Mr. Smith wishes to retire in 16 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 10% per year compounded annually. How much should he deposit now to attain his goal?

Answers

Answer 1

Final answer:

Mr. Smith should deposit $119,631.97 now to have $500,000 in his bank account after 16 years, assuming a 10% annual compound interest rate.

Explanation:

To calculate how much Mr. Smith should deposit now to attain his retirement goal of $500,000 in 16 years with an annual compound interest rate of 10%, we use the formula for the present value of a future sum, which is:

PV = FV / (1 + r)^n

Where:

PV is the present value (the amount to deposit now)

FV is the future value (the desired amount in the account)

r is the annual interest rate (as a decimal)

n is the number of years

Plugging in Mr. Smith's values, we have:

PV = $500,000 / (1 + 0.10)^16

Calculating the denominator first:

(1 + 0.10)^16 = 1.10^16 = 4.1772

Now, divide the future value by this amount:

PV = $500,000 / 4.1772
= $119,631.97

Therefore, Mr. Smith should deposit $119,631.97 now to reach his goal of $500,000 in 16 years with a 10% annual compound interest rate.


Related Questions

What is the value of 2x to the 4th degree + 5x when x=6

Answers

Assuming you mean 2x to the 4th degree is  2x^4, the expression is 2x^4 + 5x.

And the value of that expression when x = 6 is:

2 (6^4) + 5(6) = 2 (1296) + 30 = 2592 + 30 = 2622

Answer: 2622

How much money should be invested at 5% interest, compounded quarterly, so that 7 years later the investment will be worth $5000? This amount is called the present value of $5000 at 5% interest.

Answers

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\to &\$5000\\ P=\textit{original amount deposited}\\ r=rate\to 5\%\to \frac{5}{100}\to &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, four times} \end{array}\to &4\\ t=years\to &7 \end{cases} \\\\\\ 5000=P\left(1+\frac{0.05}{4}\right)^{4\cdot 7}\implies 5000=P(1.0125)^{28}\\\\\\ \cfrac{5000}{(1.0125)^{28}}=P[/tex]

what is the mean of this data if necessary round your answer to the nearest tenth. please help with my homework

Answers

First add all of the values together 

12 + 16 + 22 + 23 + 34 + 44 + 46 + 47 + 48 + 64 + 67 + 73 + 83 + 88 + 89 = 756

Then divide the answer by the total number of values

Number of values = 15 

756 / 15 = 50.4 

A school uses merit based pay for teachers. Each teacher would be given a score between 1 (Far Below Expectations) and 5 (Exceeds expectations) in the following categories. The weight of each category is included.

Content Knowledge (20%)
Lesson plans (15%)
Instruction delivery (20%)
Classroom management (15%)
Student Performance (20%)
Supplementary Responsibilities (10%)
A teacher received the following scores. What was his weighted average?

Content Knowledge = 4

Lesson plans = 3

Instruction delivery = 3

Classroom management = 5

Student Performance = 4

Supplementary Responsibilities = 2

The teacher's weighted mean is ______________.

Answers

4*0.20 = 0.8

3 *0.15 = 0.45

3*0.20 = 0.6

5 *0.15 = 0.75

4 *.20 = 0.8

2 *0.10 =0.2

0.8 + 0.45 + 0.6 +0.75 +0.8 +0.2 = 3.6

 weighted mean = 3.6

The teacher's weighted mean is 3.6 out of 5.

To calculate the weighted average, you'll multiply each score by its corresponding weight, then sum up the results.

Here are the scores and their respective weights:

- Content Knowledge: 4 (score) * 0.2 (weight) = 0.8

- Lesson Plans: 3 * 0.15 = 0.45

- Instruction Delivery: 3 * 0.20 = 0.6

- Classroom Management: 5 * 0.15 = 0.75

- Student Performance: 4 * 0.20 = 0.8

- Supplementary Responsibilities: 2 * 0.10 = 0.2

Now, sum up these weighted scores:

0.8 + 0.45 + 0.6 + 0.75 + 0.8 + 0.2 = 3.6

So, the teacher's weighted mean is 3.6.

Sales at a local ice cream shop went 80% in 5 years. If 12,000 ice cream cones were sold in the current year find the number of ice cream cones sound in 5 years

Answers

First:  a little editing is needed.

"Sales at a local ice cream shop went 80% in 5 years. If 12,000 ice cream cones were sold in the current year find the number of ice cream cones sound in 5 years" should be "Sales at a local ice cream shop increased by 80% over 5 years. If 12,000 ice cream cones were sold in the current year find the number of ice cream cones sold in 5 years."

