Suppose that between the ages of 22 and 40, you contribute $3000 per year to a 401(k) and your employer contributes $1500 per year on your behalf. The interest rate is 8.3% compounded annually.
a.) What is the value of the 401(k) rounded to the nearest dollar after 18 years?
b.)Suppose that after 18 years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the 401(k). How much money to the nearest dollar, will you have in the plan when you reach 65?
c.) What is the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan?

Answers

Answer 1

The value of the 401(k) after 18 years is $173,526 , the value of the 401(k) at the age of 65 is $1,273,424 and the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan is $1,192,724

As per the given information, you contribute $3000 p.a. and your employer contributes $1500 p.a. to a 401(k)

So, the total amount contributed for 401(k) = $3000+$1500 = $4500 p.a.

This is a case of annuity because fixed amount is contributed each year.

Future value of an annuity is given by a formula = a [tex]\frac{(1+i)^{n} -1}{i}[/tex]    

Where, a = annuity = $4500

i = rate of interest = 8.3% p.a. or 0.083

n = no. of years or periods = 18

Now, substituting the values in the formula,

FV of Annuity =  4500 [tex]\frac{( 1+ 0.083)^{18}-1 }{0.083}[/tex]

 = 4500 [tex]\frac{4.2006 - 1}{0.083}[/tex]

= 4500 × 38.5614

= 173526.3

The future value of 401(K) after 18 years is $173,526

Now, After 40 years no contributions are made to the funds. Therefore, the future value at age 65 (after 25 years):

By applying compound interest formula, the future value = p × [tex](1+i)^{n}[/tex]

Here, p = present value or principal amount = $184,036

i = rate of interest = 8.9% or 0.089

n = no. of years or periods = 25

Substituting  the values:

Future value = $173526 × [tex](1+0.083)^{25}[/tex]

= 173526 × 7.34025

 = 1273724.22

You will have $1,273,424 in the plan at age 65.

Now, The difference between the amount of money you will have accumulated ate the age of 65 and the amount you

contributed (for 18years) in the plan = $1,550,956 – ($4500×18)      

= $1273724 - $81000

= $1,192,724

Hence, the value of the 401(k) after 18 years is $173,526 , the value of the 401(k) at the age of 65 is $1,273,424 and the difference between the amount of money you will have accumulated in the 401(k) and the amount you contributed to the plan is $1,192,724

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Related Questions

Express as a simplified fraction 5y - 20 = 0

Answers

Answer:

[tex]5y - 20 = 0 \\ 5y = 20 \\ y = \frac{20}{5} = 4[/tex]

your answer is 4

If KL = 3, KM = 8, and MN = 24, what is LN?

Answers

Answer: LN=29

Step-by-step explanation:

LN=LM+MN

KM=KL+LM

KM-KL=KL-KL+LM

LM=KM-KL

LN=KM-KL+MN

LN=8-3+24

LN=5+24

LN=29

A lifeguard walks around the perimeter of the lazy river ride. How far does the lifeguard walk?

Answers

The lifeguard walks around the perimeter which is 637.50 feet.

Perimeter is defined as the measure of sum all sides of a 2 dimensional figure. To calculate the perimeter we add all the individual sides of a polygon. The perimeter of a square is the sum of all four sides.

Since a triangle has three sides, the perimeter of a triangle is calculated by adding the sum of all the three sides of the triangle.

In the given figure we can see that the triangle is isosceles and the measure of the sides of the triangle are 216.75 feet , 216.75 feet and 204 feet.

Now the lifeguard walks around the perimeter of the triangular lazy-river ride.

Therefore perimeter = 216.75 +216.75 + 204 = 637.50 feet

Hence the lifeguard walks the perimeter which is  637.50 feet.

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This is a question from Algebra 1, relating to symbolic representation. Please add an explanation to your answer. Thank you! I will mark you brainliest if you answer & explain!

Answers

What the given equation m = ((C + 200y) - 8000))/12y represents is as follows;

m is the amount of each monthly payment

C is the cost of the car

y is the length of loan in years

(C + 200y) - 8000) is the total amount she will repay

12y is the number of payments that she will make

How to interpret Compound Interest formula?

We know that the formula to get the compound interest is;

A = P(1 + r/100)ⁿ

Where;

A is Amount.

