Dr. Porterfield a financial counselor guru informed Mr. Halpayne he needs $2,000,000 saved if he intends to retire with his wives (7 of them) and not be homeless in future. Calculate the present value Mr. Halpayne needs if he intends to retire in 20 years provided he invests in a financial plan that pays 5% interest compunded monthly.

9514 1404 393

  $737,289

Step-by-step explanation:

The future value of an investment P invested at rate r per year compounded monthly for t years is ...

  FV = P(1 +r/12)^(12·t)

We want to find P for the given future value, so we can solve for that:

  P = FV/(1 +r/12)^(12·t) = FV(1 +r/12)^(-12·t)

  P = $2,000,000(1 +.05/12)^(-240) = $737,289

Mr. Halpayne needs a present value of $737,289 to support his retirement.

let x be the money she spent so that she can earn the free t-shirt.

since, she already spent $112.49

⇒

also, as per the statement: jennifer must spend $250 or more in order to qualify for a free t-shirt at the store.

then,

we have an inequality i.,e

subtract 112.49 from both sides we get;

therefore, $137. 51 more money does jennifer need to spend so that she can earn the free t-shirt

whatare you sayig

step-by-step explanation: