Suppose we lived in a society without interest. At age 25, you begin putting in $750 per month into a cookie jar until you retire at age 65. At age 65, you begin to withdrawl 2500 per month from the cookie jar. How long will your retirement fund last?

Answers

Answer 1

Answer:

the retirement fund would last 12 years

Step-by-step explanation:

first we find the amount of years one will be saving money by subtracting the age one will start saving money from the age one would start using the money.

65 - 25 = 40 years

next will be finding the amount of dollars one would save every year, we do that by multiplying the money one is saving every month by 12 (a year).

12 × 750 = 9,000 dollars per year

then we multiply the amount of money one would save per year by the amount of years one will be saving money in, to find how many dollars one would save in 40 years.

9,000 × 40 = 360,000 dollars in 40 years

-

after that we divide the amount one would have saved by the $2,500 one would use every month to find the amount of months the money would last.

$360,000 ÷ $2,500 = 144 months

to find how many years the money would last, one would divide it by 12, which is the amount of months per year.

144 ÷ 12 = 12

Answer 2

It will last 12 years. So it'll last till he's 77 years old at the rate he's pulling it out.

Step-by-step explanation:

You need to find the difference in the ages. so we need to find out how long he's been saving in the 1st place. 65 - 25 = 40 yearsWe now need to covert that 40 years into months. 40 × 12 = 480 months In order to know how much money he saved over that 40 years or 480 months times that by 750. 480 × 750 = 360,000Now we know over the course of 40 years he managed to save 360,000$ when he was putting in 750 a month. Now since he's retired he's taking out 2500 a month and we need to know how long it'll last.So to find out how long the 360k will last if taken out of 2500 increments just divide that rate but the total !! 360,000 ÷ 2500 = 144It will last him 144 months, now convert this number back to years. 144 ÷ 12 = 12 years So now we know it'll last him for 12 years ! and if u add 12 to 65 you'll get 77, so in 12 years he'll be 77!!

This is why it'll last him 12 years, which he'll be 77 by that time !! I hope this helped !!


Related Questions

A car is traveling at a steady speed. It travels 1 1/2 miles in 2 1/4 minutes. How far will it travel in 49 minutes? In 1 hour?

Answers

Answer:

32 2/3

Step-by-step explanation:

1 1/2x 2 1/4 =2/3

Then multiply 2/3 times the minutes (49)

You will get 32.6666

Convert that to a fraction or use calculator soup

Therefore the car will travel 32 2/3 miles in 49 minutes

(40 miles in one hour)

Select the location on the number line to plot the point -2 1/2 and 6 1/2. I just need the answer ​

Answers

Answer:

move one line from the negative 3 for -2 1/2 and one to the left from 7 for 6 1/2

Step-by-step explanation:

Answer: The answer provided is correct

Step-by-step explanation:

If angle 1 is 125 and angle 3 is 3x -1 what is x

Answers

Answer: X means you have to times

Step-by-step explanation: So you will have to do 3x3x3

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AB in the ratio 1:4. 03
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Answers

Answer:

hi Krystal , I am Felicia

What is 7% tax of 20$ purchase

Answers

Answer:

$1.4

Step-by-step explanation:

[tex]7 \% \: of \: 20[/tex]

% means (/100)

[tex] \frac{7}{100} \times 20 \\ \\ = \frac{140}{100} = \frac{14}{10} \\ = 1.4[/tex]

$1.4

Have a nice day :)

Water is added or drained from a tank each day. The first day, 910 of a gallon is added to the empty tank. The second day, 710 of a gallon is drained from the tank. The third day, 810 of a gallon is added to the tank. The fourth day, 610 of a gallon is drained from the tank. The amount of water in the tank after 15 days is given by 910+(−710)+810+(−610)+⋯+310+(−110)+210 9 10 + ( − 7 10 ) + 8 10 + ( − 6 10 ) + ⋯ + 3 10 + ( − 1 10 ) + 2 10 . How much water is in the tank after 15 days? Write your answer as a decimal. gallon(s)

Answers

Answer:

The quantity of water in the tank after 15 days is 1610.0 gallons OR 1.61 × 10³ gallons.

Step-by-step explanation:

The amount of water in the tank after 15 days is given by the series

910+(−710)+810+(−610)+⋯+310+(−110)+210

From the series, we can observe that, if water is added for a particular day then water will be drained the following day.