What y ou need to do here is to multiply "12,000 ice cream cones" by 1.80, which will produce a result including the original 12,000 cones PLUS 80% more cones:

1.80(12,000 cones) = 21,600 cones.

Jana is doing an experiment. She is on a dock that is 10 feet above the surface of the water. Jana drops the weighed end of a fishing line 35 feet below the surface of the water. She reels out the line 29 feet, and then reels it back in 7 feet. What is the final distance between Jana and the end of the finishing line?

Answers

To solve we have the following equation below,

Assumption: Line of reference is the surface of the water.

Final distance between Jana & fishing line = (dock height) +(reels out) -(reels back)  


Final distance between Jana & fishing line = 10 + 35+ 29 - 7 = 67 feet

 ANSWER: 67 feet

PLEASE HELP!!!!!! DUE TODAY!!!!!! PLEASEEEEEEEE!!!!!!!!


Ke Shawn is placing a right triangle in the coordinate plane. He knows that the longer leg is twice the length of the shorter leg. He places the longer leg on the x-axis.

What coordinates should he assign to the third vertex of the triangle?

Enter your answer in the boxes.


Answers

Once again it's (2a,0) I took this and got it right

Answer: (2a,0) is the answer. But you already know.

Step-by-step explanation:


clark wants to figure out how many pens to order for the office. there are 36 workers, and he need to order one pen for each worker. he know that for every eight people who prefer red , there are four who prefer blue. How many blue pens should he order?

Answers

8 like red 4 like blue

8+4 = 12

36/12=3

4*3 = 12 blue pens

Find f`(x) for the following function. Then find f(5),f(0),f(-9).
f(x)=2x+1 (simplify)

Answers

If f`(x) means the derivative, or gradient, of f, then the answer is 2.
f(5)=11, f(0)=1 and f(-9)=-17.
We can calculate the gradient using these values:

Gradient=(11-1)/(5-0)=(-17-1)/(-9-0)=(-17-11)/(-9-5)=2.

Tom"s and Tim's ages add up to 21 years. In 3 years, Tom will be twice Tim's age. How old are they now?

Answers

x=Tom´s age
y=Tim´s age.
we suggest this system of equations: 

x+y=21
(x+3)=2(y+3)

We solve this system of equations by susbstitution method.
x=21-y
[(21-y)+3]=2(y+3)
24-y=2y+6
-y-2y=6-24
-3y=-18
y=-18/-3=6

x=21-y
x=21-6=15.

Answer: Tom is 15 years old, and Tim is 6 years old.
Hope this helps you! =)
Tom is 15 and Tim is 6

How do I Factor 125x^3 -64

The answer is not (5x+4)(5x-4) or (5x-4)(25x^2 +15x+16)

Answers

The correct factorization would be (5x - 4)(25x^2 + 20x + 16).

The law of factoring cubes states that we use the following formula when we have two cubes being subtracted by one another.

(a - b)(a^2 + ab + b^2)

If we take the cube root of 125x^3 we get 5x, which will be our a value. If we take the cube root of 64, we get 4, which will be our b value. Then we plug in to the formula.

(5x - 4)((5x)^2 + (5x)(4) + 4^2)

(5x - 4)(25x^2 + 20x + 16)

I think the problem with your second answer is that you just did not properly multiply the 5x and the 4 to get 20x (instead you got 15x).

6.24 divided by 200 equals what

Answers

0.0312 is the answer when you divide.

7,209,000 in the year 2050 and that this will be 24% of the population. What is the total population?

Answers

Divide the part by the percent to get the whole.

7,209,000/24% =

= 7,209,000/0.24

= 30,037,500

after 75% reduction, you purchase a new clothes dryer on sale for $200. What was the original price?

Answers

Sent a pic of the solution (s).

Original price was $800 for purchasing a new clothe dryer on sale for $200 after 75% reduction.

Original price is the price offered initially without applying any offer.

Discount offered is the amount of relaxation that is the difference between the marked price and selling price.

Given the following information:

Discount provided= 75%

Purchasing price after discount=200

Let the original price be x

x-75%x=200

[tex]x-\dfrac{75}{100}x=200\\\\100x-75x=200\times 100\\[/tex]

Solving the equation as follows to calculate the value of x:

[tex]25x=20000\\x=20000/25\\x=800[/tex]

Thus, original price was $800.

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A suit is on sale for $154. If the original price of the suit was $440, what percent was discounted for the sale?

Answers

so, we know the original price is 440, but it got dropped to 154, for a difference of 286.

so, if we take 440 to be the 100%, what is 286 off of it in percentage anyway?

