side
Checking,
Thank you,
Jojo
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Question 151547: An author earns $1.15 for every book sold. How many books must be sold if the author wants to earn at least $46,000.
x.1.15=46,000= 4000 How do I put this in an equation Thanks for your help
: An author earns $1.15 for every book sold. How many books must be sold if the author wants to earn at least $46,000.
x.1.15=46,000= 4000 How do I put this in an equation Thanks for your help
Answer by Earlsdon(3413) (Show Source):
You can put this solution on YOUR website!Let x = the number of books to be sold at $1.15 per copy.
Now the problem says "...the author wants to earn at least $46,000" So this means that you need to write an inequality rather than an equation.
In writing inequalities, "a is at least = to b" is expressed as  (a is greater than or equal to b), so you would write:
 Now you can solve inequalitites much like you would solve equations.
Divide both sides by 1.15
So the author must sell at least 40,000 copies to earn at least $46,000
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Question 151434: Find the interest earned at the end of the first year on 6,800. invested at 4% I started with I=0.4x1/12=6800 then is it0.4 /12=6800/12 I am stuck: Find the interest earned at the end of the first year on 6,800. invested at 4% I started with I=0.4x1/12=6800 then is it0.4 /12=6800/12 I am stuck
Answer by checkley77(1452) (Show Source):
You can put this solution on YOUR website!YOU HAVE THE WRONG FORMULA.
I=PR^T WHERE I=INTEREST, P=PRINCIPLE, R=ANNUAL % RATE, T=NUMBER OF YEARS.
I=6,800*.04^1
I=$272 IS THE INTEREST AT THE END OF 1 YEAR.
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Question 151274: a) Kareena invested an amount of money at an interest rate of 4.5% per year. After one year, she received 117 dollars interest. Work out the amount of money kareena invested.
b) Ravi invested an amount of money at an interest rate of 4% per year. At the end of one year, interest was added to his account and the total amount in his account was 3328 dollars. Work out the amount of money Ravi invested.: a) Kareena invested an amount of money at an interest rate of 4.5% per year. After one year, she received 117 dollars interest. Work out the amount of money kareena invested.
b) Ravi invested an amount of money at an interest rate of 4% per year. At the end of one year, interest was added to his account and the total amount in his account was 3328 dollars. Work out the amount of money Ravi invested.
Answer by vleith(919) (Show Source): |
Question 151268: I am completely stuck; please help me. Thank you!
Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?
: I am completely stuck; please help me. Thank you!
Mike invested $6000 for one year. He invested part of it at 9% and the rest at 11%. At the end of the year he earned $624 in interest. How much did he invest at each rate?
Answer by mducky2(41) (Show Source):
You can put this solution on YOUR website!Since part of the $6000 went into one account and the rest went into the other account, the variables can be set up like this:
amount invested in the 9% account: x
amount invested in the 11%account: 6000-x
Now we can set up the entire equation in these terms. 9% of the amount in the first account plus 11% of the amount in the second account will equal the interest.
0.09x + 0.11(6000-x) = 624
Now its just a matter of solving for x and 6000-x.
0.09x + 0.11(6000-x) = 624
0.09x + 0.11(6000) - 0.11x = 624
-0.02x + 660 = 624
-0.02x + 0.02x + 660 = 624 + 0.02x
660 = 624 + 0.02x
660 - 624 = 624 - 624 + 0.02x
36 = 0.02x
x = 1800
6000 - x = 4200
That means that $1800 was invested into the first account at 9% interest and $4200 was invested into the second account at 11% interest.
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Question 151211This question is from textbook 
: 102. Diversification. Helen has 1/5 of her portfolio in U.S. stocks, 1/8 of her portfolio in European stocks, and 1/10 of her portfolio in Japanese stocks. The remainder is invested in municipal bonds. What fraction of her portfolio is invested in municipal bonds? What percent is invested in municipal bonds? (Be sure to write the fraction in correct form.)
