you would like to have $20,000 saved in 4 years. you decide to make payments at the end of each month into an account earning 5.9% interest per year compoundied monthly for the next 4 years in order to accumulate the desired amount. what size payments should be made? how much toral interest did they earn on the investment over 4 years?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
you would like to save for a car. you would like to have $20,000 saved in 4 years. you decide to make payments at the end of each month into an account earning 5.9% interest per year compoundied monthly for the next 4 years in order to accumulate the desired amount. what size payments should be made? how much toral interest did they earn on the investment over 4 years?
The formula for annuity is given by .
Here,
A is the final amount received at the end.
p is the payment to be deposited each month.
r is the annual rate of interest.
k is the number of compounding periods in an year.
n is the total number of years.
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