[tex]\bf \begin{array}{ccll} amount&\%\\ \text{\textemdash\textemdash\textemdash}&\text{\textemdash\textemdash\textemdash}\\ 440&100\\ 286&p \end{array}\implies \cfrac{440}{286}=\cfrac{100}{p}\implies p=\cfrac{286\cdot 100}{440}[/tex]

identify the product and it in scientific notation. 4.7 x(6.02 x 10^23)

Answers

4.7 x(6.02 x 10^23)
= (4.7 x 6.02)(4.7 x 10^23)
= (2.8294 x 10^1)(4.7 x 10^23)
= (2.8294 x 4.7)(10^1 x 10^23)
= 13.29818 x 10^24
= 1.329818 x 10^25

the product of [tex]\( 4.7 \times (6.02 \times 10^{23}) \) is \( 2.8294 \times 10^{24} \).[/tex]

Sure, let's identify the product and express it in scientific notation.

[tex]\( 4.7 \times (6.02 \times 10^{23}) \)[/tex]

To find the product, we simply multiply the two numbers:

[tex]\( 4.7 \times 6.02 \times 10^{23} \)[/tex]

First, we multiply 4.7 by 6.02:

[tex]\( 4.7 \times 6.02 = 28.294 \)[/tex]

Next, we multiply this result by [tex]\( 10^{23} \):[/tex]

[tex]\( 28.294 \times 10^{23} \)[/tex]

Now, to express this product in scientific notation, we need to adjust the decimal point so that the number is between 1 and 10:

[tex]\( 2.8294 \times 10^{24} \)[/tex]

Therefore, the product of [tex]\( 4.7 \times (6.02 \times 10^{23}) \) is \( 2.8294 \times 10^{24} \).[/tex]

1. First, we multiplied 4.7 by 6.02 to get 28.294.

2. Then, we multiplied this result by [tex]\( 10^{23} \)[/tex] to shift the decimal point 23 places to the right, resulting in[tex]\( 2.8294 \times 10^{24} \)[/tex]  in scientific notation.

This method helps in handling large numbers efficiently, especially when dealing with calculations involving scientific notation and significant figures.

complete question

identify the product and it in scientific notation. 4.7 x(6.02 x 10^23)

How do i solve this equation and how did you do it

Answers

   If      f(x) = (3x + 7)²
then   f(1) = (3(1) + 7)²
                =  10²
     ⇒  f(1) = 100  [OPTION E]

For the initial value problem y' −xy = x, y(0) = 1. write down the first four nonzero terms of the series

Answers

Not clear if you're supposed to find a series solution to the ODE, or solve exactly then give the requested terms of the series expansion of the that solution...

The exact solution is easy enough to find. We can separate the variables:

[tex]y'-xy=x\iff \dfrac{\mathrm dy}{\mathrm dx}=x(1+y)\implies \dfrac{\mathrm dy}{1+y}=x\,\mathrm dx[/tex]
[tex]\implies\ln(1+y)=\dfrac{x^2}2+C[/tex]
[tex]\implies y=Ce^{x^2/2}-1[/tex]

Given that [tex]y(0)=1[/tex], we have

[tex]1=C-1\implies C=2[/tex]

Then recall that

[tex]e^x=\displaystyle\sum_{n\ge0}\frac{x^n}{n!}[/tex]

to write the solution as

[tex]y=2\displaystyle\sum_{n\ge0}\frac{\left(\frac{x^2}2\right)^n}{n!}-1[/tex]
[tex]y=1+2\displaystyle\sum_{n\ge1}\frac{\left(\frac{x^2}2\right)^n}{n!}[/tex]

so the first four terms of the series are

[tex]1+x^2+\dfrac{x^4}4+\dfrac{x^6}{24}[/tex]

Which of the following is true?

1.75 > 1½

0.25 ≠ ¼

0.2185 = ⅓

1.436 < 25⁄2

Answers

Okay. 1.75 (1 3/4) is greater than 1 1/2. 0.25 is equivalent to 1/4. 0.2185 is not equal to 1/3, and 1.436 is less than 25/2 (12 1/2), But wait. If there is only one answer, then the answer is definitely A. If there can be two answers, then the answers are A and D.
Final answer:

After converting all values to decimal form for consistent comparison, the statements '1.75 > 1½' and '1.436 < 25⁄2' are true, while the statements '0.25 ≠ ¼' and '0.2185 = ⅓' are false.

