When you graduate college at the age of 20, you want to start saving up for retirement. if your investment pays a fixed apr of 8.5% and you want to have $500,000 when you retire in 45 years, how much would you need to deposit, at the beginning of each month, to reach this goal? a. $79.53 c. $81.98 b. $80.13 d. $82.65

Answer-

You need to deposit $80.13 at the beginning of each month, to reach this goal.

Solution-

We know that,

Where,

P = periodic payment

r = rate per period

n = number of period

Here,

Putting the values,

step-by-step explanation:

12: 00 p.m. to 7: 00 p.m. is a total of 7 hours.

4: 00 p.m. to 7: 00 p.m. is a total of 3 hours.

this means that from 4: 00 p.m to 7: 00 p.m. this represents 3/7 of what was lost from 12: 00 p.m. to 7: 00 p.m.

after knowing this, after doing 11,600 - 6,800 = 4,800

4,800 represents 3/7 of what was lost for 7 hours.

we then divide 4,800 by 3 which gets 1,600.

because we know that 1,600 represents 1/7 of how much water was lost, we just have to multiply by 7, which gets 11,200.   after adding 11,200 to how much water was left at 7: 00 p.m. which was 6,800. 11,200 + 6,800 = 18,000

this means that the pool originally had 18,000 gallons in the pool.

you can also check your work by doing 18,000 - 4(1600), which becomes           1800 - 6400 which gets you 11,600.

irrational, cannot