2 years ago

What is the minimum amount of money i should be making per hour for 40 hours a week to have an income of $ 37,500 a year?

Mathematics

1 answer:

statuscvo [17]2 years ago

5 0

Answer:

$18.03 to nearest cent

Step-by-step explanation:

There are 52 weeks in the year so the weekly income = $37,500 / 52

So for a 40 hours week hourly pay = 37,500 / (52 * 40)

= $18.03 to nearest cent

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Find the amount of each payment to be made into a sinking fund which earns 9% compounded quarterly and produces $43 comma 000

Solnce55 [7]

Answer:

$2647.18

Step-by-step explanation:

Formula : $A[\frac{1+(\frac{r}{n})^{n}-1 }{(\frac{r}{n} )}]$

Future value = $43,000

r = rate of interest = 9% = 0.09

t = 3.5 years (compounded quarterly)

n = number of compounding (3.5 × 4) = 14

Now put the values into formula :

43000 = $A[\frac{1+(\frac{0.09}{4})^{14}-1 }{(\frac{0.09}{4} )}]$

$43000=A(\frac{(1+0.0225)^{14}-1}{\frac{0.09}{4}})$

$43000=A(\frac{(1.0225)^{14}-1}{0.0225})$

43000=A( $\frac{0.365483427}{0.0225})$

43,000 = A(16.243708)

A = $\frac{43000}{16.243708}$

A = $2,647.17883 ≈ $2647.18

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2 years ago