M = municipal bond fraction
m = % municipal bonds
This question is from textbook
: 102. Diversification. Helen has 1/5 of her portfolio in U.S. stocks, 1/8 of her portfolio in European stocks, and 1/10 of her portfolio in Japanese stocks. The remainder is invested in municipal bonds. What fraction of her portfolio is invested in municipal bonds? What percent is invested in municipal bonds? (Be sure to write the fraction in correct form.)
M = municipal bond fraction
m = % municipal bonds
Answer by checkley77(1452) (Show Source): |
Question 151126: Bill is paid hourly. If he works 8 hours he will receive $50. Write an equation for his salary based on the number of hours he works. Please explain how to do this!: Bill is paid hourly. If he works 8 hours he will receive $50. Write an equation for his salary based on the number of hours he works. Please explain how to do this!
Answer by scott8148(2420) (Show Source):
You can put this solution on YOUR website!"Bill is paid hourly" __ so he makes $6.25 per hour ($50/8hr)
his salary is the number of hours he works multiplied by his rate of pay
__ s=h($6.25)
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Question 151127: Bill is paid hourly. If he works 8 hours he will receive $50. Write an equation for his salary based on the number of hours he works. Please explain how to do this!: Bill is paid hourly. If he works 8 hours he will receive $50. Write an equation for his salary based on the number of hours he works. Please explain how to do this!
Answer by scott8148(2420) (Show Source):
You can put this solution on YOUR website!"Bill is paid hourly" __ so he makes $6.25 per hour ($50/8hr)
his salary is the number of hours he works multiplied by his rate of pay
__ s=h($6.25)
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Question 151125: A high school class wants to raise money by recycling newspapers. The class decided to rent a trcuk at a cost of $150 for the week. The market price for recycled newspapers is $15 per ton. Write an equation representing the amount of money the class will make based on the number of tons of newspapers collected. Please explain how to do this problem!: A high school class wants to raise money by recycling newspapers. The class decided to rent a trcuk at a cost of $150 for the week. The market price for recycled newspapers is $15 per ton. Write an equation representing the amount of money the class will make based on the number of tons of newspapers collected. Please explain how to do this problem!
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!A high school class wants to raise money by recycling newspapers. The class decided to rent a trcuk at a cost of $150 for the week. The market price for recycled newspapers is $15 per ton. Write an equation representing the amount of money the class will make based on the number of tons of newspapers collected. Please explain how to do this problem!
-------------------------------------
Income(x) = 15x - 150 where x is the number of tons of newspapers collected.
The equation says "the income for x tons will be $15 times the number of
tons minus $150 for the cost of the truck".
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Cheers,
Stan H.
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Question 151102: Dawn spent $13 on pens and notebooks. The pens cost $2 each and the notebooks cost $3 each. How many of each did she buy?: Dawn spent $13 on pens and notebooks. The pens cost $2 each and the notebooks cost $3 each. How many of each did she buy?
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!Dawn spent $13 on pens and notebooks. The pens cost $2 each and the notebooks cost $3 each. How many of each did she buy?
--------------
EQUATION:
Value EQUATION: 2p + 3n = 13
-----------
Consider multiples and 2 and multiples of 3
2: 2, 4, 6, 8, 10
3: 3, 6, 9
--------------------
4 + 9 = 13
p = 2 and n = 3
==================================
Cheers,
Stan H.
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Question 150879: Find the present value of a $2,500 annual annunity at 7% for 10 years.: Find the present value of a $2,500 annual annunity at 7% for 10 years.
Answer by vleith(919) (Show Source): |
Question 150870: Wesley invested $6500 in a mutual fun at a yearly rate of 3 3/4%. If he has earned $975 in interest, how long has the money been invested?
A. 2.5 years B. 3 years C. 4 years D. 4.5 years: Wesley invested $6500 in a mutual fun at a yearly rate of 3 3/4%. If he has earned $975 in interest, how long has the money been invested?
A. 2.5 years B. 3 years C. 4 years D. 4.5 years
Answer by mangopeeler07(385) (Show Source):
You can put this solution on YOUR website!3.75% of 6500
x/6500=3.75/100
Cross multiply
100x=24375
Divide by 100
x=243.75
243.75 each year for x years=$975
975/243.75=x
4=x
Answer:
C) 4 years
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Question 150849: Find the amount due on a loan of $14,000 at 12%interest compounded annually for 5 years.: Find the amount due on a loan of $14,000 at 12%interest compounded annually for 5 years.
