Math
In order to cover upfront expenses, Pinecrest Enterprises must be able to come up with $50 million of its own capital reserves. Presently, Pinecrest has $37 million in capital reserves available, and can add $1.5 million per month .
After how many months will Pinecrest Enterprises meet the reserve requirement? Round up to the next month.
OOPS
8
HINT
Find the formula for the amount the company has after n months. Hint: this can be expressed using an arithmetic sequence. Then, solve the appropriate equation when using this formula. Note that since the payments are made monthly, your answer must be an integer value.
asked by
Angela

people here check your ansers they dont give them to you
posted by Jojo

I don’t know how to set this problem up.
posted by Kim
Respond to this Question
Similar Questions

Math
In order to cover upfront expenses, Pinecrest Enterprises must be able to come up with $50 million of its own capital reserves. Presently, Pinecrest has $37 million in capital reserves available, and can add $1.5 million per month 
Math
In order to cover upfront expenses, Pinecrest Enterprises must be able to come up with $50 million of its own capital reserves. Presently, Pinecrest has $37 million in capital reserves available, and can add $1.5 million per month 
Math
In addition to using its own capital reserves for the development, Pinecrest Enterprises must have access to a line of credit. Robert, the manager of the local bank, is concerned about Pinecrest’s existing debt. The total debt 
Finance
Assume a bank has $5 million in deposits and $1 million in vault cash. If the bank holds $1 million in excess reserves and the required reserves ratio is 8 percent, what level of deposits are being held? 
Finance
A new bank has vault cash of $1 million and $5 million in deposits held at its Federal Reserve District Bank. a. If the required reserves ratio is 8 percent, what dollar amount of deposits can the bank have? b. If the bank holds 
math
please check my answers below and correct me if i am wrong please 1. At Lexi Corp., sales revenue is $20 million, the cost of goods sold is $14 million, operating expenses are $3 million, and income taxes are $1 million. What is 
finance
ATM Banc has the following liabilities and equity categories: Deposits $9 million, Other liabilities $4 million, Owners’ capital $2 million. . a. What would be the bank’s total liabilities and capital if owners’ capital were 
macroeconimics
A bank has $120 million in total assets, which are composed of reserves, loans, and securities. It’s only liabilities are $120 million in transactions deposits. The bank exactly satisfies its reserve requirement and its total 
finance
A bank has currency and coins equal to $20 million in its vaults. It has securities worth $10 million, has borrowings equal to $5 million, and has given out loans equal to $2 million. It also has deposits with the Federal Reserve 
macroeconomics
can anyone help with this question? What would happen to the money supply if the federal reserve made an open market sale of 5 billion worth of government securities to a private citizen. Assume that the bank with which the