P is Principal

r is Rate of interest

n is time in years

Now, when we compare that to our formula given as;

m = ((C + 200y) - 8000))/12y

we can say that;

m is the amount of each monthly payment

C is the cost of the car

y is the length of loan in years

(C + 200y) - 8000) is the total amount she will repay

12y is the number of payments that she will make

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help pleaseeeeeeeeeeeeeeeeeeee

Answers

Answer:

V(x) = -1600x + 21,000

x (number of years)

Step-by-step explanation:

"advised "

(a). if x = 4 (replace x with 4)

Using the formula above

V(4) = -1600(4) + 21,000

= -6400 + 21,000

= $14600

Value of the car after four years is $14600.

(b). if x = 8 (replace x with 8)

Using the formula

V(8) = -1600(8) + 21000

= -12800 + 21000

= $8200.

Value of the car after eight years is $8200.

(c). V(10) = 5000

This is the value of the car after 10 years

Check.

V(10) = -1600(10) + 21,000

= -16000+21,000

= $5000.

Value of the car after 10 years is $5000.

Hope this helps >>>>

Christa had a music lesson every week for one year.
Each of the 52 lessons lasted for 45 minutes.
Calculate the total time that Christa spent in music lessons.
Give your time in hours.

Answers

Answer:

39 hours

Step-by-step explanation:

52 × 45 = 2340

2340 mins into hours = 39 hours

hope this helps :)

Here are four digits.
9648
Use three of these digits to write down the smallest possible 3-digit number.

Answers

Answer:

468

Step-by-step explanation:

use the smallest digit in the hundreds place , that is 4

use the next smallest digit in the tens place, that is 6

use the next smallest digit in the units place, that is 8

smallest 3- digit number is 468

Answer: 468

Step-by-step explanation:

Numbers are= 9,6,4,8

Now, rearrange all numbers according to weight,

4<6<8<9

The smallest possible 3-digit number will be 468

If JK = 8, IL =31, and JL = 25, what is IK?

Answers

Answer: IK=14

Step-by-step explanation:

IK=IJ+JK

IL=IJ+JL

IL-JL=IJ+JL-JL

IJ=IL-JL

IK=IL-JL+JK

IK=31-25+8

IK=6+8

IK=14

What is the equation of the line that is parallel to the given line and passes through the point (-3, 2)?​ is it d?

Answers

Answer: The answer would be 3x+4y=-17

Step-by-step explanation: The reason why that would be the answer is because when you substitute the coordinates into the equation you get -17 and their asking if it is parallel and they are!

Hope this helps :P

Write the quadratic function in standard form. f(x) = x^2 − 6x

Answers

The standard form of the given equation f(x) = 6x² − x + 1 is:

[tex]f(x)=6\left(x-\frac{1}{12}\right)^2-\frac{23}{24}[/tex]

What are quadratic functions?A quadratic function is one of the following: f(x) = ax² + bx + c, where a, b, and c are positive integers and an is not equal to zero. A parabola is a curve that represents the graph of a quadratic function. Parabolas can open up or down, and their "width" or "steepness" can vary, but they all have the same basic "U" shape.

So, f(x) = 6x² − x + 1:

We must convert this to standard form, which is provided by:

[tex]f(x)=a(x-h)^2+k[/tex]

Where x² is the co-efficient of the leading term and (h, k) is the curve's vertex (minimum and maximum point).

The formula h = -b/2a can be used to calculate h.

a = 6 and b = -1[tex]h=\frac{-(-1)}{2(6)}=\frac{1}{12}[/tex]

We can find k by determining f(h), as k=f (h).

[tex]\begin{aligned}&k=f\left(\frac{1}{12}\right)=6\left(\frac{1}{12}\right)^2-\frac{1}{12}+1 \\&k=\left(6 \times \frac{1}{141}\right)-\frac{1}{12}+1 \\&k=\frac{1}{24}-\frac{1}{12}+1 \\&k=\frac{1-2+24}{24}=\frac{23}{24}\end{aligned}[/tex]

Therefore, the standard form of the given equation f(x) = 6x² − x + 1 is:

[tex]f(x)=6\left(x-\frac{1}{12}\right)^2-\frac{23}{24}[/tex]

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The correct question is given below:

Write the quadratic function in standard form.

f(x) = 6x² − x + 1

Henry and Emma want to buy a total of 2.5 yards of fabric. The fabric costs $6.44 per yard. How much will each pay if they want to split the cost evenly?

$16.10
$14.10
$8.05
$4.03

Answers

Answer: 14.10

Step-by-step explanation: If you want to do this correctly you have to be able to have the probity and multiply the answer by the question.


Explain why it is not reasonable to say that 6.32 is less than 6.235 because 6.32 has
fewer digits after the decimal point than 6.235.( Use the process of comparing
numbers to help you with your explanation

Answers

The number of digits attached to the number is irrelevant as long as we considering the first non-identical integer. For example:

[tex]6.32215 > 6.32214 \\ since \: 5 > 4[/tex]

Additionally some numbers are written with two decimals only, implying that there an infinite amount of unnecessary zeros attached at the end. For example:

[tex]6.32 = 6.320000000000000000...[/tex]

Now a more clear approach would be to compare these two numbers after attaching these zeros.

[tex]6.3200000000... \\ 6.2350000000...[/tex]

Comparing the first three digits,

[tex]320 > 235 \\ 6.32 > 6.235[/tex]

For each of the following, evaluate or solve, assuming that the function is one-to-one.

Answers

Where’s the image??????????

A meteor crater is 3300 feet in diameter. Approximate the distance around the crater. Use 3.14 for π.

Answers

Answer:

10362

I found it from somewhere

The table shows the relationship between x-values and y-values. Which of the following statements is true?

Answers

Answer:

When faced with this question as multiple choice, you can either try to verify that one of the answers is true, or you can try to solve for the answer and compare to the choices. Your challenge during a multiple choice test is to identify the fastest possibility so that you can go on to the next problem.

In this case neither choice takes any significant amount of time. You can verify which equation is satisfied by any two points in the table very quickly.

Or you can notice that the equations are all linear and then take two points and solve for the equation of the line between them.

In either case, answer C quickly reveals itself as correct.

Step-by-step explanation:

Sean mixes coconut oil with several other ingredients to make homemade toothpaste for his dog Rocky. He uses 1/2 cup of coconut oil to make 2/3 cup of toothpaste.

Answers

Yes because 1/2 2/3 add it all up

Find the x-intercept and y-intercept from the graph below.

Answers

Answer:

Step-by-step explanation:

First choice

to find x intercept, substitute y = 0.

where it cuts the y axis is -55

similarly, where it cuts the x-axis is 25

anser is x-int (-55,0) u - int (x,25)

X-int (0,25) y-int(-55,0)

Using the​ graph, find the following values of the function.

Select the correct choice below​ and, if​ necessary, fill in the answer box to complete your choice.

Answers

Answer:

f(1) = 1

f(4) = -2

f(0) = 2

Step-by-step explanation:

y = f(x)

Miles has a square garden in his backyard. He decides to decrease the size of the garden by 1 foot on each side in order to make a gravel border. After he completes his gravel border, the area of the new garden is 25 feet2. In the equation (x - 1)2 = 25, x represents the side measure of the original garden.



The length of each side of the original garden was
feet.

The area of the original garden was
feet2.

Answers

The original garden was 6 feet long on each side. The original garden's footprint measured 36 feet.

How would you define Area?

Area is the entire amount of space occupied by a flat (2-D) surface or an object's shape. On a sheet of paper, draw a square using a pencil. It has two dimensions. The area of a shape on paper is the area that it occupies. Consider your square as being composed of smaller unit squares.

Using the information provided,

(x-1)²=25

(x-1)=5

x=6

6x6=36 feet²

The original garden had six sides that were the same length.

The original garden covered 36 feet of space.

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Answer:

6 ft & 36ft

Step-by-step explanation:

what ratio is equivalint to 3:1

Answers

Answer:

3:1 = 6:2 = 12:4

Hope this helps :)

Answer:

3.1=12.4

Step-by-step explanation:

12.4

12/12+4=12/16=3/4.

so 3.1=12.4

The lowest form of this fraction 75/100

Answers

75/100 expressed in the simplest fraction is 3/4. Your welcome have a good day

Compute ⌈x⌉ and ⌊x⌋ for the following value of x. 71.999

Answers

The floor and ceiling functions of 71.999 returns ⌈x⌉ = 71 and ⌊x⌋ = 72.

What is the Floor and Ceiling Functions?

By definition, the ceiling function returns the smallest nearest integer which is greater than or equal to the specified number whereas the floor function returns the largest nearest integer which is less than or equal to a specified value.

