Ron is 25 years old and is retiring at the age of 65. When he retires, he will need a monthly income of $4,123 for 20 years. If Ron contributes 10% of his monthly income to a 401(k) paying 5.5% compounded monthly, will he reach his goal for retirement given that his monthly income is 3,142.23? If he does not make his goal then state by what amount he will need to supplement his income. Round all answers to the nearest cent.a.Ron will meet his monthly goal of exactly $4,123 for retirement.b.Ron will meet his monthly goal of $4,123 for retirement with an excess of $125.34.c.Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.d.Ron will not make his monthly goal of $4,123 and will need $450.61 to supplement his monthly income when he retires.

Answers

Answer 1

Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.

What is Compound interest?

Compound interest simply means that the interest associated with a bank account, loan, or investment increases exponentially over time.

Given monthly income of Ron is $3,142.23

Ron is 25 years old and is retiring at the age of 65. so he has 40 years to contribute.

Total amount he contribute in 40 years paying 5.5% compounded monthly is given by

interest rate(r) = 0.055/12

time period = 40 years = 480 months

Principal amount = $314.223

Future value = [tex]P(\frac{(1+r)^{n}-1 }{r} )[/tex]

Substitute, we get,

= 3142.23 [tex].10(\frac{(1+\frac{0.055)^{12.40}-1) }{12} }{\frac{0.055}{12} }[/tex]

Thus, future value is $547074.681009.

After retirement his monthly income when he has $547074.681009 amount.

P = (A.i/2)/(1-(1+i/12)⁻ⁿ)

Putting values, we get,

P = (547074.68×0.55/12)/1-(1+0.055/12)⁻²⁴⁰

P = $3763.25

He will receive a monthly income of $3763.25.

But  given he will need a monthly income of $4,123 for 20 years, which is not met by Ron.

So, the amount he needs to supplement his monthly income when he retires by (4123-3763.25)= $359.74

Hence, Ron will not make his monthly goal of $4,123 and will need $359.74 to supplement his monthly income when he retires.

For more references on Compound interest, click;

https://brainly.com/question/14295570

#SPJ5


Related Questions

will give brainliest

Answers

Answer:

Steeper: y=-3/2x+1/2 AND y=-2x+7/3 AND y=-7/4x+3/2

Less Steep: y=-4/3x+2/3 AND y=-8/7x+4/7

Step-by-step explanation:

Hope this helps :)

Tim needs a total of $499 to buy an ipad. He has $187. How much more money does he need to save to buy the Ipad?

Answers

Answer:

312

Step-by-step explanation:

499-187

Answer: Tim needs to save $312 more.

Step-by-step explanation: To find the answer, subtract. $499 minus $187 equals $312. Hope this helps! :>

look at screenshot answer question and i will mark you brainliest

Answers

Answer:

[tex]y= -3x+9[/tex]

Step-by-step explanation:

We can easily see from the graph that the equation intersecs the x-axis at p=3 and the y-axis at q=9. Now there is a trick to quickly write the equation in these situations, and it is

[tex]\frac xp + \frac yq = 1[/tex] where p and q are the length of the segments (with their sign!!) the line cuts from the origin.

At this point, it's just a matter of writing the equation in the wanted form:

[tex]\frac x3 + \frac y9 =1\\9\frac x3 + y = 9\\y= -3x+9[/tex]

Which is the equation you want.

If you prefer a more traditional approach, you can determine the slope right away by noticing that when the y coordinate moves from 9 to 0, ie it decreases by 9, the x coordinate goes from 0 to 3, and the slope is [tex]m= {\Delta y \over \Delta x} = {{-9}\over{3}} = -3[/tex]

Jenny went to the store with $10 and returned home
with 5 gallons of milk and $1.30 in change. What was
the cost of each gallon of milk?

Answers

Answer:

The milk is priced at $1.74/gallon

Step-by-step explanation:

If Jenny started out with $10 and ended up with $1.30 in change, she must have spent $10 - $1.30, or $8.70.

                                                        $8.70

Then the unit price for the milk is ---------- = $1.74 per gallon

                                                         5 gal

Question 11 Objective: Solve for unknown side lengths of right triangles using trigonometric ratios. A right triangle has one angle that measure 27. The adjacent leg measures 29.6 cm and the hypotenuse measures 40 cm. What is the approximate area of the triangle? Round to the nearest tenth. Area of a triangle = 1/2bh а​

Answers

Answer:

A≈ 268.76 sq cm.

Step-by-step explanation:

sine 27 = opposite side/hypotenuse

sine 27 = x/40

sin 27(40) = x

18.15961999 =x

18.16 = x

A = 1/2(29.6)(18.1596199)

A = 268.7623759

A≈ 268.76 sq cm.

Which of the following triangles could lie on the graph with the same rise over run in Question # 3?
A. A triangle with a rise of 10 and a run of 30
B. A triangle with a rise of 30 and a run of 10
C. A triangle with a rise of 10 and a run of 40
D. A triangle with a rise of 2 and a run of 5

Answers

Answer:

B.

Step-by-step explanation:

B: A triangle with a rise of 30 and a run of 10

Simplify the following.
can someone pls help 25+ Points And BRAINLIEST.
I know the answer so give step by step explanation.​

Answers

Answer:

(2f-17h)/24k

Step-by-step explanation:

We can make the common denominator for 3k and 8k in the form of 24k, so we get (multiply the first fraction by 8 and the second one by 3 to get 24k on each denominator) (8f-32h)/3k-(6f-15h)/24k. Now we can just subtract the numerators :

8f-32h-6f+15h (sign gets flipped on 6f and 15h), so we get

(2f-17h)/24k

2x+3y=5x-y solutions

Answers

Question:

[tex]2 \times + 3y = 5x - y[/tex]

Solution:

[tex]2 \times + 3y = 5x - y

[/tex] Move the variables to the left

[tex]2 \times + 3y - 5 \times + y = 0[/tex]

Collect like terms

[tex] - 3 \times + 4y = 0[/tex]

Change the signs

Answer:

[tex]3 \times - 4y = 0[/tex]

A gym is offering a deal to members. Customers can sign up by paying a registration fee of $100 and $28 per month. The function that models this situation is c(m) = 28m + 100, where m is the number of months and c(m) is the cost of becoming a member.
Determine:
6. the shape of the graph



7. the independent and dependent variables


8. the domain and range


9. Interpret the slope and y-intercept values


10. How much will the membership cost for a whole year?

Answers

6) The equation given is written in standard form of writing the equation of a line y = mx + b

Hence the shape of the graph that denotes the equation c(m) = 28m + 100 is a straight line

7) The independent variable is a variable that can stand alone while the dependent variable is depending on all other variables in an expression.

From the given equation c(m) = 28m + 100, the independent variable is (m) while the dependent variable is c(m)

8) The domain is the input value for which the equation exists while the rage is the output value for which the equation exists. For the given expression, the value of the expression will exist at a point where c(m) > 0

28m + 100 > 0

28m > -100

m > -100/28

m > --25/7

The domain is m > -25/7 while the range is c(m) > 0

9) The comparing the equation with y = xm+ b

where x is the slope

28m = mx

x = 28

This shows that the rate of change of cost per member is $28

The y-intercept is the point where the number of months is 0

If m = 0

c(0) = 28(0) + 100

c(0) = 100

The initial cost of membership in the first month is $100

10) Given the formula c(m) = 28m + 100

For a whole year, m = 12

c(12) = 28(12) + 100

c(12) = 336 + 100

c(12) = 436

Hence the membership will cost $436 for the whole year

Learn more here:  https://brainly.com/question/17003809

30 x 50 x 60 - 100 +150

Answers

90000-100+150
90000+50
90050

What is the measure of _____?​

Answers

Answer:

95 degrees

Step-by-step explanation:

The sum of all the angles need to come to 360 degrees. We already have 2 90 degree angles, together 180 degrees. Subtract from 360 to get 180, so we know the other two angles together need to equal 180. x + x + 10 = 180

Add common terms, then subtract 10: 2x = 170

Divide by 2: x = 85

So angle F is 85 + 10, or 95 degrees.

At a picnic, 12 people shared 4 large sandwiche
equally. How much of a sandwich did each
person get to eat?

Answers

Answer:

1/3

Step-by-step explanation:

Answer:

each person ate 1/3 of a sandwich

Step-by-step explanation:

Marion and Stefan played a game called "Go." Marion won five times the difference between the number of games Stefan won and the number four. If Marion won fifteen games, then how many games did Stefan win?