Answer by vleith(919) (Show Source): |
Question 150742: I need help with this problem: Find the interest rate on a loan charging $5,344.80 in simple interest on a principal of 5,100 after 8 years.: I need help with this problem: Find the interest rate on a loan charging $5,344.80 in simple interest on a principal of 5,100 after 8 years.
Answer by elima(1326) (Show Source): |
Question 150740: If you put 420,000 in a fund paying 6.5% compounded weekly. How long will it take to become a millionaire?: If you put 420,000 in a fund paying 6.5% compounded weekly. How long will it take to become a millionaire?
Answer by mangopeeler07(385) (Show Source):
You can put this solution on YOUR website!1,000,000-420,000=580,000-------------------money you need to gain
(.065)(420,000)=27,300----------------------6.5% of 420,000
580,000/27,300=21.2454----------------------Exact amount of weeks it would take to become a millionaire.
Answer:
Approximately 21 weeks
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Question 150748This question is from textbook Elementary and Intermediate Algebra
: This is a tough one and we would greatly appreciate it if you could help us solve this one...please..
Question 93: Investing in treasury bills. An investment advisor uses the polynomial P(1+r)^10 to predict the value of a clients investment of P dollars
with an average anual return r. The accompanying graph shows historic average annual returns for the last 20 years for various asset classes. Use the historical average return to predict the value in 10 years of an investment of $10,000 in treasury bills.
I can't put the graph in but I can tell you about it
the numbers on the left go vertically from 0 up to 20 on the left . There are four vertical bars#1 is large company stocks it goes up to 16.7% #2 is long term corporate bonds it goes up to 10.3%, #3 US treasury bills ,goes up to 7.3%, and #4 inflation goes up to 3.4%.
Question 94:
How much more would the investment in Exercise 93 be worth in 10 years if the client invests in large company stocks rather than the U.S. Treasury bills?
This question is from textbook Elementary and Intermediate Algebra
: This is a tough one and we would greatly appreciate it if you could help us solve this one...please..
Question 93: Investing in treasury bills. An investment advisor uses the polynomial P(1+r)^10 to predict the value of a clients investment of P dollars
with an average anual return r. The accompanying graph shows historic average annual returns for the last 20 years for various asset classes. Use the historical average return to predict the value in 10 years of an investment of $10,000 in treasury bills.
I can't put the graph in but I can tell you about it
the numbers on the left go vertically from 0 up to 20 on the left . There are four vertical bars#1 is large company stocks it goes up to 16.7% #2 is long term corporate bonds it goes up to 10.3%, #3 US treasury bills ,goes up to 7.3%, and #4 inflation goes up to 3.4%.
Question 94:
How much more would the investment in Exercise 93 be worth in 10 years if the client invests in large company stocks rather than the U.S. Treasury bills?
Answer by vleith(919) (Show Source):
You can put this solution on YOUR website!93) rate of return on T-bills from graph is 7.3% - 0.073
F = 10000(1+0.073)^10
F = 20230.06
94) rate or return for Large company is 16.7% = 0.167
F = 10000(1+0.167)^10
F = 46849.89
Difference is 46849.89 - 20230.06 = 26619.80
Compound interest matters
Lesson to learn? Save early, save at a good rate
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Question 150739: Please Help: How much do you need to set aside in an account that pays 4.9% interest compounded semi-annually to have 75,000.00 in 15 years?: Please Help: How much do you need to set aside in an account that pays 4.9% interest compounded semi-annually to have 75,000.00 in 15 years?
