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

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 1198963: Frank invests $3500 dollars into an account earning interest compounded quarterly. After 10 years there is $5050 in the account. What was the interest rate?
Click here to see answer by josgarithmetic(39617)

Question 1199034: An investment of $37000 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 $3030 The interest from the first investment was 6 times the interest from the second. Find the amounts of the three parts of the investment.

Click here to see answer by greenestamps(13200)

Question 1198968: Hannah places $7500 into an account earning 7% interest compounded continuously, how much will she have after 10 years?
Click here to see answer by htmentor(1343)

Question 1198965: Gina puts $6500 into an account earning 7.75% interest compounded continuously. How long will
It take for the amount in the account to grow to $7900?
Click here to see answer by htmentor(1343)

Question 1199190: P1,000,000 from his grandparents. He planned to invest it for
his future. He was offered a 45% ownership and the other one is 6.5% bond of the fast
food chain that will be built on their local area. Help Alec decide by illustrating to him the
two options with the different successful rate. A rubric was provided below as your guide.
Click here to see answer by ikleyn(52787)

Question 1198969: You are investing money at 9.5 percent annual interest, compounded continuously. It will take you {insert here} years to double your investment.
Click here to see answer by Shin123(626)

Question 1199236: Mr. Carver’s bill at a restaurant was $78.60, including tax. He left 15% of the amount of the bill as a tip for the server. Which amount is closest to the 15% tip Mr. Carver left?

Click here to see answer by josgarithmetic(39617)

Question 1199245: how much money should be deposited today in an account that earns 3.5% compounded monthly so that it will accumulate to $10,000 in 3 years
Click here to see answer by htmentor(1343)

Question 1198973: Suppose that you’d like to retire in 40 years and you want to have a future value of $ 800000 in a savings account. Also suppose that your employer makes regular monthly payments into your retirement account.
If you can expect an APR of 6% for your account, how much do you need your employer to deposit each month?
Employer Contribution =
The formulas we have been using assume that the interest rate is constant over the period in question. Over a period of 40 years, though, interest rates can vary widely. To see what difference the interest rate can make, let’s assume a constant APR of 2% for your retirement account. How much do you need your employer to deposit each month under this assumption?
Employer Contribution =
Click here to see answer by Theo(13342)

Question 1198972: Assume that you have $2100 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?
Click here to see answer by MathLover1(20850)

Question 1198970: Assume that you make monthly payments of $425 into an ordinary annuity paying 6% compounded monthly. His much will be in the account after 10 years?
Click here to see answer by MathLover1(20850)

Question 1198971: Assume that you make quarterly payments of $700 into an annuity paying 8% interest compounded quarterly. How much will be in the account after 12 years?
Click here to see answer by MathLover1(20850)

Question 1198964: Kyle Invests in an account earning 4.75% interest compounded continuously. How long will it take to double his investment?
Click here to see answer by MathLover1(20850)

Question 1198966: Hannah wants to have $5500 to help pay for a new deck in 10 years. If she wants to put her money into an account earning 7.25% interest compounded continuously, how much should she invest now, so that she will have $5500 in 10 years?
Click here to see answer by MathLover1(20850)

Question 1199335: Jane Windsor financed a $5,900 ski boat with a 12% add-on interest installment loan for 12 months. Given the loan required a 10% down payment, determine the following:
The amount of the finance charge?
The amount of the finance charge rebate if the loan were to be paid after the 10th payment?

Click here to see answer by Theo(13342)

Question 1199374: An item presently costs P 1,000. If the inflation rate is 8% per year, which of the following will be
the cost of the item in 2 years?
Click here to see answer by ikleyn(52787)

Question 1199452: You wish to purchased a house for $120,000 in 12 years. You can invest your money at 4.5%/a compounded semiannually for the first 5 years and then you can get 6%/a compounded semiannually for the next 7 years. How much do you need to invest now? (Hint: start with the last 7 years) HELPPPPPPP PLZ
Click here to see answer by ikleyn(52787)

Question 1199488: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rest of 18% per year. If the interest received totalled $1000, how much was loaned at 8%?

Let me see.

Let x = amount loaned at 8%

Separate 12,000 into two parts.

Part 1 = 0.08x

Part 2 = 0.18(12,000 - x)

My equation should be this way:

Part 1 + Part 2 = Interest received total

0.08x + 0.18(12,000 - x) = 1000

Is this the correct equation needed to solve the problem?
Click here to see answer by ikleyn(52787)

Question 1199487: Betsy, a recent retiree, requires $6000 per year in extra income. She has $50,000 to invest and can invest in B-rated bonds paying 15% per year or in a certificate of deposit (CD) paying 7% per year. How much money should be invested in each to realize exactly $6000 in interest per year.

Let me see.