Answers

Answer:

7

Step-by-step explanation:

Assume Stefan won x games,

Marion would win: 5(x-4) games,

5(x-4)= 15

5x-20= 15

5x= 15+20

5x= 35

x= 7.

linear equations

1. 4= x + 2
2. 6= x-3
3. 7= a + 4
4. 6= x - 7
5. 1= c - 2
6. 5= s + 2
7. x + 3=10
8. c + 4= 4
9. 3= b + 2
10. 6 + c= 10
11. 7= x + 3
12. x + 1= 9
13. x + 3= 15
14. y -6 = 4
15. x - 7 = 4
16. 6= x - 4
17. x - 4 = 2
18. x - 9 = 2​

Answers

1. x = 2
2. x = 9
3. a = 3
4. x = 13
5. c = 3
6. s = 3
7. x = 7
8. c = 0
9. b = 1
10. c = 4
11. x = 4
12. x = 8
13. x = 12
14. y = 10
15. x = 11
16. x = 10
17. x = 6
18. x = 11

What is the slope for M(4,-8 negative) N(6,-1 negative)

Answers

Answer:

m=7/2

Step-by-step explanation:

100 if u get this right!

Answers

The slope of the line is 4/3. It is already written as an improper fraction. It can’t be written as a proper fraction, as it will always be over the limit, making it improper. And it can’t be a integer, since it’s not a whole number. Leave it as 4/3. :)

Hope this helps!!

(I’m really sorry if I’m wrong.)

Answer:

y = m x

m = slope

Here m = 4/3

,*,slope is 4/3

Solve the equation 5.3g + 9 = 2.3g+ 15
a. Find the value of g

Answers

Answer:

g=2

Step-by-step explanation:

5.3g+9=2.3g+15

5.3g-2.3g=15-9

3g=6

g=6÷3

=2

Answer:

g = 2

Step-by-step explanation:

5.3g + 9 = 2.3g + 15

Subtract 2.3g from both sides

3g + 9 = 15

Subtract 9 from both sides

3g = 6

Divide both sides by 3

g = 2

PLEASE HELP! NEED IT NOW!
Calculate the circumference and area of a circle with the given measure. Use 3.14 for p.
a. radius = 3 cm
b. diameter = 4 ft

Answers

Answer:

ok

Step-by-step explanation: 3cm i believe

Two thousand four hundred sixty-three tickets were sold for a 2-day basketball
tournament. For the first day of the tournament, 1,087 tickets were sold. How many
tickets were sold on the second day of the tournament?

Answers

Answer:

Step-by-step explanation:

1376!

Answer:

yeah it's 1367

Step-by-step explanation:

I did the math!!!!

Esitmate 242 PLEASEEEEEEEEE I NEED THIS

Answers

Estimating the value of 242+32
Round up the number 242 to 240.
240+32
Round up the number 32 to 30.
240+30
Add 30 to 240.
270
242+32≈270
The Estimated Value of 242+32 is 270.

help lol

The FOIL method helps you remember how to multiply each term in one ____________ by each term in the other ____________.

Answers

The FOIL method helps you remember how to multiply each term in one binomial by each term in the other binomial.

What is FOIL method?

FOIL is the standard method of multiplying two binomials.

The word FOIL is an acronym for the four terms of the product:

First (“first” terms of each binomial are multiplied together)Outer (“outside” terms are multiplied—that is, the first term of the first binomial and the second term of the second)Inner (“inside” terms are multiplied—second term of the first binomial and first term of the second)Last (“last” terms of each binomial are multiplied)

We try to explain this using an example.

[tex]= (2x+1)(3x+ 5)\\\\=(2x * 3x) + (2x * 5) + (1* 3x) + (1 *5)\\\\= 6x^{2} + 10x + 3x + 5\\\\= 6x^{2} + 13x + 5[/tex]

Learn more about FOIL method here

https://brainly.com/question/27785127

#SPJ2

A size 8 kids shoe measures 9 2/3 inches. if 5 size 8 shoes are lined end to end, then bow many inches will they cover?

Answers

Answer:

48 1/3 inches

Step-by-step explanation:

Each size 8 shoe measures 9 2/3 inches. If we line 5 of them together, the length of the entire thing will be 5 times the size of each shoe, 9 2/3 in. To write 5 as a fraction, put it over a denominator of 1. Then rewrite 9 2/3 as an improper fraction. Now you can multiply across and simplify as needed.

