Rafael just joined a new gym and signed up for a one-year membership. Membership fees can be paid in 12 monthly payments of $55, due at the beginning of each month or in one payment today. If the appropriate interest rate is 11%, how much should he pay today for the annual membership?

$628.01

Explanation:

For this question, we use the Present value function that is reflected on the attached spreadsheet

Provided that

Future value = $0

Rate of interest = 11%  ÷ 12 months = 0.916666%

NPER = 12 months

PMT = $1,55

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $628.01

$527.7.if the following was the question  $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?