Answer by scott8148(2420) (Show Source):
You can put this solution on YOUR website!semi-annually means two compoundings per year; each at half the yearly interest rate
a=p(1+r)^n
a is 75000 __ p is the principle (what we're trying to find) __ r is 4.9%/2 or .0245 __ n is 15*2 or 30
75000=p(1.0245)^30 __ dividing by (1.0245)^30 __ 7500/[(1.0245)^30]=p __ 36282.93=p
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Question 150590: Carol has received a loan of 50000pesos. She has invested part of it at 10% annual interest and the remaining amount at 14%. If she receives 6400pesos at the end of one year, how much has she invested at each rate?: Carol has received a loan of 50000pesos. She has invested part of it at 10% annual interest and the remaining amount at 14%. If she receives 6400pesos at the end of one year, how much has she invested at each rate?
Answer by checkley77(1452) (Show Source):
You can put this solution on YOUR website!.10x+.14(50,000-x)=6,400
.10x+7,000-.14x=6,400
-.04x=6,400-7,000
-.-4x=-600
x=-600/-.04
x=15,000 invested @ 10%.
50,000-15,000=35,000 invested @ 14%.
proof
.10*15,000+.14*35,000=6,400
1,500+ 4,900=6,400
6,400=6,400
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Question 150604: Lucy has some money invested at 18% annual interest and three as much invested at 12%. Her total annual income from two investments is 2200pesos. How much was invested at each rate: Lucy has some money invested at 18% annual interest and three as much invested at 12%. Her total annual income from two investments is 2200pesos. How much was invested at each rate
Answer by checkley77(1452) (Show Source):
You can put this solution on YOUR website!.18X+.12*3X=2,200
.18X+.36X=2,200
.54X=2,200
X=2,200/.54
X=4,074.07 IS THE AMOUNT INVESTED @ 18%
3*4,074.07= 12,222.21 INVESTED @ 12%.
PROOF:
.18*4,074.07+.12*12,222.21=2,200
733.33+1,466.67=2,200
2,200=2,200
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Question 150545: A stamp collection consists of 3,8, and 15 stamps. The number of 8 cent stamps is one less than triple the number of 3 cent stamps. The number of 15 cent stamps is six less than the number of 8 cent stamps. The total value of all the stamps is $2.47. Find the number of 8 cent stamps in the collection.: A stamp collection consists of 3,8, and 15 stamps. The number of 8 cent stamps is one less than triple the number of 3 cent stamps. The number of 15 cent stamps is six less than the number of 8 cent stamps. The total value of all the stamps is $2.47. Find the number of 8 cent stamps in the collection.
Answer by mangopeeler07(385) (Show Source):
You can put this solution on YOUR website!A stamp collection consists of 3,8, and 15 cent stamps.
x=# 3 cent stamps
y=# 8 cent stamps
z=# 15 cent stamps
The number of 8 cent stamps is one less than triple the number of 3 cent stamps. The number of 15 cent stamps is six less than the number of 8 cent stamps.
y=3x-1
z=3x-1-6
The total value of all the stamps is $2.47.
3x+8y+15z=247
PLug in values for y and z
3x+8(3x-1)+15(3x-7)=247
Distribute
3x+24x-8+45x-105
Combine like terms
72x-113=247
Add 113 to both sides
72x=360
Divide both sides by 72
x=5
5 3cent stamps
y=3x-1
y=3(5)-1
y=14
14 8 cent stamps
z=3x-7
z=3(5)-7
z=8
8 15 cent stamps
Answer:
# 3 cent stamps= 5
# 8 cent stamps= 14
# 15 cent stamps= 8
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Question 150359: --------------------------------------------------------------------------------
Investing in stocks.. US small company stocks have returned an average of 14.9% annually for the last 50 years. Use the present value formula from the previous exercise to find the amount invested today in small company stocks that would be worth $1 million in 50 years, assuming that small company stocks continue to return 14.9% annually for the next 50 years.
The previous question (present value) P=A(1+r)^-n the present value P that will amount to A dollars in n years with interest compounded annually at an anual interest rate r, is given by P=A(1+r)^-n
Find the present value that will amount to $50,000 in 20 years at 8% compounded annually.
Thanks for any light you can shed on this. I don't know where to begin and I need to show how I did it. Sheryl: --------------------------------------------------------------------------------
Investing in stocks.. US small company stocks have returned an average of 14.9% annually for the last 50 years. Use the present value formula from the previous exercise to find the amount invested today in small company stocks that would be worth $1 million in 50 years, assuming that small company stocks continue to return 14.9% annually for the next 50 years.
