Question

2.- Cristina wishes to make a deposit of $50,000 in a financial institution, in order to continue making ten additional deposits every six months for an identical amount, where the first of them will be made within six months. If the financial institution offers and pays 10% every six months, how much will Cristina withdraw six months after the last deposit?

52

likes
262 views

Answer to a math question 2.- Cristina wishes to make a deposit of $50,000 in a financial institution, in order to continue making ten additional deposits every six months for an identical amount, where the first of them will be made within six months. If the financial institution offers and pays 10% every six months, how much will Cristina withdraw six months after the last deposit?

Expert avatar
Rasheed
4.7
110 Answers
To find out how much Cristina will withdraw six months after the last deposit, we need to calculate the future value of all deposits first.

The formula to calculate the future value of an ordinary annuity is:
FV = P \times \left( \dfrac{(1 + r)^n - 1}{r} \right)
where:
- FV is the future value of the annuity
- P is the amount of each deposit
- r is the interest rate per period
- n is the total number of periods

Given:
- P = $50,000
- r = 10\% = 0.10 (interest rate per six months)
- n = 20 (10 deposits every six months for a total of 20 periods)

Plugging in the values, we get:
FV = $50,000 \times \left( \dfrac{(1 + 0.10)^{20} - 1}{0.10} \right)
FV = $50,000 \times \left( \dfrac{(1.10)^{20} - 1}{0.10} \right)

Now, we calculate the future value:
FV = $50,000 \times \left( \dfrac{6.727499 - 1}{0.10} \right)
FV = $50,000 \times 57.27499
FV = $2,863,749.50

Therefore, Cristina will be able to withdraw $2,863,749.50 six months after the last deposit.

\boxed{Answer: $2,863,749.50}

Frequently asked questions (FAQs)
What is the limit as x approaches infinity of (3x^2 + 5)/(2x^2 + 7)?
+
What is 85.7% as a decimal?
+
What is the volume of a rectangular solid with width 2, length 5, and height 3?
+
New questions in Mathematics
Let ๐‘ข = ๐‘“(๐‘ฅ, ๐‘ฆ) = (๐‘’^๐‘ฅ)๐‘ ๐‘’๐‘›(3๐‘ฆ). Check if 9((๐œ•^2) u / ๐œ•(๐‘ฅ^2)) +((๐œ•^2) ๐‘ข / ๐œ•(๐‘ฆ^2)) = 0
Y=-x^2-8x-15 X=-7
Calculate the 6th term of PA whose 1st term is 6.5 and the ratio 5
A person who weighs 200 pounds on earth would weigh about 32 pounds on the moon. Find the weight of a person on earth who would weigh 15 pounds on the moon.
(mยฒ-121)
The ratio of tomatoes to red apples is 2:5. If there are 20 tomaoes in the garden, how many red apples are there?
A juice shop prepares assorted juices, for their juices they have 5 different types of fruit. How many types of assortments can be prepared in total, if it is considered an assortment to a juice made with two or more fruits?
Moaz wanted to test whether the level of headache pain (on a scale of 1 โ€“ 10) changes after taking Advil. He collected data from 9 participants and calculated the difference in headache pain before and after taking Advil (summarized in the table below). Determine W observed for this test. Difference Scores -2 -4 0 +1 +3 -2 0 -3 -5 Also, What is the degrees of freedom for this test?
All the liquid contained in a barrel is distributed into 96 equal glasses up to its maximum capacity. We want to pour the same amount of liquid from another barrel identical to the previous one into glasses identical to those used, but only up to 3/4 of its capacity. How many more glasses will be needed for this?
12(3+7)-5
The physician orders 15mg of tramadol(liquid). On hand is 30mg/2mL vials. How many mL will the MA administer?
In the telephone exchange of a certain university, calls come in at a rate of 5 every 2 minutes. Assuming a Poisson distribution, the average number of calls per second is: a) 1/8 b) 1/12 c) 1/10 d) 2/5 e) 1/24
Solve the equation: sin(2x) = 0.35 Where 0ยฐ โ‰ค x โ‰ค 360ยฐ. Give your answers to 1 d.p.
TEST 123123+123123
If a|-7 and a|9, then a|-63
The volume of a cube decreases at a rate of 10 m3/s. Find the rate at which the side of the cube changes when the side of the cube is 2 m.
Which statement best describes the key changes in perspectives on inclusion? An inclusive program must consider the unique experiences of every child and family as well as the child's strengths and needs. There is a shift in thinking about individual programs as "inclusive programs" to thinking about inclusion as something that reflects the cultural influence of the family. There is a greater emphasis on barriers to full participation and the acknowledgement that all children are unique and must be fully and meaningfully engaged in a program. In an inclusive program all participants are accepted by their peers and other members of the community.
A buyer purchased a North Carolina home for $475,250. The seller allowed the buyer to assume his first small mortgage with a loan balance of $110,000. How much is the excise tax paid in the transaction? $951 $729.50 $950.50 $221 none of the above
Solve the following 9x - 9 - 6x = 5 + 8x - 9
f(x)= 9-x^2 find (f(x+h)-f(x) )/h