Answer:

the person below is correct

Step-by-step explanation:

hope this helps have a good rest of ur night :)❤

40 pts & Brainliest to first Correct. PLZ HELP ASAP

Answers

Answer: [tex]16x^4y^2a^6[/tex]

Step-by-step explanation:

just apply to the power of 2 to every term

-4 times -4 is 16

x^2 to power of 2 is 2 times 2 so x^4

y^2 is y^2

a^3 to power of 2 is 3 x 2 = 6 so a^6

16x^4y^2a^6

Answer:

16x^4y^2a^6

Step-by-step explanation:

Do this step by step

16x^4y^2a^6

Please give brainliest!

Find the perimeter. Simplify your answer.
Please help me!

Answers

W-6 + w-6 + 1 +1

2w - 12 + 2

2w - 10 units. Hope this helped

In a standard deck of 52 playing cards, 13 cards are clubs, and 3 of the clubs are "face" cards (K, Q, J). What is the probability of drawing one card that is:


A) A club or a face card? Is this event a union or an intersection?


B) A club and a face card? Is this event a union or an intersection?


C) Not a club and not a face card?

Answers

A) This event is a union. If a card is of the suit of clubs or a face card or both, then it belongs to the set of "cards with clubs or a face".

For the probability in question, we use the inclusion/exclusion principle:

P(club or face) = P(club) + P(face) - P(club and face)

That is, we add the probabilities of drawing a club and of drawing a face card, and subtract the probability of both conditions being met because, in a certain sense, we've double-counted the event of the card being both of clubs and a face. The sets "club" and "face" are not disjoint; there is overlap between them.

Then we have

P(club) = 13/52

P(face) = 12/52

P(club and face) = 3/52

so that

P(club or face) = 13/52 + 12/52 - 3/52 = 22/52 = 11/26

B) This event is an intersection. If a card is of the suit of clubs and a face card, then it belongs to both the set of clubs and the set of face cards.

We already found the probability of the intersection above:

P(club and face) = 3/52

C) If a given card is not a club and not a face card, this is the same as saying the card is neither a club nor a face card. In other words,

P(not club and not face) = P(not(club or face))

and this probability is complementary to the probability that a card is either a club or face, which is to say

P(not(club or face)) = 1 - P(club or face)

Using the result from part (A), we have

P(not club and not face) = 1 - 11/26 = (26 - 11)/26 = 15/26

types of vertical mirrors​

Answers

Answer:

Rectangle.

Round.

Arched.

Novelty.

Square.

Oval.

Octagon.

Sunburst.

Hope this is what you're looking for :)

Brainliest please

Find the perimeter. Simplify the answer

Answers

Answer:

10s-14

Step-by-step explanation:

Perimeter of rectangle = 2s+2(4s-7)

                                      = 2s+8s-14

                                      = 10s-14

= > Perimeter of rectangle = 2(l + b)

= > 2(s + 4s - 7)

= > 2(5s - 7)

= > 10s - 14...ans

Step-by-step explanation:

Hope it Helps you!!

Six children collect 45 pencils. 20% of the pencils need sharpening. How many pencils need
sharpening?

Answers

Answer:

9

Step-by-step explanation:

45*2/10=45*1/5=9

Answer:

9

Step-by-step explanation:


A car driver takes a trip from his house across the country. After two days he has traveled 80
miles. Fill out the table below to show the relationship between days, x, and miles traveled, y.
Miles, y
Days, x
1
2
3
6
8

Answers

40, 80, 120, 240, 320

Anwser:
80y per 2x
explanation:
It was right for me

Suppose a spherical balloon is inflated at the rate of 10 cubic centimeters per minute. How fast is the radius of the balloon increasing when the radius is 5 cm

Answers

Answer: The radius increases by 0.032 cm/minute.

Step-by-step explanation:

The volume, V, of a sphere is V = (4/3)πr^3.

For the volume to increase at a rate of 10cc (cubic centimeters) per minute, the radius must increase such that the additional radius (r)^3 = 10

V = (4/3)πr^3

V = (4/3)π5^3

V = 524 cc

We add 10 cc to have the balloon hold 544 cc.  We calculate the increase in radius:

534=(4/3)*pi*x^3

We can now calculate the new radius, x.

x = 5.032 cm

The radius increased by 0.032 cm/minute.

