Questions on Word Problems: Money, Business and Interest answered by real tutors!

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Question 1080631: The formula A = 𝑃 (1 +𝑟𝑛)𝑛𝑡
is used to determine how much money will be present if
P dollars are invested in an account bearing compound interest n times per year for t
years. r is the interest rate expressed as a decimal. For example, r=0.25 if the interest
rate is 25%. Find the amount of money present after 20 years if $200 is invested into an
account bearing 3.2% interest compounded monthly.
Click here to see answer by Alan3354(69443)

Question 1080575: On your birthday your great aunt gave you $17,000
. You would like to invest at least $8500 of the money in municipal bonds yielding 4% and no more than $3500 in Treasury bills yielding 6%. How much should be placed in each investment in order to maximize the interest earned in one year? Assume simple interest applies. Let x represent the amount of money in municipal bonds and y
represent the amount of money in Treasury bills.
Write the objective function, f(x,y)
, to represent the interest earned in one year.
Click here to see answer by Theo(13342)

Question 1080899: Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.
Click here to see answer by Boreal(15235)

Question 1080897: Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.)
Click here to see answer by Theo(13342)

Question 1080904: You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You plan to save the following amounts annually, starting today: $649, $698, $692, and $733. If the account pays 5.90 percent annually, how much will you have at the end of four years? (Round answer to 2 decimal places, e.g. 15.25.)

Click here to see answer by Boreal(15235)

Question 1080902: Roy Gross is considering an investment that pays 5.30 percent. How much will he have to invest today so that the investment will be worth $29,000 in six years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.

Click here to see answer by Boreal(15235)

Question 1080920: Sam�s big jar of nickels and dimes contained $30. If 500 coins were in the jar, how many of each kind were there?
Click here to see answer by Fombitz(32388)

Question 1080926: how much must you deposit in an account that pays 8% interest, compounded monthly, to have a balance of $1000 after three years
Click here to see answer by Fombitz(32388)

Question 1080926: how much must you deposit in an account that pays 8% interest, compounded monthly, to have a balance of $1000 after three years
Click here to see answer by jorel1380(3719)

Question 1080926: how much must you deposit in an account that pays 8% interest, compounded monthly, to have a balance of $1000 after three years
Click here to see answer by Alan3354(69443)

Question 1080906: You are a freshman in college and are planning a trip to Europe when you graduate from college at the end of four years. You plan to save the following amounts annually, starting today: $649, $698, $692, and $733. If the account pays 5.90 percent annually, how much will you have at the end of four years? (Round answer to 2 decimal places, e.g. 15.25.

Click here to see answer by Theo(13342)

Question 1081026: Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest $4,900 every year in an IRA account, beginning at the end of this year until she turns 65 years old. If the IRA investment will earn 10.40 percent annually, how much will she have in 40 years, when she turns 65? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

Click here to see answer by Boreal(15235)

Question 1081025: Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,255, $1,365, $1,525, $1,560, and $1,585 over the next five years. If the friend normally discounts investments cash flows at 8.50 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)

Click here to see answer by Theo(13342)

Question 1081051: An investment of $35,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned 8% interest, the second 6%, and the third 9%. Total interest from the investments was $ 2610. The interest from the first investment was 22 times the interest from the second. Find the amounts of the three parts of the investment.
Click here to see answer by Theo(13342)

Question 1081160: if you invest a total of $42,000 in three different bank accounts. one account pays an annual interest rate of 3%, the second account pays 4% annual interest, and the third account pays 5% annual interest. in one year, you earned a total of $1740 in interest from these three accounts. if you invested $15000 more in the account that pays 4% interest than she did in the account that pays 5% interest, find the amount you invested in each account
Click here to see answer by Boreal(15235)

Question 1081202: If I just sold my two books at $990 each. On one I gained 10% and on the other one I lost 10%. Then.
(a) I lost $20.
(b) I gained $918.
(c) I gained $19.8.
(d) None of these.
Click here to see answer by jim_thompson5910(35256)

Question 1081243: a salesman is paid 7.5% on the first 60,000 in sales during the month and 9.25% on the remainder of sales if his sales were 87,400 during the month how much did he receive in commision
Click here to see answer by addingup(3677)

Question 1081234: David is paid on a graduated commission scale at Nooter Company. He receives 2% commission on the first $20,000, 6% on sales from $20,000 to $70,000, 8.5% commission on sales from $70,000 to $100,000, and 10% commission on sales over $100,000. David had sales of $82,000. His commission is:

Click here to see answer by jorel1380(3719)

Question 1081219: jack wants to invests $1550. he finds two banks that provide a rate of 6% and 8% respectively. how should he invest in order to get a yearly return of $105?

Click here to see answer by jorel1380(3719)

Question 1081304: could this -15/3 situation be represented as sally withdrew $15 from her savings account 3 times this month?

