Question

Professor VΓ©lez has withdrawn 40 monthly payments of $3,275 from her investment account. If the investment account yields 4% convertible monthly, how much did you have in your investment account one month before making the first withdrawal? (Since you started making withdrawals you have not made any deposits.)

223

likes
1115 views

Answer to a math question Professor VΓ©lez has withdrawn 40 monthly payments of $3,275 from her investment account. If the investment account yields 4% convertible monthly, how much did you have in your investment account one month before making the first withdrawal? (Since you started making withdrawals you have not made any deposits.)

Expert avatar
Sigrid
4.5
115 Answers
To find out how much was in the investment account one month before making the first withdrawal, we need to work backwards.

Let's assume that the amount in the account one month after the first withdrawal is A.

Since the account yields 4% convertible monthly, the amount after one month will be given by:

A = (1 + 0.04) * (initial amount - first withdrawal)

Now, we can find the initial amount by rearranging the equation:

initial amount = A / (1 + 0.04) + first withdrawal

Substituting the values given:

first withdrawal = $3,275
A = $3,275 (since one month has passed since the first withdrawal)

initial amount = $3,275 / (1 + 0.04) + $3,275

Simplifying:

initial amount = $3,275 / 1.04 + $3,275

Calculating:

initial amount = $3,150 + $3,275

Answer: The amount in the investment account one month before making the first withdrawal was $\$6,425.96

Frequently asked questions (FAQs)
What is the derivative of y = sinh(x) + cosh(x) - tanh(x)?
+
When finding the supplementary angle to the given angle of 60 degrees, what is the measure of the supplementary angle?
+
Math question: A line has a slope of 2.5 and a y-intercept of -3. What is the equation in slope-intercept form?
+
New questions in Mathematics
-6n+5=-13
5/8 x 64
Calculate the 6th term of PA whose 1st term is 6.5 and the ratio 5
3(4x-1)-2(x+3)=7(x-1)+2
X^2 = 25
5 people can complete a task in 72 hours. How many people are needed to complete the task in 60 hours.
Two events E and F are​ ________ if the occurrence of event E in a probability experiment does not affect the probability of event F.
Equivalent expression of the sequence (3n-4)-(n-2)
Determine the minimum degree that an algebraic equation can assume knowing that it admits 2 as a double root and -i as a triple root
A pair of die is thrown and the absolute difference of the two scores is recorded. What is the probability of the absolute difference being 4 or more?
A recurring sequence is one where elements repeat after completing one standard. If the sequence AB8C14D96AB8C1... is recurring its twentieth term is equal to: (A) B. (B) 8. (C) A. (D) 6. (E) D.
John he’s going to the carnival with his friends. He spends $25 on an admission ticket. He buys 10 games at X dollars each and two boxes of popcorn at Y dollars each. Write an expression to show the total cost of admission game, tickets and popcorn.
Kaya deposits 25,000 into an account that earns 3% interest compounded monthly. How much does Kaya have in the account after 6 years 8 months? Round to the nearest cent. 32,912.50 30,000 29,923.71 30,527.45
A natural gas company has a fixed rate of 1,320 pesos plus 1,590 pesos per cubic meter of gas consumed monthly per customer. Indicate the cost function to determine the value in pesos of the cubic meters of gas consumed in a month per customer. How much did a customer who consumed 18 cubic meters of gas pay? If a customer paid 34,710 pesos, how many cubic meters of gas did he consume?
nI Exercises 65-68, the latitudes of a pair of cities are given. Assume that one city si directly south of the other and that the earth is a perfect sphere of radius 4000 miles. Use the arc length formula in terms of degrees to find the distance between the two cities. 65. The North Pole: latitude 90Β° north Springfield, Illinois: latitude 40Β° north
A psychologist is investigating the levels of test anxiety in various university courses. Anxiety is measured on a scale ranging from 0 to 100, where 0 indicates the complete absence of anxiety and 100 represents an extreme level of anxiety. From the data obtained, it has been discovered that the psychology score is triple that of nursing, and in turn, the latter has a score 10 points lower than the nutrition major. Furthermore, the score in the veterinary degree is 15 points higher than that of nutrition. Finally, if we add the scores of all the races, we will obtain a total of 173 points. Pose the equation that represents the situation described in the previous problem and determine: What is the score that psychology obtained regarding its anxiety level before the exams?
2 - 6x = -16x + 28
A membership to the gym cost $25 per person in 1995. The membership cost has increased by an average $6 per person for each year since 1995. Write a linear equation for the cost of a gym membership for one person since 1995. What is the cost of a gym membership in 2009?
4m - 3t + 7 = 16
The domain of the function f(x)=x+7x2βˆ’144 is (βˆ’βˆž,), ( ,), and ( , ∞).