The previous question (present value) P=A(1+r)^-n the present value P that will amount to A dollars in n years with interest compounded annually at an anual interest rate r, is given by P=A(1+r)^-n
Find the present value that will amount to $50,000 in 20 years at 8% compounded annually.
Thanks for any light you can shed on this. I don't know where to begin and I need to show how I did it. Sheryl
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!The previous question (present value) P=A(1+r)^-n the present value P that will amount to A dollars in n years with interest compounded annually at an anual interest rate r, is given by P=A(1+r)^-n
Find the present value that will amount to $50,000 in 20 years at 8% compounded annually.
---------------------
P = 50000(1+0.08)^(-20)
P = 50000(1.08)^(-20)
P = $10727.41
==================
Cheers,
Stan H.
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Question 150485: The retail price of a used car is $10,052. What was the wholesale price if a markup of 12% was applied by the seller?: The retail price of a used car is $10,052. What was the wholesale price if a markup of 12% was applied by the seller?
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!The retail price of a used car is $10,052. What was the wholesale price if a markup of 12% was applied by the seller?
---------------------
Let the whosale price be "x".
EQUATION:
x + 0.12x = 10,052
1.12x = 10052
x = $8975
==============
Cheers,
Stan H.
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Question 150445: Maybe I have solved it will you see if I ave done it correctly? I need help.
Investing in stocks-US small companystocks have returned an average of 14.9% annually for the last 50 years. Use the present value formula...P=A(1+r)^n...
to find the amount invested today in small company stocks that would be worth $1million in 50 years, assuming that small company stocks continue to return 14.95% annually for the next 50 years.
this is not exactly the given formula but........
F=P(1+(r/n))^nt
1000000=P(1+.149/1)^50
1000000=P(1.149)^50
=1000000/(1.149)^50
=1000000/1037.531843
=$963.83 = amount to invest
Please help this old grandma trying to learn math.
Thanks: Maybe I have solved it will you see if I ave done it correctly? I need help.
Investing in stocks-US small companystocks have returned an average of 14.9% annually for the last 50 years. Use the present value formula...P=A(1+r)^n...
to find the amount invested today in small company stocks that would be worth $1million in 50 years, assuming that small company stocks continue to return 14.95% annually for the next 50 years.
this is not exactly the given formula but........
F=P(1+(r/n))^nt
1000000=P(1+.149/1)^50
1000000=P(1.149)^50
=1000000/(1.149)^50
=1000000/1037.531843
=$963.83 = amount to invest
Please help this old grandma trying to learn math.
Thanks
Answer by vleith(919) (Show Source): |
Question 150184This question is from textbook Introduction to Technical Math
: Car rental company has 2 rental rates. Rate one is $72 per day plus $0.18 per mile. Rate two is $144 per day plus $0.09 per mile. Write an inequality to show when rate two is less that rate one in terms of the number of miles (X).This question is from textbook Introduction to Technical Math
: Car rental company has 2 rental rates. Rate one is $72 per day plus $0.18 per mile. Rate two is $144 per day plus $0.09 per mile. Write an inequality to show when rate two is less that rate one in terms of the number of miles (X).
Answer by jojo14344(271) (Show Source):
You can put this solution on YOUR website!Let 'x'= no. of miles travelled
We need to equate the 2 rates to have a basis which one is better rate.
Rate 1 = Rate 2
 -----------> x=800 miles
Now, we used travelled miles 'x'= 800
For Rate 1:
For Rate 2:
See, you'll pay the same if travelled 800 miles.Choose Rate 1 or 2 doesn't matter.
If 'x' = 799 miles (1 mile less on our basis)
Rate 1:  = $215.82
Rate 2:  = $215.91
See, if you travelled less than 800 miles, RATE 1 is a better choice. More less travel, more discount you can get.
.
