Resourcesdown chevron
Testimonials
Plans
Sign in
Sign up
Resourcesright arrow
Testimonials
Plans
Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Victoria is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.475%. If Victoria would like to end up with $15,000 after 26 months, how much does she need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer. A=d(((1+i)^(n)-1)/(i)) A= the future value of the account after n periods d= the amount invested at the end of each period i= the interest rate per period n= the number of periods Answer:

Victoria is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.475% 0.475 \% . If Victoria would like to end up with $15,000 \$ 15,000 after 2626 months, how much does she need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer.\newlineA=d((1+i)n−1i) A=d\left(\frac{(1+i)^{n}-1}{i}\right) \newlineA= A= the future value of the account after n n periods\newlined= d= the amount invested at the end of each period\newlinei= i= the interest rate per period\newlinen= n= the number of periods\newlineAnswer:

View step-by-step helpView step-by-step help
Homeright chevron icon
Math Problemsright chevron icon
Grade 7right chevron icon
Evaluate two-variable equations: word problemsright chevron icon

Full solution

Q. Victoria is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.475% 0.475 \% . If Victoria would like to end up with $15,000 \$ 15,000 after 2626 months, how much does she need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer.\newlineA=d((1+i)n−1i) A=d\left(\frac{(1+i)^{n}-1}{i}\right) \newlineA= A= the future value of the account after n n periods\newlined= d= the amount invested at the end of each period\newlinei= i= the interest rate per period\newlinen= n= the number of periods\newlineAnswer:
  1. Identify variables: Identify the variables from the problem to use in the formula.\newlineFuture value of the account, A=$(15,000)A = \$(15,000)\newlineMonthly interest rate, i=0.475%i = 0.475\% or 0.004750.00475 (as a decimal)\newlineNumber of periods, n=26n = 26 months\newlineWe need to find the monthly contribution, dd.
  2. Plug values into formula: Plug the known values into the formula to solve for dd.A=d×((1+i)n−1i)A = d \times \left(\frac{(1 + i)^{n} - 1}{i}\right)(\newline\)$15,000=d×((1+0.00475)26−10.00475)\$15,000 = d \times \left(\frac{(1 + 0.00475)^{26} - 1}{0.00475}\right)
  3. Calculate compound factor: Calculate the compound factor (1+i)n(1 + i)^{n}.(1+0.00475)26=(1.00475)26(1 + 0.00475)^{26} = (1.00475)^{26}
  4. Evaluate compound factor: Evaluate the compound factor.\newline(1.00475)26≈1.13047(1.00475)^{26} \approx 1.13047 (rounded to five decimal places for precision)
  5. Substitute compound factor: Substitute the compound factor back into the formula.\newline$15,000=d×(1.13047−10.00475)\$15,000 = d \times \left(\frac{1.13047 - 1}{0.00475}\right)
  6. Calculate numerator: Calculate the numerator of the fraction. 1.13047−1=0.130471.13047 - 1 = 0.13047
  7. Divide numerator by rate: Divide the numerator by the interest rate to find the value of the fraction.\newline0.13047/0.00475≈27.467370.13047 / 0.00475 \approx 27.46737 (rounded to five decimal places for precision)
  8. Solve for d: Solve for d by dividing the future value of the account by the value of the fraction.\newline$15,000/27.46737≈546.039\$15,000 / 27.46737 \approx 546.039 (rounded to three decimal places for precision)
  9. Round monthly contribution: Round the monthly contribution to the nearest dollar. \newlined≈$546d \approx \$546 (to the nearest dollar)

More problems from Evaluate two-variable equations: word problems

Question
This equation shows how the distance traveled by a car is related to the time spent driving. d=50t+10 d = 50t + 10 . The variable t t represents the time in hours, and the variable d d represents the distance in miles. How far does the car travel in 2 2 hours?
Get tutor helpright-arrow

Posted 10 months ago

Question
The equation shows how the cost of buying pencils is related to the number of pencils purchased. \newline c=0.5p+2 c= 0.5p+2 \newlineThe variable p p represents the number of pencils, and the variable c c represents the total cost. How much does it cost to buy 10 10 pencils?
Get tutor helpright-arrow

Posted 9 months ago

Question
This equation shows how the total score in a game is related to the number of points scored per level. s=100l+250 s = 100l + 250 . The variable l l represents the levels completed, and the variable s s represents the total score. What is the total score after completing 3 3 levels?
Get tutor helpright-arrow

Posted 7 months ago

Question
The equation shows how the amount of paint needed is related to the area to be painted. p=2a+5 p = 2a + 5 . The variable a a represents the area in square meters, and the variable p p represents the amount of paint in liters. How much paint is needed for an area of 8 8 square meters?
Get tutor helpright-arrow

Posted 7 months ago

Question
This equation shows how the total bill for a meal is related to the number of people sharing the meal. \newline b=15n+35 b = 15n + 35 \newlineThe variable n n represents the number of people, and the variable b b represents the total bill. What is the total bill for a meal shared by 4 4 people?
Get tutor helpright-arrow

Posted 9 months ago

Question
Poppy the dog weighs p p pounds, and Yumi the cat weighs y y pounds. If Poppy weighs 3636 more pounds than Yumi does, which of the following equations correctly describes the relationship between their weights?\newlineChoose 11 answer:\newline(A) p+y=36 p+y=36 \newline(B) p+36=y p+36=y \newline(C) p−y=36 p-y=36 \newline(D) y−p=36 y-p=36
Get tutor helpright-arrow

Posted 7 months ago

Question
Calvin and Melvin are two of Santa's elves. The number of toys they build is given by 11c+8m 11 c+8 m , where c c is the number of candy canes Calvin eats for breakfast and m m is the number of candy canes Melvin eats for breakfast. How many toys do they build when Calvin eats 55 candy canes and Melvin eats 33 candy canes for breakfast?
Get tutor helpright-arrow

Posted 7 months ago

Question
2w+4 2 w+4 \newlineCarly is cutting a piece of paper stock based on the width of a photo. The expression above describes the length of the paper stock, in inches, for a photo that is w w inches wide. If the photo is 88.55 inches wide, what is the length of the paper stock in inches?
Get tutor helpright-arrow

Posted 7 months ago

Question
Calvin and Melvin are two of Santa's elves. The number of toys they build is given by 11c+8m 11 c+8 m where c c is the number of candy canes Calvin eats for breakfast and m m is the number of candy canes Melvin eats for breakfast.\newlineHow many toys do they build when Calvin eats 55 candy canes and Melvin eats 33 candy canes for breakfast?\newlinetoys
Get tutor helpright-arrow

Posted 8 months ago

Question
The approval rating of a certain politician is changing at a rate of r(t) r(t) percent of the population per month (where t t is the time in months).\newlineWhat does ∫03r(t)dt \int_{0}^{3} r(t) d t represent?\newlineChoose 11 answer:\newline(A) The rate of change of the approval rating of the politician when t=3 t=3 months\newline(B) The average rate of change of the approval rating during the first three months\newline(C) The change in the percent of the population who approves of the politician during the first three months\newline(D) The percent of the population who approves of the politician when t=3 t=3 months
Get tutor helpright-arrow

Posted 7 months ago

View all (180)

Related topics

Algebra - Order of OperationsAlgebra - Distributive Property`X` and `Y` AxesGeometry - Scalene TriangleCommon MultipleGeometry - Quadrant