Thus, the Floor function ⌊x⌋ of 71.999 returns 71 which is less than 71.999. Meanwhile, the ceiling function  ⌈x⌉ of 71.999 returns 72 which is greater than 71.999.

Thus, we conclude that the floor and ceiling functions of 71.999 returns ⌈x⌉ = 71 and ⌊x⌋ = 72.

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Carlos’ pay stub is shown. What is his net pay? Round to the nearest cent. Gross Pay-$1,800.00
Medicare-$26.10
Social Security (6.2%)-?
Federal Withholding Income Tax (19%)-?

Answers

By subtracting the taxes from the gross pay we can see that Carlos' net pay is $1,500.30

How to find Carlos' net pay?

We know that the gross pay is $1,800, now we need to subtract the social security and taxes.

First, there is a 6.2% and 19% in taxes, adding that we get:

6.2% + 9% = 15.2%

Then we need to subtract a 15.2% of the gross pay, this will give:

P = $1,800*(1 - 15.2%/100%) =  $1,800*(0.848) = $1,526.40

And now we also need to subtract the Medicare, which is $26.10, it gives:

$1,526.40 - $26.10 = $1,500.30

We conclude that Carlos' net pay is $1,500.30

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In the figure, m ∠ 7 = 100 ° . Find the measure of ∠ 8 .

Answers

In the figure, m ∠ 7 = 100 °. The measure of angle 8 is 80°

What do you mean by an angle?

An angle is a figure in the Euclidean geometry made up of two rays that share a common terminal and are referred to as the angle's sides and vertices, respectively. Angles created by the two rays are in the plane where the rays are located. The meeting of the two planes also creates angles. We refer to these as the dihedral angles. The angle formed by the rays lying perpendicular to the two crossing curves at the point of junction is another property of the intersecting curves.

Angle can also refer to length of a rotation or an angle. This metric represents relationship between a circular arc's length and radius. The arc is centered at the vertex and defined by sides in the case of a geometric angle. When there is a rotation, the arc is defined by any other point and rotation's image, and it is centered at the rotation's center.

Given,

∠7 = 100°

According to the given figure,

∠7+∠8= 180°

100°+ ∠8= 180°

∠8= 180°- 100° = 80°

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The weight of an organ in adult males has a bell-shaped distribution with a mean of 340 grams and a standard
deviation of 35 grams. Use the empirical rule to determine the following.
(a) About 68% of organs will be between what weights?
(b) What percentage of organs weighs between 235 grams and 445 grams?
(c) What percentage of organs weighs less than 235 grams or more than 445 grams?
(d) What percentage of organs weighs between 270 grams and 375 grams?

Answers

According to the empirical rule, there are a answers of the given statement.

According to the statement

We have to find that the answers of the given statement.

So, For this purpose, we know that the

The empirical rule is a statistical rule which states that for a normal distribution, almost all observed data will fall within three standard deviations (denoted by σ) of the mean or average (denoted by µ).

From the given information:

The mean of 340 grams and a standard deviation of 35 grams.

Then

a) About 68% of organs weight between:

According to the empirical rule:

68% of the information values lie within 1 variance of the mean

95% of the info values lie within 2 variance of the mean

99.7% of the information values lie within 3 variance of the mean

Thus, 68% of the information values consist the range: Mean - 1 variance to Mean + 1 variance.

Using the values of Mean and variance, we get:

Mean - 1 variance = 320 - 20 = 300 grams

Mean + 1 variance = 320 + 20 = 340 grams

This means 68% of the organs will weigh between 300 and 340 grams.

And

b) In order to search out what percentage of organs weight between the given range, we'd like to seek out what proportion far these values are from the mean.

Since, mean is 320 and 280 is 40 but mean, we will write:

280 = 320 - 40

280 = 320 - 2(2)

280 = 320 - 2 Standard Deviations

Similarly,

360 = 320 + 40

360 = 320 + 2 Standard Deviations

So, we've got to inform what percentage of values lie within 2 variance of the mean. in step with the empirical law, this amount is 95%.

So, 95% of the organs weigh between 280 grams and 360 grams.

And

c) From the previous part we all know that 95% of the organs weight between 280 grams and 360 grams.

It is on condition that the distribution is bell shaped. the full percentage under a bell shaped distribution is 100%. So so as to calculate what proportion percentage of values are below 280 and above 360, we'd like to subtract the proportion of values that are between 280 and 360 from 100% i.e.

