Tony saved enough money to place $125,500 in an investment generating 9.25% compounded monthly. he wants to collect a monthly income of $1,350, at the beginning of each month, for as long as the money lasts. how many months will tony have this income coming to him?

It will last for 161.70 months

Explanation:

we need to solve for n in an annuity-due

C  $1,350.00  

timen

rate9.25% annual -->0.0925/ 12 = 0.007708333

PV$125,500.0000  

[tex]-n= \frac{log0.288891951699477}{log(1+0.0077083)  

-n =-161.7057904

n = 161.7057

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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