You want to be able to withdraw $50,000 from your account each year for 30 years after you retire. You expect to retire in 20 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

Q: If you borrow $700 for 6 months at 2% annual simple interest, how much must you repay at the end of…

A: As we know that the formula of the simple interest is:   Simple interest =I=P×r×t   Where,…

Q: Jimmie has a job at an advertising agency earning $54,000 per year. Jimmie is currently 26 years old…

A:

Q: Tony Ring wants to attend Northeast College. If he deposits $34,507 today, how much will he have 4…

A: Given Principal amount = $34,507 Interest rate = 12% compounded semiannually Time = 4 years

Q: If you borrow $2,400 for 4 years at an annual interest rate of 6%, how much will you pay altogether?

A: Here I am attaching image so that you understand each and every step.

Q: A sailboat costs $19,286. You pay 25% down and amortize the rest with equal monthly payments over a…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: Consider a Bond Mutual fund that gains 3% interest compounded Monthly. If you deposited $66,000 how…

A:

Q: Jimmie has a job at an advertising agency earning $54000 per year. Jimmie is currently 26 years old…

A:

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: Use the formula I=Prt100, where P is principal, and r is the rate of interest, t is the time.,…

Q: If you borrow $29,000 at 8.4% annual simple interest for 11 years, how much must you repay at the…

A: use formula written below

Q: If you deposit P5,500 in a bank at an annual simple interest rate of 0.5%, how much money will you…

A: Given  Principle(P) = 5500 Rate(R) = 0.5 Time(T) = 12   By the formula SI = PRT100 = 5500×0.5×12100…

Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

A:

Q: A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one…

A: The formula relates present value(P), future value(F), interest rate(i) and the number of years(n)…

Q: A house costs $350,000. You pay a 15% down payment and amortise the rest with equal monthly payments…

A:

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. b. How much will…

A: Given that, the loan amount is P=$175,000, interest rate r=4.5%, time n=30 years and due is monthly…

Q: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that  worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

Q: A major shipping company is planning to purchase new cargo ships. It wants to borrow $1100 million…

A: Here we use compound interest formula to find the interest that company have to pay quarterly.   So,…

Q: Suppose you buy a home and finance $285,000 at $2,293.17 per month for 30 years. What is the amount…

A: Given that you buy a home and finance $ 285,000 at $ 2293.17 per month for 30 years. We have to find…

Q: A woman wants to borrow $12,000 to buy a car. She wants to repay the loan by monthly installments…

A:

Q: Suppose you have budgeted $ 1025 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Let x be the mortgage amount that offered.

Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: John wants to retire with $10,000 per month.Interest rate is 3%.To calculate:- principal that…

Q: Suppose you want to accumulate $100,000 for a down payment on a house in 6 years. You make a single…

A: Solution is given below:

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

A:

Q: How much could you save for retirement if you chose to invest the money you spend on Starbucks…

A:

Q: A retiree invests $5,000 in a savings plan that pays 6% per year. What will the account balance be…

A:

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

A: Given that, loan amount P=$175,000, monthly payment PMT= $975, Interest rate r=4.5% and frequency of…

Q: You want to be able to withdraw $35,000 from your account each year for 15 years after you retire.…

A: We have to find how much will we need to deposit each year until retirement to achieve our…

Q: You want to be able to withdraw $50,000 from your account each year for 25 years after you retire.…

A: Given that, You want to be able to withdraw $50,000 from your account each year for 25 years after…

Q: If you borrow $600 for 18 months at 8% annual simple interest how much must you repay at the end of…

A:

Q: Ruth availed of a cash loan that gave her an option to pay P5,000 monthly for 1 year. The first…

A:

Q: You

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Q: Leo needs $30,000 to cover

A:

Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum. What is…

A: Given :- Suppose that Juanita borrows $500 for 6 months at the simple interest rate of 9% per annum.…

Q: Johnson Trucking Company wil have a $40,000 payment due in 5 years. How much would they need to…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: A man is disabled in an accident and wants to receive an insurance payment that will provide him…

A: Use the formula for the present value is given below A=P1−1+rn−ntrn...….(1) Here, P=$2500 Rate of…

Q: You want to be able to withdraw $25,000 from your account each year for 30 years after you retire.…

A:

Q: Erin would like to buy a $350,000 apartment when she retires in 10 years. How much should she…

A:

Q: A retiree invests $9,000 in a savings plan that pays 5% per year. What will the account balance be…

A:

Q: Suppose you deposit $500 at the end of each quarter into an account that pays 3% annual…

A:

Q: Dawson is saving for a down payment to buy a house. The account earns 2.5% interest compounded…

A:

Q: if you decide to invest $2500 at 5% annual interest rate every year, how much would you have in your…

A:

Q: Jasica Parker would like to have $46,000 to buy a new car in 7 years. To accumulate $46,000 in 7…

A: Given that, A=$46,000, t=7 years, n=12, r=3%=0.03 We have to find, how much she must invest monthly…

Q: You are currently making $70,000 a year after taxes and are interested in maintaining your current…

A:

Q: Jasica Parker would like to have $26,000 to buy a new car in 7 years. To accumulate $26,000 in 7…

A:

Q: If you want to earn 15% annual simple interest on an investment, how much should you pay for a note…

A:

Q: Suppose on your 21st birthday you begin making bi-weekly payments of $500 into an account that pays…

A:

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.