Percentage valuable outside the range = 100% - Percentage of values inside the range

So,

Percentage of organs weighs but 280 grams or over 360 grams = 100 - Percentage of organs that weigh between 280 grams and 360 grams

Percentage of organs weighs but 280 grams or quite 360 grams = 100% - 95% = 5%

So, 5% of the organs weigh but 280 grams or over 360 grams.

And

D) 300 is 1 variance below the mean and 360 is 2 standard deviations above the mean.

Previously it's been established that, 68% of the info values lie within 1 variance of the mean i.e

From 1 variance below the mean to 1 variance above the mean, the share of values is 68%. Since the distribution is bell shaped and bell shaped distribution is symmetric about the mean, therefore the percentage of values below the mean and above the mean must be the identical.

So, from 68% of the information values that are within 1 variance from the mean, 1/2 them i.e. 34% are 1 variance below the mean and 34% are 1 variance above the mean. Thus, percentage of values from 300 to 320 is 34%

Likewise, data within 2 standard deviations of the mean is 95%. From this half the information i.e. 47.5% is 2 standard deviations below the mean and 47.5% is 2 standard deviations above the mean. Thus, percentage of values between 320 and 360 grams is 47.5%

So,The total percentage of values from 300 grams to 360 grams = 34% + 47.5% = 81.5%

Therefore, 81.5% of organs weigh between 300 grams and 360 grams.

So, According to the empirical rule, there are a answers of the given statement.

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A party planner is making gift bags for an event. He has 96 pencils,
36 erasers, and 24 pencil toppers. Each bag needs to have the same number
of each object. What is the greatest number of gift bags that the party
planner can make? How many of each item are in each bag?

Answers

Considering the greatest common divisor, you obtain:

the greatest number of gift bags that the party planner can make is 12.the number of each item present in each bag is 8 pencils, 3 erasers and 2 pencil toppers.

Greatest common divisor

The greatest common divisor is the largest number that exactly divides two or more numbers at the same time. That is, it is the largest number by which two or more numbers can be divided, resulting in a whole number.

A method to calculate the greatest common factor must follow the following steps:

Decompose or separate each number into prime factors.Common factors are noted.In each of the commons, the factor with the smallest exponent is chosen.Multiply the chosen factors.

This case

To find the greatest number of gift bags the party planner can make, you find the greatest common divisor.

To do this, decompose the numbers 96, 36 and 24:

96= 2⁵×336= 2²×3²24= 2³×3

The common factors with the smallest exponent are: 2² and 3

So, the greatest common divisor between 96, 26 and 24 is calculated as: 2²×3= 4×3= 12

This means that the greatest number of gift bags that the party planner can make is 12.

To calculate the number of each item present in each bag, you divide the quantity of each item by the quantity of gift bags:

96 pencils÷ 12= 8 pencils36 erasers÷ 12= 3 erasers24 pencil toppers÷ 12= 2 pencil toppers

Finally, the number of each item present in each bag is 8 pencils, 3 erasers and 2 pencil toppers.

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What value of a makes the following equation true?
a−8a=210
Enter your answer as a number, like this: 42

Answers

Let’s solve this with steps:

1. Combine like terms

a - 8a = -7a

2. Divide both sides by -7

-7a / -7 = a

210 / -7 = -30

3. Simplify

a = -30

Answer Recap: a = -30

Please help me with this question

Answers

Answer:

Step-by-step explanation:

f(x) = 1/x

am i crazy or is this problem actually hard?! please help

Answers

Answer:  its  correct

Step-by-step explanation:

11. Myrtle Gould's total sales last month were $180,700, and her commission was $5,040. She earns a
commission only on monthly sales over $50,000. Find her rate of commission to the nearest tenth percent.
South-Western Publishing
7
Chapter 1 Workbook

Answers

The rate of commission for a commission of $5040 on total sales of $180700 nearest to tenth percent will be 2.8 %.

What is commission rate ?

The commission rate is the percentage or fixed payment associated with a certain amount of sale.

It is given that , Myrtle Gould's total sales last month were of $180700. And the commission she got for the sales was $5040.

Here , the sale is above the criteria to get the commission which is $50000.

The rate of commission can be calculated as follows :

Rate of commission (R) = (5040 × 100)  / 180700

or

R = 504000 / 180700

or

R = 2.8 %

or

Rate of commission will be 2.8 %.

Therefore , the rate of commission nearest to tenth percent will be 2.8 %.

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