Mary would like to save $10 000 at the end of 5 years for a future down payment on a car


a) How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded monthly, to meet her goal?



b) If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each month would you have to work, just to make those payments? Write a brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing!

Answers

Answer 1

Answer:

a) $161.8

b i) Approximately 327.7 hours

ii) The cost of saving is less but the opportunity cost of saving can be higher with regards to technology and regulation

Step-by-step explanation:

The amount Mary would like to save, FV = $10,000

The time Mary over which Mary intends to save the amount, t = 5 years

Therefore, the number of monthly payments, n = 12

a) The amount in interest the bank pays compounding, i = 1.2% per annum

The amount that Mary will deposit each month is given as follows;

The compound interest formula is given as follows;

[tex]PMT = \dfrac{FV}{\left (\dfrac{ \left (1 + \dfrac{i}{12} \right )^n - 1}{ \dfrac{i}{12}} \right)}[/tex]

Where;

PMT = The monthly payment

Therefore, we get;

[tex]PMT = \dfrac{10,000}{\left (\dfrac{ \left (1 + \dfrac{0.012}{12} \right )^{60} - 1}{ \dfrac{0.012}{12}} \right)} \approx 161.8[/tex]

PMT = 10,000/((1 + 0.012/12)^(60) - 1)/(0.012/12)) ≈ 161.8

The amount she needs to deposit monthly, PMT ≈ $161.8

b i) Given that the minimum wage varies and we have a minimum wage here is officially approximately $79, which is 160 hours a month work

The number of hours work needed = 161.8/79 × 160 ≈ 327.7 hours a month approximately

b ii) Given that the interest rate for saving is lower than the interest rate for borrowing, the amount paid by saving is much lesser than the amount paid back when borrowing, therefore, it is more cost effective to save

However, while saving, changes may take place, such as the use of what is being saved for, therefore, it can be more beneficial to borrow and make use of the items now while they are still available and acceptable, such as the drive towards net zero is making fuel based cars less popular with the drive being towards electric cars.


Related Questions

joe rolls a six-sided number cube and flips a coin. What is the probability that he rolls an odd number and flips a head on the coin? Help ASAP please!

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C. 1/2
D. 2/3
E. 3/2

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of the odd number it would be 3/6 in other words 1/2 Step-by-step explanation:

Answer:

c.1/2

Step-by-step explanation:

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If you’re trying to find the angle of the corner of the stairs then it’s 90 degrees

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Answer:

$10,400

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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A jacket with an original price of $98.60 is discounted 65%. What is the
Sale Price?

Answers

Answer:

34.51

Step-by-step explanation:

It would be 98.60*65% and then subtract that answer with 98.60.

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Answer:

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Answer:

X will be -2

Step-by-step explanation:

Divide each side by factors that don't contain the variable

how to solve the median

Answers

Answer:

1.) Set the data set in the ascending order

2.) Start cancelling out numbers each side, like if u cancel out the first number, then cancel out the last as well.

3.) Keep doing the step 2 until u reach the middle most number.

4.) Sometimes there are 2 middle numbers left, in that case find their average (add both numbers together and divide the sum by 2) which would be ur middle most number.

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Answer:

it is 12 yards .hnuhbuy yg7ygbv bghh

Pete's Plainting charges $25 per room to paint, plus an additional $0.50 per square foot that they paint. If they charges me $201 to paint my kitchen, how many square feet did they paint?

Answers

Answer:

352 square feet

Step-by-step explanation:

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solve the linear equation for x
-4.8(6.3x-4.18)=-58.56

Answers

Answer:

x = 81.6/30.24

Step-by-step explanation:

-4.8(6.3x - 4.18) = -58.56

-30.24x + 23.04 = -58.56

-30.24x = -81.6

x = 81.6/30.24

is a greater than, less than or equal to 43°?
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A
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B
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Answers

Answer:

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Can yall get me the volume calculations for the 3 shapes? Thank you! | Geometry

Answers

Figure 1

Name = Coneh = 4 unitsd = 8

Since the diameter is 8, this cuts in half to the radius of r = 4. Plug the given values into the cone volume formula below

V = (1/3)*pi*r^2*h

V = (1/3)*pi*(4)^2*4

V = (64/3)pi  ..... exact volume in terms of pi

V = (64/3)*3.14

V = 66.98667 .... approximate volume when using pi = 3.14

========================================================

Figure 2

Name = cylinderh = 4d = 8  which cuts in half to r = 4

V = volume of cylinder

V = pi*r^2*h

V = pi*4^2*4

V = 64pi ..... exact volume

V = 64*3.14

V = 200.96 .... approximate volume when using pi = 3.14

========================================================

Figure 3

Name = rectangular prismb = 32h* = 12h = 4

b and h* are dimensions along the bottom face, aka floor

h is the height or vertical dimension of the 3D room

V = volume of rectangular prism = volume of 3D room

V = length*width*height

V = (b)(h*)(h)

V = (32)(12)(4)

V = 1536 is the exact volume

There is no approximate volume for this figure because the result above is an integer.