The equation I seek should show the following:

Bonds + CD = Total

Let x = amount of money that should be invested in each account

Bonds = 0.07x

CD = 0.15(50,000 - x)

Here is my equation:

0.07x + 0.15(50,000 - x) = 6000

Is this the correct set up?
Click here to see answer by ikleyn(52787)

Question 1199512: solve the equation
((x!)!)^2 + ((x!)!) =5040
Click here to see answer by greenestamps(13200)

Question 1198672: With a present value of $140,000, what is the size of the withdrawals that can be made at the end of each quarter for the next 10 years if money is worth 7.5%, compounded quarterly? (Round your answer to the nearest cent.)

Click here to see answer by AbeAlgebraGenius(2)

Question 1199616: Jessica purchased a prepaid phone card for $35.00. Calls cost cents a minute using this card. The credit, C (in dollars), left on the card after it is used for x minutes of calls is given by the following function.
How much credit is left on the card after Jessica uses it for 15 minutes of calls?

Click here to see answer by josgarithmetic(39617)

Question 1199628: find the number of critical points of f(x) = sqrt(x² - 4x)
Click here to see answer by josgarithmetic(39617)

Question 1199687: If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48 months at a 12% interest rate, how much money will she save in interest charges on her $6,000 loan?

Click here to see answer by ikleyn(52787)

Question 1199706: 1) If limt((a/x)*csc((πx/(x - 1)) = 2, (x→ + ∞)
Find the value of a
2) find the set solution of:
iz² - i³|2z²| = 3i×(conj(z))², such z belong complex numbers
Click here to see answer by ikleyn(52787)

Question 1199740: Maria spends $19 on lottery tickets every week and spends $140 per month on food. What is the percent of the money spent to buy food?
Click here to see answer by josgarithmetic(39617)

Question 1199731: Find:
limt((2π/x) * (1/(sin((πx/(x - 1)))))), when (x→ + ∞)
Click here to see answer by ikleyn(52787)

Question 1199789: You wish to invest $85,000 in two accounts. You want a cautious investment strategy, so you intend to invest in an account with a rate of 2.5% and another with a rate of 11.1%. With this strategy, at the end of one year, you want to earn $3,733.20. How much should you invest in each account?

Click here to see answer by ikleyn(52787)

Question 1199843: Suppose consumers will purchase q units of a product at a price of
(500)/(Q)+7 dollars per unit.
What is the minimum number of units that must be sold in order that sales revenue to be greater than 9000 $?
Click here to see answer by ikleyn(52787)

Question 1199842: Suppose that $20,000 is invested at 6% interest. Find the amount of money in the account after 10years if the interest is compounded annually.
Click here to see answer by ikleyn(52787)

Question 1200001: If x = (1 + y) (1 + y²) (1 + y³)... (1 + y^n)
Find dx/dy (when y = 1)
Click here to see answer by ikleyn(52787)

Question 1200060: A loan of $930 was repaid at the end of 18 months with a check for $950. What annual rate of interest was charged?
Click here to see answer by math_tutor2020(3817)

Question 1200103: Kristin spent $131 on shirts. Fancy shirts cost $28 and plain shirts costs $15. If she bought a total of 7 shirts then how many of each kind did she buy
Click here to see answer by josgarithmetic(39617)

Question 1200193: Steven plans on fining a summer job, so he can earn enough money to buy a new laptop that costs $595.00. He has already saved $150.00. If Steven finds a summer job that pays him $7.50 an hour after taxes are withheld, what is the minimum number of hours he will have to work in order to purchase the laptop?
Click here to see answer by josgarithmetic(39617)

Question 1200328: A person must pay $4 to play a certain game at the casino. Each player has a probability of 0.12 of winning $15, for a net gain of $11 (the net gain is the amount won 15 minus the cost of playing 4).
Each player has a probability of 0.88 of losing the game, for a net loss of $4 (the net loss is simply the cost of playing since nothing else is lost).
What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places.
Expected Value = $

If a person plays this game a very large number of times over the years, do we expect him/her to come out financially ahead or behind?
Click here to see answer by math_tutor2020(3817)

Question 1200346: A bank loaned out $22,500, part of it at the rate of 3% annual interest, and the rest at 11% annual interest. The total interest earned for both loans was $1,915.00. How much was loaned at each rate?
Click here to see answer by ankor@dixie-net.com(22740)

Question 1200422: If 110 people attend a concert and tickets for adults cost $3.5 while tickets for children cost $3.25 and total receipts for the concert was $370, how many of each went to the concert?
Click here to see answer by math_tutor2020(3817)

Question 1200455: A manufacturer produces books at a daily cost of $0.85 per book
and sells them for $1.10 per book. The daily operational overhead is
$400. Determine the break-even point.
Click here to see answer by Theo(13342)

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