You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?

Name: Solved: You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years? - MathMaster
Brand: MathMaster
Rating: 4.9 (145 reviews)

145

likes

726 views

Answer to a math question You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?

$Expert avatar$

Lurline

4.6

107 Answers

FV = P * [((1 + r)^n - 1) / r] where: P is the amount of each payment ($1,250 in this case), r is the interest rate per period (7% or 0.07 in this case), and n is the number of periods (3 years in this case). Substituting these values into the formula gives: FV = $1,250 * [((1 + 0.07)^3 - 1) / 0.07] FV = $4018.63

Frequently asked questions (FAQs)

Question: Find the period, amplitude, and y-intercept of the cosine function f(x) = cos x. What are the key characteristics of this function?

Math question: Find the absolute extrema of the function f(x) = x^2 - 4x + 3 on the interval [-2, 5].

What is the relationship between the lengths of the corresponding sides and angles of congruent triangles?

New questions in Mathematics

a runner wants to build endurance by running 9 mph for 20 min. How far will the runner travel in that time period?

The patient is prescribed a course of 30 tablets. The tablets are prescribed “1 tablet twice a day”. How many days does a course of medication last?

CASE 6-1: PREPARE A PRODUCTION PLAN: WHAT PROBLEMS ARRIVE? Midwest Plastics Company has conducted profit planning for several years. The president stated (with justification) that inventory control and planning had not been satisfactory, which was mainly due to poor planning of production and inventory budgets. Please analyze and provide recommendations, in detail, on the issue regarding the 20B profit plan, which is now being prepared. Their analysis and recommendations will be presented to the executive committee. Despite the seasonality factor, the sales department has been successful in developing a sales plan, on a monthly basis, for each year. The following sales data is available for 20B. 1. Sales plan summary for 20B: 2. Finished goods inventory, as of January 1, 20B, is 96,000 units. 3. Work-in-process inventory will remain constant. 4. Actual annual sales in 20A, including the estimate for December, were 350,000 units. 5. The average finished goods inventory during 20A was 70,000 units. IT IS REQUESTED. 1. Prepare the annual production budget, assuming that management policy is to budget ending finished goods inventory at a standard quantity, based on the ratio of historical sales of 20A to inventory turnover. 2. Prepare a schedule showing sales, production, and inventory levels for each month, assuming: 1) stable inventory, 2) stable production, and 3) recommended inventory-production levels. In developing your recommendations, assume that the following policies have been established: a) The president has set the policy that a maximum inventory of 85,000 units and a minimum inventory of 75,000 units should be used, except in abnormal circumstances. b) A stable level of production is definitely preferred, except that during the holiday season in July and August, production may be reduced by 25 percent. Likewise, a variation in production of 7.5 percent above and below the average level is acceptable. 3. What are the main problems faced by the company in production planning? Make your general recommendations.

A food delivery company charges on average a delivery fee of $5 per order (including food and shipping) and has monthly fixed costs of $600. If the average cost of each meal delivered that is revenue for the company is $10 and the company has a monthly profit of $800, how many orders must they deliver per month?

what is the annual rate on $525 at 0.046% per day for 3 months?

Suppose a large shipment of cell phones contain 21% defective. If the sample of size 204 is selected, what is the probability that the sample proportion will differ from the population proportion by less than 4% round your answer to four decimal places

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

19) If the temperature of -8°C decreases by 12°C, how much will it be? a)-20°C -4°C c) 4°C d) 20°C

Engineers want to design seats in commercial aircraft so that they are wide enough to fit 95% of all males. (Accommodating 100% of males would require very wide seats that would be much too expensive.) Men have hip breadths that are normally distributed with a mean of 14.4 in. and a standard deviation of 1.2 in. Find P95. That is, find the hip breadth for men that separates the smallest 95% from the largest 5%.

DuocUC 2) The cost C, in pesos, for the production of x meters of a certain fabric can be calculated through the function: (x+185) C(x)=81300-6x+ 20000 a) It is known that C(90) 5.344. Interpret this result. (2 points) b) Calculate C'(x) (2 points) 3 x²+111x-0.87 20000 2000 c) Function C calculates the cost while producing a maximum of 500 meters of fabric. Determine the values of x at which the cost of production is increasing and the values of x at which the cost is decreasing. (3 points) d) If a maximum of 500 meters of fabric are produced, what is the minimum production cost? (

MAKING AN ARGUMENT You use synthetic division to divide f(x) by (x − a) and find that the remainder equals 15. Your friend concludes that f (15) = a. Is your friend correct? Explain your reasoning.

16.What payment (deposit) made at the end of each month will accumulate to $10473 in 13 years at 7.9% compounded monthly? Enter to the nearest cent (two decimals). Do not use $ signs or commas in the answer.

A loan is repaid with payments of $2226 made at the end of each month for 12 years. If interest on the loan is 5.2%, compounded semi-annually, what is the initial value of the loan? Enter to the nearest cent (two decimals). Do not use $ signs or commas.

To get to a hotel on the hill you have to travel 6 km of uphill road and every kilometer there are 6 sharp curves. Each of the sharp curves is marked by three traffic signs. How many traffic signs are there on the stretch of road that leads to the arbergi?

Associate each 2nd degree equation with its respective roots. A) x2+6x+8=0 B)x2-5x-6=0

Calculate the pH of a solution obtained by mixing 100ml of 0.2M HCl with 100ml of 0.1M NaOH

A salesperson earns a base salary of $600 per month plus a commission of 10% of the sales she makes. You discover that on average, it takes you an hour and a half to make $100 worth of sales. How many hours will you have to work on average each month for your income to be $2000?

Emile organizes a community dance to raise funds. In addition to paying $300 to rent the room, she must rent chairs at $2 each. The quantity of chairs rented will be equal to the number of tickets sold. She sells tickets for $7 each. How much should she sell to raise money?

-1/3x+15=18

The length of a rectangle is five more than its width. if the perimeter is 120, find both the length and the width.

You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?

Answer to a math question You plan to save $1,250 at the end of each of the next three years to pay for a vacation. If you can invest it at 7 percent, how much will you have at the end of three years?

You might be interested in