========================================================

Combining the figures

Adding up the volumes for figures 1 through 3 gets us

(64/3)pi + 64pi + 1536 = (256/3)pi + 1536

The exact total volume in terms of pi is (256/3)pi + 1536

If we used pi = 3.14, then it leads to

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Complete the missing parts of the table for the following function. y=7x​

Answers

Answers:   49,   1,   49

Those values go in the blanks from left to right

=====================================================

Explanation:

The rule we use is x^(-k) = 1/(x^k)

That means if we're evaluating something like 7^(-1), then it's the same as 1/(7^1) = 1/7 which explains how x = -1 leads to y = 1/7.

Similarly, 7^(-2) = 1/(7^2) = 1/49 is the y value when x = -2. So you'll type 49 into the first box to fill in that missing denominator.

Raising any nonzero value to the zeroth power leads to 1. That rule is x^0 = 1 where x can be anything you want but it can't be zero. Therefore 7^0 = 1 goes in the second box.

Lastly, 7^2 = 7*7 = 49 will go in the third box.

a regular sheet of letter (printing) paper measrues 8.5 inches by 11 inches. you want to cut out squares from each corner that it may be folded up to produce an open - top box. What are the dimensions of the square cut outs that will result in a box of maximum volume

Answers

Answer:

The dimensions of the square, that will result in a box of maximum volume is a square with side length of approximately 1.585 inches

Step-by-step explanation:

The  given dimension of the steel sheet are;

The width = 8.5 inches

The length = 11 inches

Let 'x' represent the side length of the squares cut out, we have;

The length of the box formed, l = 11 - 2·x

The width of the box formed, w = 8.5 - 2·x

The height of the box, h = x

The volume of the box, V = (11 - 2·x) × (8.5 - 2·x) × (x) = 4·x³ - 39·x² + 93.5·x

The maximum or minimum volume is found from dV/dx = 0 at max. or min.

dV/dx = d(4·x³ - 39·x² + 93.5·x)/dx = 12·x² - 78·x + 93.5 = 0

Which gives;

x = (78 ± √((-78)² - 4×12×93.5))/(2 ×12)

x = 4.915 or 1.585

When x = 4.915, V = 4 × 4.915³ - 39 × 4.915² + 93.5 × 4.915 = -7.65

When x = 1.585, V = 4 × 1.585³ - 39 × 1.585² + 93.5 × 1.585 = 66.15

Therefore, the local maximum occurs at x ≈ 1.585

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

1

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depends if you have a table , to pick the right one always choose a one that pass more through and between the points and the one that is straight

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a recipe for pie calls for 1/3 cup of black berries and 2/6 cup of raspberries. what is the total amount of berries needed for the recipe? ​

Answers

Answer:

2/3 cup

Step-by-step explanation:

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then you just add up the numerators (2+2=4..... 4/6)

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Answers

Answer:

-3x - 6

Step-by-step explanation:

3 × -x = -3x

3 × -2 = -6

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Answer:

Step-by-step explanation:

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Answers

Answer:

A = 132.25π sq ft

Step-by-step explanation:

C = 2πr

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Answer:

Hence the disagree with Ima. He used the wrong formula to find the total surface area

Step-by-step explanation:

Surface area of the triangular prism = 2B + pH

B is the base area= 1/2 * 13 * 5

B = 65/2

B = 32.5 m^2

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p = 30m

H is the height of the prism = 8m

Substitute

TSA = 2(32.5) + 30(8)

TSA = 65 + 240

TSA = 305m^2

HEnce the total surface area is 305m^2

Hence the disagree with Ima. He used the wrong formula to find the total surface area

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Answers

Answer:

8 quarts, in 2 gallons

Step-by-step explanation:

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*3x+5
*x+2

Answers

Given

perimeter is 62

Side 1 - 3x+5

Side 2 - x+2

Solution,

2(3x+5+x+2) = 62

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x = 6

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Answer- the length of the longest side is 23 cm

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Answers

Answer:

[tex] \ur \: answer) [/tex]

Step-by-step explanation:

THE RÅDIÜS ØF THE CYLINDER IS[tex] \frac{1}{2} x \: units[/tex]

THE HEIGHT OF CYLINDER IS 4X UNITS .

ÙR ÃÑSWER HØPE IT HELPS YOU ✌️

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Answers

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Answer:

yes

Step-by-step explanation:

yes

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On Sarah’s shelf are 6 mystery books, 5 sciences books, 4 history books, and 3 adventure books. Sarah will randomly choose one book to read. What is the probability that she will choose a mystery book?

Answers

Answer:

1/3 chance she will chose a Mystery Book.

Step-by-step explanation:

I hope This helps?

Total= 18

mystery=6

6/18= 1/3

Answer:

the answer is 1/3 or 6 out of 18

Chloe is making rice krispie treats with her friends and fills a 5 ¾ inch by 4 inch by 2 ½ inch pan to the very top. What is the volume of the rice krispie treats that the recipe makes?

Answers

Answer:

57 1/2 cubic inches

Step-by-step explanation:

Volume of the treat = length * width * height

Give

Length =  5 ¾ inch

width = 4inches

height =  2 ½ inches

Volume = 23/4 * 4 * 5/2

Volume = 23 * 5/2

Volume = 115/2

Volume = 57 1/2 cubic inches

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A hanger stays balanced when the weights on both sides are equal.

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