Click here to see answer by Boreal(15235)

Question 1081304: could this -15/3 situation be represented as sally withdrew $15 from her savings account 3 times this month?

Click here to see answer by MathTherapy(10549)

Question 1081350: mark deposited $1,950.00 with an interest rate of 2% which was compounded daily. After four years, what would be the ending balance? round the nearest cent.
Click here to see answer by josgarithmetic(39613)

Question 1081396: A company made $1000 in profits this year. Its profits are increasing by 10% each year. How long will it take before its profits double?

Click here to see answer by math_helper(2461)

Question 1081394: E-Loan, an online lending service, recently offered 48-month auto loans at 5.7% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $257, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?
Click here to see answer by Theo(13342)

Question 1081208: A bank increased the rate of interest, which it paid to depositors from 3.5% to 4% per annum. Find how much more intersest Susan would receive if she deposited $64000 in bank for 6 months at the new interest rate?
Click here to see answer by Boreal(15235)

Question 1081495: Tickets at a fair cost $0.75 each. You can also buy a roll of 25 tickets for $15. What is the total cost of each ticket if you buy a roll of tickets? By the way I don't get what they are asking me to do in this problem, I don't understand it.
Click here to see answer by josgarithmetic(39613)

Question 1081564: Chris decides to save money in a savings account for a vacation. He deposits $10 in his savings account the first month. Each month thereafter, the amount he deposits is $10 more than the amount he deposited the previous month. Thus, Chris's deposit is $20 the 2nd month, $30 the 3rd month and so on. He makes his final deposit of $360 the 36th month. What is the total amount of Chris's 36 deposits?

Click here to see answer by Fombitz(32388)

Question 1081574: Tom and Barb have $47 together. Tom has $15 less than Barb. How much money does each have
Click here to see answer by ikleyn(52754)

Question 1081575: Five notebooks and a pack of pencils costs $7. Two notebooks and 2 packs of pencils cost $4. How much does a notebook cost
Click here to see answer by math_helper(2461)

Question 1081751: The officers of a high school senior class are planning to rent buses and vans for a class trip. Each bus can transport 72 students, requires 3 chaperones, and costs $1,400 to rent. Each van can transport 9 students, requires chaperone, and costs $100 to rent. Since there are 720 students in the senior class that may be eligible to go on the trip, the officers must plan to accommodate at least 720 students. Since only 45 parents have volunteered to serve as chaperones, the officers must plan to use at most 45 chaperones. How many vehicles of each type should the officers rent in order to minimize the transportation costs? What are the minimal transportation costs?
Click here to see answer by jim_thompson5910(35256)

Question 1081780: David would like to invest in an account that earns 3.7% interest compounded semiannually. If he wants to have $50,000 in the account 30 years from now, how much must David invest?

Click here to see answer by math_helper(2461)

Question 1081895: frank deposited $100 into an account that earns 4% interest which is compounded 4 times per year how much money well frank have in his account in 3 years?
Click here to see answer by Fombitz(32388)

Question 1081908: find the least number of years for which an annuity of 1000 must run in order that its amount just exceeds 16000 at 5% p.a. compound annually.
Click here to see answer by Fombitz(32388)

Question 1082124: Jairo deposit $5600 in saving accounts that pays 4 1/2% interest, coumpounes semianually . What is the balance after two years?
Click here to see answer by solver91311(24713)

Question 1082212: Attendance this year at the homecoming football game is 150% of what it was last year. If last year's homecoming football game attendance was 47,000, what is this year's attendance?
Click here to see answer by Fombitz(32388)

Question 1082375: Sam invested $2250, part of it at 6% and the rest at 8% yearly interest. The yearly income on the 8% investment was $30 more than twice the income from the 6% investment. How much did he invest at each rate?

Click here to see answer by Theo(13342)

Question 1082408: Sophie want to borrow his friend an amount R 9500 for 5years the friend promised to pay it back with simple intreast of 3℅.calculate the money she will pay it back.
Click here to see answer by jorel1380(3719)

Question 1082446: Zippy Corporation just purchased computing equipment for $28,000. The equipment will be depreciated using a five-year MACRS depreciation schedule. If the equipment is sold at the end of its fourth year for $13,000, what are the after-tax proceeds from the sale, assuming the marginal tax rate is 35 percent. (Round answer to 2 decimal places, e.g. 15.25.)
Click here to see answer by solver91311(24713)

Question 1082481: Rosalie Hill sold twelve $1000 bonds having a quoted price of 102. The broker charged a 1.5% brokerage fee. What was the amount Miss Hill received?
Click here to see answer by math_helper(2461)

Question 1082479: A $5000 bond had a selling price of $4500. What was the quote price?
Click here to see answer by math_helper(2461)

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