Joe and Susan are both 40 years old and hope to have enough money saved to retire by the time they're 65. They deposit $6,000 each year into an account that pays 4% interest compounded annually. Use this information to complete the table.
Formula to Use
Account Balance in 20 years
Total Interest Earned
present value of an annuity
future value of a lump sum
future value of an annuity
$99,875
$112,253
$149,875
$249,875
$286,363

Formula: Future value of annuity

In 20 years: $249,875

Total Interest: $99,875

Step-by-step explanation:

Use the formula for future value:

FV =

P = $6,000

r = 0.04

n = 1

t = 25

FV =

FV = $249,875

To find the total interest earned, first find the total value of the deposit payments:

$6,000 annual payments for 25 years = 6,000 • 25

= $150,000

(I copied that explanation from somewhere else so its a little messed up. I just couldn't explain it properly. Hope this helps!)

walter needs to make at least 5 more cookies but no more than 40. 5 ≥ x ≥ 40;

step-by-step explanation:

walter has to make a minimum of 20 cookies. he already has 15 cookies made, so he must make 5 more to meet the minimum.

the maximum amount of cookies he can make is 55. he already has 15, so he has to make no more than 40 more cookies to meet the maximum.