Saving Early Plan: Invest $350 at the end of each month for 15 years into an account paying 7.8% compounded monthly. Using the assumptions above, write down your answer to each of the following questions: Create the following table of values to find the amount available after 15 years for this investment plan (the table should be handwritten). Write N/A next to any variable that does not apply and write Solve next to the appropriate variable. Indicate the best formula to use to compute the amount available after 15 years. Substitute the values into the formula and compute how much money will be available after 15 years, Assume the amount available after 15 years is invested for the remaining years until retirement in an account paying 7.8% compounded monthly and that no additional annuity payments are made. Create the following table of values to find the amount available at retirement for this amount (the table should be handwritten). Write N/A next to any variable that does not apply and write Solve next to the appropriate variable. Indicate the best formula to use to compute the amount available at retirement. Substitute the values into the formula and compute how much money will be available at retirement Compute the amount of money you paid into the retirement account over the 46 years from the time you started saving, and Compute the total amount of interest earned over the entire 46 years of saving.
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
Saving Early Plan: Invest $350 at the end of each month for 15 years into an account paying 7.8% compounded monthly.
Using the assumptions above, write down your answer to each of the following questions:
-
Create the following table of values to find the amount available after 15 years for this investment plan (the table should be handwritten). Write N/A next to any variable that does not apply and write Solve next to the appropriate variable.
-
Indicate the best formula to use to compute the amount available after 15 years.
-
Substitute the values into the formula and compute how much money will be available after 15 years,
-
Assume the amount available after 15 years is invested for the remaining years until retirement in an account paying 7.8% compounded monthly and that no additional annuity payments are made. Create the following table of values to find the amount available at retirement for this amount (the table should be handwritten). Write N/A next to any variable that does not apply and write Solve next to the appropriate variable.
-
Indicate the best formula to use to compute the amount available at retirement.
-
Substitute the values into the formula and compute how much money will be available at retirement
-
Compute the amount of money you paid into the retirement account over the 46 years from the time you started saving, and
-
Compute the total amount of interest earned over the entire 46 years of saving.
Step by step
Solved in 2 steps