Also, for a day when water is to be added, the quantity to be added will be 100 gallon lesser than the quantity that was last added. Likewise, for a day when water is to be drained, the quantity to be drained will be 100 gallons lesser than the quantity that was last drained.

Hence, we can complete the series thus:

910+(−710)+810+(−610)+710(-510)+610(-410)+510(-310)+410(-210)+310+(−110)+210

To evaluate this, we  get

910-710+810-610+710-510+610-410+510-310+410-210+310-110+210

= 1610.0 gallons

Hence, the quantity of water in the tank after 15 days is 1610 gallons OR 1.61 × 10³ gallons.

A plumber visits your home to fix a leak. He charges a flat rate of $35 and $12 per hour. If the total bill was $83, how many hours did he work?

Answers

First, You have to subtract 35 from 83 because the 35 is the charge for the job. Next, You get a answer of 48. This you have to divide.
When you divide 48 by 12 you get an answer of 4.
Therefore the plumber worked for a total of 4 hours

129 times 6+1 pronto fast

Answers

Answer:

903

Step-by-step explanation:

Answer:

129 x 6=774

774+1=775

Step-by-step explanation:

Hope this helps

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Answer:

Step-by-step explanation:an ordnairy ezbutin is an 10.4

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Answers

Answer:

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7 1/2 ÷ (4 1/2 - 5 1/8)

Answers

Answer:

-12

Step-by-step explanation:

Answer:

[tex] \frac{71}{2} \div ( \frac{41}{2} - \frac{51}{8} )[/tex]

[tex] \frac{71}{2} \div ( \frac{164 - 51}{8} )[/tex]

[tex] \frac{71}{2} \div \frac{113}{8} [/tex]

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Answer:

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Step-by-step explanation:

A store sells jump ropes. Each jump rope costs the same ammout. During a sale the store reduces the price of each jump rope by $1.80. gavin spends $14.38 on 2 jump ropes what was the price of the 1 jump rope before the sale

Answers

Answer:

pp

Step-by-step explanation:

Answer:

Before the sale each jump rope costed $8.99

Step-by-step explanation:

If you divide $14.38 by two you get $7.19. Then if you add the $1.80 you get $8.99

HELP ASAPP... Find the volume of a cylinder with a radius of 5 inches and a height that is three times the radius. Use 3.14 for pi and round your answer to the nearest tenth. (Hint: You may only enter numerals, decimal points, and negative signs in the answer blank)

Answers

Answer:

1177.5 in³

Step-by-step explanation:

To find the volume of a cylinder, you need to do this:

V= π r² h

Substitute in 3.14, 5, and 15

V= 3.14 x 5² x 15

Multiply 5 by itself

V= 3.14 x 25 x 15

Multiply 3.14 and 25

V= 78.5 x 15

Multiply 78.5 x 15 to get your answer:

V= 1177.5 in³

I hope that this helps :)

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Answers

Answer:

3

Step-by-step explanation:

It would be multiplied by 4 to get 12

Hope this helps

TIME REMAINING
59:55
Which inequality has –12 in its solution set?

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B
C
D

x + 6 less-than negative 8

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B
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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

>

Step-by-step explanation:

0.737 is greater than 0.708

Answer:

>

Step-by-step explanation:

0.737 is greater than 0.708

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If a flagpole is 30 feet tall and Mai-Lin is
standing a distance of 15 feet from the flagpole, what
is the distance from her feet to the top of the flagpole?

Answers

Add the information given.

She is 15 feet away:

15 + ? = ?

The pole is 30 feet, and it is asking distance to the top.

15 + 30 = ?

15 + 30 = 45

Answer:

about 33.5 ft

Step-by-step explanation:

The distance from Mai-Lin’s feet to the top of the

flagpole is about 33.5 ft.

3
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Answers

Answer:

r=14

Step-by-step explanation:

14-10=4

10+4=14

14-4=10

tada

Answer:

14

Step-by-step explanation:

r - 10 = 4

r = 4 + 10

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

2(x - 4) + 3x - x2

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

samantha makes her own soap and sells it at a craft markets. she makes 15 bars of soap in 3 hours. If she works for 6 hours every Saturday for 4 Saturdays, how many bars of soap will she have?

Answers

Answer:

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Step-by-step explanation:

She makes 15 in 3 hours

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Answers

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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