If 'x'= 801 miles ( 1 mile up on our basis)
Rate 1:  = $216.18
Rate 2:  = $216.09
See, if you start to travel more than 800 miles, RATE 2 is a better choice. More travel you do than 800 miles, the better savings you get.
Try it if you travel 1200 miles? 1500 miles? ----> RATE 2 is the choice!
Thank you,
Jojo
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Question 150105: Pamela works at the stock exchange buying and selling shares for different international and local companies on behalf of her client. She needs to be able to convert quickly from one currency to another, and uses either a calculator or a linear graph to obtain her information.
If $20 in Australian currency converts to $10.50 in American (or US) currency, draw up a graph showing the relationship between the two currencies. (Hint: What is $A0.00 equivalent to in $US?): Pamela works at the stock exchange buying and selling shares for different international and local companies on behalf of her client. She needs to be able to convert quickly from one currency to another, and uses either a calculator or a linear graph to obtain her information.
If $20 in Australian currency converts to $10.50 in American (or US) currency, draw up a graph showing the relationship between the two currencies. (Hint: What is $A0.00 equivalent to in $US?)
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!If $20 in Australian currency converts to $10.50 in American (or US) currency, draw up a graph showing the relationship between the two currencies. (Hint: What is $A0.00 equivalent to in $US?)
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You have two points: (0,0) and (A20,10.5)
Plot the two points and draw a line thru them.
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slope = 10.5/20 = 0.525
intercept = 0
------------------------
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The horizontal axis is Australian value; the vertical is US.
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Cheers,
Stan H.
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Question 149771: Please Help with this problem: You have just won 100,000.00 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire?: Please Help with this problem: You have just won 100,000.00 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire?
Answer by ankor@dixie-net.com(3845) (Show Source):
You can put this solution on YOUR website!100,000.00 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire?
:
P(1+(r/n))^t = A
Where
P = 100000
A = 1000000
r = .07
n = 52
t = time in weeks
:
100000(1+(.07/52)) = 1000000
:
1.0013461538)^t = 10; divide both sides by 100000
:
t * ln(1.001346154) = ln(10); find the natural log of both sides
:
.0013452487t = 2.302585
t = 
t = 1711.64 ~ 1712 weeks
or
1712/52 ~ 33 years
:
:
Check solution on calc: enter 100000(1+(.07/52))^1711.64 = 99999.62 ~ 1000000
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Question 149685: Walt made an extra $9000.00 lst year from his part time job. He invested part of the money at 9% and the rest at 8%. He made a total of $770.00 in interest. How much was invested at 8%?: Walt made an extra $9000.00 lst year from his part time job. He invested part of the money at 9% and the rest at 8%. He made a total of $770.00 in interest. How much was invested at 8%?
Answer by checkley77(1452) (Show Source):
You can put this solution on YOUR website!.09x+.08(9,000-x)=770
.o9x+720-.08x=770
.01x=770-720
.01x=50
x=50/.01
x=5,000 invested @ 9%
9,000-5,000=4,000 invested @ 8%
proof:
.09*5000+.08*4000=770
450+320=770
770=770
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Question 149770: Please help with this problem:Becoming a millionaire: How much would you have to invest now at 6.5% interest compounded semi-annually to have a million dollars in 40 years?: Please help with this problem:Becoming a millionaire: How much would you have to invest now at 6.5% interest compounded semi-annually to have a million dollars in 40 years?
Answer by checkley77(1452) (Show Source):
You can put this solution on YOUR website!1,000,000=x(1+.065/2)^40*2
1,000,000=x(1.0325)^80
1,000,000=12.9183x
x=1,000,000/12.9183
x=$77,409.57 would be the initial investment.
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Question 149497: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen: Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
Please help
Ellen
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!Find the missing value.
Principle= $8200.00, Time= 2.5 years, Simple Interest=$3997.50, Rate=???
------------
Interest = P*r*t
3997.50 = 8200*r*2.5
r = 0.195
r = 19.5%
=====================
Cheers,
Stan H.
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Question 149229: A company borrowed $1500. It must make monthly payments of $40.50 for 42 months to pay off the loan. Use the constant ratio formula for APR to find the annual percentage rate.