Explanation:

The question is asking to compare different given values, either greater than (>), not equal to (≠), or less than (<). To do this accurately, we need to convert all numbers to a common form. In this case, it is easiest to consider everything as decimal values:

1.75 is indeed greater than 1½ (which is 1.5 in decimal), so 1.75 > 1½ is true.0.25 is equal to ¼ (which is also 0.25 in decimal), therefore 0.25 ≠ ¼ is false. 0.2185 is not equal to ⅓. ⅓ in decimal is approximately 0.333, so 0.2185 = ⅓ is false. 1.436 is less than 25/2 (which is 12.5 in decimal form), so 1.436 < 25⁄2 is true.

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Suppose x follows a continuous uniform distribution from 1 to 5. determine the conditional probability p(x >2.5 | x ≤ 4).

Answers

Because the random variable x follows a continuous uniform distribution from x=1 to x=5, therefore
p(x) = 1/4,  x=[1, 5]
The value of p(x) ensures that the total area under the curve = 1.

The conditional probability p(x > 2.5 | x ≤ 4) is the shaded portion of the curve. Its value is
p(x > 2.5 | x ≤4) = (1/4)*(4 - 2.5) = 0.375

Answer: 0.375

Final answer:

The conditional probability P(x > 2.5 | x ≤ 4) for a variable x following a uniform distribution from 1 to 5 is calculated using the conditional probability formula, resulting in a probability of 0.5.

Explanation:

The question asks to determine the conditional probability P(x > 2.5 | x ≤ 4) when x follows a continuous uniform distribution from 1 to 5. The formula for conditional probability is P(A|B) = P(A ∩ B) / P(B), where P(A ∩ B) is the probability of A and B both happening, and P(B) is the probability of B happening.

Here, event A is 'x > 2.5' and event B is 'x ≤ 4'. The probability of x being greater than 2.5 and less than or equal to 4, P(A ∩ B), is the length of the interval from 2.5 to 4, which is 1.5 units. Since x is uniformly distributed, this translates to a probability of 1.5/(5-1), because the total length of the distribution is 4 units. Event B 'x ≤ 4' has a probability of 3/(5-1) since the interval from 1 to 4 is 3 units long.

Hence, the conditional probability is P(A|B) = (1.5/4) / (3/4) = 1.5/3 = 0.5.

The height of Niagara falls is 182.How many yards high is Niagara falls

Answers

i believe the answer is 60.6
Final answer:

To convert the height of Niagara Falls from meters to yards, we multiply the given height of 182 meters by the conversion factor of 1.09361 yards per meter, which gives us approximately 199.18 yards.

Explanation:

The height of Niagara Falls is provided in this question as 182. However, no units are given so let's assume this is in meters as that's a common unit for height. The conversion factor from meters to yards is approximately 1 meter = 1.09361 yards. Therefore, we multiply the given height in meters by this conversion factor to get the height in yards.

First, identify the height given in the question- here it is 182.Next, apply the conversion factor: 182 meters * 1.09361 yards/meter.Doing this multiplication gives us approximately 199.18 yards.

So, Niagara Falls is approximately 199.18 yards high when converted from meters.

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A 16 oz package of brown rice cost 79cents and 32oz package of white rice costs $3.49 which package is a better deal

Answers

0.79 / 16 oz = 0.049 ( price for 1 oz of brown rice)


3.49 / 32 = 0.109 ( price for 1 oz of white rice)

 the price per oz of brown rice is cheaper then 1 oz of white rice so the brown rice is the better deal


Final answer:

The 16 oz package of brown rice is a better deal because it has a lower price per ounce compared to the 32 oz package of white rice.

Explanation:

To determine which package of rice is a better deal, we calculate the price per ounce for each package. The 16 oz package of brown rice costs 79 cents, so the price per ounce of brown rice is 79 cents ÷ 16 oz = 4.9375 cents per ounce. The 32 oz package of white rice costs $3.49, therefore the price per ounce of white rice is $3.49 ÷ 32 oz = 10.90625 cents per ounce.

By comparing the price per ounce, we can see that the price per ounce for the brown rice is less than the price per ounce for the white rice. Therefore, the 16 oz package of brown rice is the better deal.

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The length of a ribbon is 3/4 meter. Sun Yi needs pieces measuring 1/3 meter for an art project. What is the greatest number of pieces measuring 1/3 meter that can be cut from the ribbon? How much ribbon will be left after Sun Yi cuts the ribbon?

Answers

the greatest number of pieces is 2 pieces. There will be 1/12 remaining

Finley makes 1 batch of her favorite shade of orange paint by mixing 5 liters of yellow paint with 3 liters of red paint. How many batches of orange paint can Finley make if she has 15 liters of red paint?

Answers

Finley can make 5 batches of her favorite orange paint if she has 15 liters of red paint. You can find this by dividing 15 by 3. The information about the yellow paint is unnecessary information and can be overlooked in the context given, and by dividing 15 by 3, you get 5.