Other Questions
9) Observe the halogens. Fluorine and chlorine are gases, bromine is a liquid, andiodine is a solid all at room temperature.Distinguish between these differences in phase.A) From Fluorine to lodine, the number of electrons increases.This allows the intermolecular forces to strengthen fromtemporary dipole (dispersion) forces to permanent dipoles.Therefore, iodine is a solid because it has the most electrons.B) From Fluorine to lodine, the nucleus gets larger. Moreneutrons, protons and electrons allow the atoms of theseelements to become more attracted to each other. This is alsothe reason that the halogens are diatomic naturally.) From Fluorine to lodine, the molecular mass increases. Withthe increase in mass, there is an increase in protons. This causesthe strength of the intermolecular forces between particles toincrease as well.D) From Fluorine to lodine, the molecular mass increases. Theelectron polarizability increases with the mass increase. In turn,this strengthens the temporary dipole (dispersion) forcesbetween particles Name two types of cases head in state courts and in the federal states. Name three countries that haveuranium listed as one of theirresources. You arrive at your first client meeting with Jaba's Smoothie Hut. Jaba's owner, Kim, has asked you to install a Wi-Fi network for his customers. Kim has told you that the store needs the following: Dedicated internet service with enough bandwidth to meet customer demand and run the store. Be cost effective (Kim does not want the most expensive or the cheapest). Customers will use Wi-Fi and the business will have 5 wired connections Select the correct package for the Jaba's Smoothie Hut:a. 20 Mbps service with 1 modem/Router, a 16 port switch, and 1 wireless access pointb. 100 Mbps service with 1 Modem/Router, a 24 port switch, 3 wireless access points (1 for office, 1 for retail, and 1 for outside) Part A: A store had a 20% offBlack Friday sale. One item wasoriginally $75. How much was it onsale for? Part B: if that same store gave an extra 10% off for using their credit card, whats the final cost of the item (not including tax) Which inequality is best represented by the following number line? Find the geometric mean between 18 and 7. Write your answer in radical form. 3 square root of 14 126 9 square root of 7 128 Read this excerpt from the article "Clemente's Impact Wanes in Puerto Rico 40 Years after His Death."St. Louis Cardinals catcher Yadier Molina, probably the top player among a diminishing Puerto Rican contingent in the majors, has taken up the cause of abused and disadvantaged kids through his foundation. Molina says the chance to live up to Clemente's legacy was a motivating factor.What can best be inferred from this excerpt?Yadier Molina hopes to achieve 3,000 hits.Yadier Molina admires Roberto Clemente.Yadier Molina is well known in Puerto Rico.Yadier Molina is the Cardinals best player. Which image represents a homogeneous mixture?Which image represents a heterogeneous mixture? there are 16 children and 24 adults what percent are children and what percent are adults If you wanted to conduct an experiment to find out which had more influence over people, genetics, or the environment, who would you probably use in your study? Select one:a.Fraternal twinsb.college studentsc.people with genesd.Identical twins please this is half my grade!!!Benjamin has a ladder that is 15 ft long. He wants to lean the ladder against a vertical wall so that the top of the ladder is 13.8 ft above the ground. What is the angle, rounded to the nearest tenth, that the ladder makes with the ground? Show your work2. What is the length of side YZ to the nearest tenth? Show your work.side XY is 11 feet, and angle Z is 35 degrees(this is a right triangle)3. What are the exact measures of the other two sides of the triangle? Use special right triangles ratios and show your work.Side AC is 14 feet, this is a right triangle, and angle A is 30 degrees Systems of elimination for2w-3q=83w-7q=7 The angle measurements in the diagram are represented by the following expressions. There are 60 students eating lunch in the cafeteria five-tenths of them brought lunches from home. How many students brought lunches from home? I need the answer URGENTLY brainliest for the first CORRECT and SCHOOL APPROPRIATE answer! The graph below shows the cost of purchasing two types of bird seedWhich seed mix is cheaper? f(c)=x-3xfind f (-8) please help asap!!!! will be marked as brainlist !! do not spam or u will be reported How would this diary entry differ from a autobiographical passage about the same event William sold half of his comic book collection then purchased 10 more. He now has 24 comic books . How many books did William begin with?