YIkes! Please help
Ellen: A company borrowed $1500. It must make monthly payments of $40.50 for 42 months to pay off the loan. Use the constant ratio formula for APR to find the annual percentage rate.
YIkes! Please help
Ellen
Answer by mangopeeler07(385) (Show Source):
You can put this solution on YOUR website!loan=1500
Payment for year=12(payment for month)
{Payment for year/loan=annual percentage rate}
payment for year=12(40.5)
payment for year=486
486/loan=annual percentage rate
486/1500=annual percentage rate
.324=annual percentage rate
32.4% APR
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Question 149172: Walt made an extra 9000 last year from a part time job. He invested part of the money at 9% and the rest at 8%. He made a total of $770.00 in interest. How much was invested at 8%?: Walt made an extra 9000 last year from a part time job. He invested part of the money at 9% and the rest at 8%. He made a total of $770.00 in interest. How much was invested at 8%?
Answer by ankor@dixie-net.com(3845) (Show Source):
You can put this solution on YOUR website!Walt made an extra 9000 last year from a part time job. He invested part of the money at 9% and the rest at 8%. He made a total of $770.00 in interest. How much was invested at 8%?
:
Let x = amt invested at 8%
The total was given as $9000, therefore:
(9000-x) = amt invested at 9%
:
Write an interest equation:
:
interest at 8% + interest at 9% = $770
.08x + .09(9000-x) = 770
Multiply what's inside the brackets
.08x + 810 - .09x = 770
:
.08x - .09x = 770 - 810
:
-.01x = -40
x = 
x = $4000 invested at 8%
:
:
Check solution ($5000 invested at 9%)
.08(4000) + .09(5000) =
320 + 450 = 770; confirms our solution
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Question 149150: The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.: The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.
Answer by nerdybill(383) (Show Source):
You can put this solution on YOUR website!The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.
.
Think of it this way... The x-axis represents hours. The y-axis is cost of the job.
.
So, now we have two points:
(2, 140)
(5, 290)
.
Using "slope" formula of two points:
slope = (290-140)/(5-2) = 150/3
.
Now, using the slope (150/3) and one of the two points (2,140), we can derive the "slope - intercept" equation:
y = mx + b
plugging in what we know:
140 = (150/3)(2) + b
140 = (300/3) + b
140 = 100 + b
40 = b
.
Now we have the equation:
y = (150/3)x + 40
.
To predict the cost for 4 hour job, substitute 4 for x and solve for y:
y = (150/3)4 + 40
y = (600/3) + 40
y = 200 + 40
y = $240
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Question 149129: A carpenter charges a set fee for a job in addition to an hourly charge. He charges first customer $150 for a 3 hr job. He charges another customer $180 for a 6 hr. job. How much would he charge for a 9 hr. job?: A carpenter charges a set fee for a job in addition to an hourly charge. He charges first customer $150 for a 3 hr job. He charges another customer $180 for a 6 hr. job. How much would he charge for a 9 hr. job?
Answer by mangopeeler07(385) (Show Source):
You can put this solution on YOUR website!$150 for a 3 hr job. $180 for a 6 hr. job.
Jobs differ by three hours and thirty dollars, so ten dollars an hour.
Base price=price for three hours minus ten per hour
Base price=150-10(3)
150-30
Base price=120
10 dollars an hour, so total price=
base price plus price per hour times the hours
total price of nine hours=
120+10(9)
120+90
210
Price for nine hours:
$210
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Question 148963: The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.: The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.
Answer by stanbon(17617) (Show Source):
You can put this solution on YOUR website!The price of a 2-hour plumbing repair job is $140 and the price of a 5-hour job is $290. Use the slope to predict the cost of a repair job lasting 4 hours.
--------------------
You have two points relating hours and cost:
(2,140) and (5,290)
--------------
slope = (290-140)/(5-2) = 150/3 = 50
Form: y = mx + b
140 = 50*2 + b
b = 40
----------------
EQUATION:
Cost(x) = 50x + 40
C(4) = 5*4 + 40
C(4) = $60
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Cheers,
Stan H.
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