Rose bought 7/20 kilogram of ginger candy and 0.4 kilogram of cinnamon candy. Which did she buy more of? Explain how you know.

Answers

7/20= .35 and .4 can also be .40 so rose bought more ginger

Answer:

Rose bought cinnamon candy more of.

Step-by-step explanation:

Rose bought ginger candy = [tex]\frac{7}{20}[/tex] kilogram

                                             = 0.35 Kilogram

She bought cinnamon candy = 0.4 kilogram

As we know 1 kilogram = 1000 grams

0.35 kilogram = 1000 × 0.35 = 350 grams ginger candy

0.4 kilograms = 1000 × 0.4 = 400 grams cinnamon candy

Therefore, She bought cinnamon candy more.

What is the conversion factor to convert cups to liters?

Answers

Answer:

0.2365882365 L/cup

Step-by-step explanation:

The conversion factor can be found from the size of a cup in relation to a gallon, and the size of a cubic inch in relation to a liter.

[tex]1\,\text{cup}=8\,\text{fl oz}\times\dfrac{231\,in^{3}}{128\,\text{fl oz}}\times\left(\dfrac{0.254\,\text{dm}}{1\,\text{in}}\right)^{3}\times\dfrac{1\,L}{1\,dm^{3}}\\\\=\dfrac{8\cdot 231\cdot 0.254^{3}}{128}\,L=0.2365882365\,L[/tex]

write 4.51 in expanded form

Answers

4.51 can be broken up as follows:  4*10^0 + 5*10^(-1) + 1*10^(-2).

This is equivalent to 4*1 + 5*(1/10) + 1*(1/100).

The expanded form of 4.52 is 4 + 0.5 + 0.01

Given.

4.51

We need to find the expanded form.

What is expanded form?

It is a form of writing a given number by splitting it based on the place value.

Example:

56743

We can write it as:

50000 + 6000 + 700 + 40 + 3

Find the expanded form of 4.51

4 is in ones place

So,

4 - 4

5 is in tenths place

So,

0.5 - 0.5

1 is in hundredths place

So,

.01 - .01

The expanded form is:

4 + 0.5 + 0.01

Thus the expanded form of 4.52 is 4 + 0.5 + 0.01

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You took 500 calls in 30 days that means I took a average of

Answers

you have to divide 500 and 30 and you get 16.66%

Answer:

17 calls

Step-by-step explanation:

You took 500 calls in 30 days.

We have to calculate the average calls per day.

Average calls = [tex]\frac{\text{Total calls}}{\text{total days}}[/tex]

                      = [tex]\frac{500}{30}[/tex]

                      = 16.7 ≈ 17 calls per day

That means i took an average 17 calls per day.

A data set a has a mean of 7,a median 5,and a mode of 8.wich of the the numbers 7,5,and 8 must be in the data set?

Answers

If the mode is 8, then 8 actually shows up in the data set.  This is not true of 7 or 5.

Suppose that f(x+h)−f(x)= −6hx2−7hx−6h2x−7h2+2h3.
Find f′(x).

f′(x)=

Answers

By definition,
f'(x)=Lim h->0  (f(x+h)-f(x))/h
We are already given
f(x+h)-f(x)=−6hx2−7hx−6h2x−7h2+2h3=h(-6x^2-7x-6hx-7h+2h^2)
divide by h
(f(x+h)-f(x))/h =h(-6x^2-7x-6hx-7h+2h^2)/h=(-6x^2-7x-6hx-7h+2h^2)
Finally, take lim h->0
f'(x)=Lim h->0  (f(x+h)-f(x))/h=(-6x^2-7x-0-0+0)=-6x^2-7x
=>
f'(x)=-6x^2-7x

Final answer:

To find f'(x), simplify the given expression by canceling the common factor of h, then take the limit as h approaches zero. The resulting derivative is f'(x) = -6x² -7x.

Explanation:

To find the derivative of function f(x), denoted as f'(x), we use the definition of the derivative and the given equation f(x+h) - f(x) = -6hx2 - 7hx - 6h2x - 7h2 + 2h3. The definition of the derivative is the limit of the average rate of change as the interval approaches zero, formally:

f'(x) = lim (h -> 0) [f(x+h) - f(x)] / h

In the given difference quotient, every term includes an h, allowing us to simplify by cancelling an h from each term before taking the limit as h approaches zero. This gives us:

f'(x) = lim (h -> 0) [-6x² - 7x - 6h2 - 7h + 2h2]

When h approaches zero, the terms containing h also approach zero. Thus, we are left with:

f'(x) = -6x² - 7x

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