Jim and dianna want to save for their child’s college expenses. they find an annuity that pays 6% annual interest, compounded monthly.
if they invest in this annuity by contributing $300 per month for 10 years, how much money will they have for the college expenses?

future value = $49163.8

so required amount will be $491200 nearest $100

Step-by-step explanation:

given data

annual interest rate = 6 %

annuity = $300 per month

time period = 10 years

to find out

how much money will they have for the college expenses

solution

we know that effective rate will be

effective rate =

effective rate = 5 ×

number of payment = 12 × 10 = 120

so future value will be express as

future value = annuity ×   .........1

future value = 300 ×

future value = 300 × 163.8793  

future value = $49163.8

so required amount will be $491200 nearest $100

step-by-step explanation:

let

we know that

the y-intercept is the y-coordinate of the point when the value of x is equal to zero

so

the y-coordinate of the point a is the y-intercept

the answer part a) is

the value of y-intercept is

part b) find the slope m

we know that

the value of the slope is equal to

substitute the values

therefore

the answer part b) is

the value of the slope is equal to

the general answer is

the slope is

the value of y-intercept is

step-by-step explanation: