# Joe and Susan are both 40 years old and hope to have enough money saved to retire by the time they're 65. They deposit \$6,000 eachyear into an account that pays 4% interest compounded annually. Use this information to complete the table.Formula to UseAccount Balance in 20 yearsTotal Interest Earnedpresent value of an annuityfuture value of a lump sumfuture value of an annuity\$99,875\$112,253\$149,875\$249,875\$286,363

## Answers

Answer 1
Answer:

Account balance In 20 years is \$249,875 and total interest earned is \$99,875.

### What is the future value?

The FV formula assumes a constant rate of growth and a single up-front payment left untouched for the duration of the investment. The FV calculation can be done one of two ways, depending on the type of interest being earned.

We have,

P = \$6,000

r = 0.04

n = 1

t = 25

We know the formula for future value

​FV= PV .

where:

P=Investment amount

R=Interest rate

T=Number of years

According to the question​​

FV=\$6,000×(1+0.04

FV = \$249,875

To find the total interest earned, first find the total value of the deposit payments:\$6,000 annual payments for 25 years = 6,000 × 25= \$150,000

Total interest earned = FV - annually payment for 25 year = \$249,875 - \$150,000 = \$99,875

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Answer 2
Answer:

Answer:

Formula: Future value of annuity

In 20 years: \$249,875

Total Interest: \$99,875

Step-by-step explanation:

Use the formula for future value:

FV =

P = \$6,000

r = 0.04

n = 1

t = 25

FV =

FV = \$249,875

To find the total interest earned, first find the total value of the deposit payments:

\$6,000 annual payments for 25 years = 6,000 • 25

= \$150,000

(I copied that explanation from somewhere else so its a little messed up. I just couldn't explain it properly. Hope this helps!)

## Related Questions

1) Refer back to Lesson 2, Part A. Assume that the average shoulder width of the people in the line was 1.325 feet. How long would the line be if it contained 10 million people? Express your answer in feet.​

### Answers

Answer:

13,250,000 feet or 13.25 million feet

Step-by-step explanation:

Each person in the line has a shoulder width of 1.325 feet.

For each person, there is a width of 1.325 ft. There are 10 million people.

Since:

10 million = 10,000,000

The total length must be:

Answer: 13,250,000 feet or 13.25 million feet

### Final answer:

By simply multiplying the average shoulder width of the people (1.325 feet) by the total number of people in the line (10 million), the total length of the line would be 13,250,000 feet.

### Explanation:

This problem can be solved by using simple multiplication. Given that the average shoulder width of the people in the line is 1.325 feet, we simply need to multiply this by the total number of people in the line, which is 10 million in this case.

So, 1.325 feet * 10,000,000 = 13,250,000 feet.

Therefore, if there were 10 million people in line, and the average shoulder width of each person is 1.325 feet, the total length of the line would be 13,250,000 feet.

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16 1/9+ -4 2/3 help please??

### Answers

Answer:

11 4/9

Step-by-step explanation:

ANDDD the answer is

88.98 in the smallest bills

### Answers

1 50\$
1 20\$
1 10\$
1 5\$
3 1\$
1 0.50\$ 1half dollar
1 0.25\$ 1quater
2 0.10\$ 2dimes
3 0.01\$ 3pennies

PLS DO 3-4 I WILL BRAINLIST YOU AND USE THE DATA AND EXPLAIN IT PLSSS HELP

### Answers

Answer:

25, 33

Step-by-step explanation:

3. 124 divided by 5 is 24 remainder 4, so they will need 25 cars

4. 230 divided by 7 is 32 remainder 6, so they will need 33 boxes

Which option correctly shows 4 6 as a division expression? A. 4 ÷ 1 6 B. 6 ÷ 1 4 C. 4 ÷ 6 D. 6 ÷ 4

### Answers

The answer is to the problem is d

Answer: D

Step-by-step explanation:

I took the quiz

Please what is the answer of number 1

### Answers

Answer:

-80

Step-by-step explanation:

First you multiply both sides of the equation by 5 to get rid of the fraction, it becomes Y + 30 = -50.

To get rid of the 30 you subtract 30 from each side and that makes it Y = -80.

Your answer does not want the Y=, so your answer is -80.

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