How much should you invest at 3.9%simple interest in order to earn $90 interest in 4months
We can use the formula:
Simple interest = (Principal x Interest Rate x Time)
where Principal is the amount we need to find, Interest Rate is 3.9% (or 0.039 as a decimal), and Time is 4 months (or 4/12 = 1/3 as a fraction of a year).
Plugging in the values, we get:
$90 = (Principal x 0.039 x 1/3)
Simplifying the right side, we get:
$90 = (Principal x 0.013)
Dividing both sides by 0.013, we get:
$6,923.08 = Principal
Therefore, you should invest $6,923.08 at 3.9% simple interest in order to earn $90 interest in 4 months.
How much should you invest at 3.3% simple interest in or order to earn $50 interest in 18 months
We can use the formula:
Simple Interest = (Principal × Interest Rate × Time)
where the principal is the amount of money we need to find, the interest rate is 3.3%, Time is 18 months, and the Simple Interest is given as $50.
So, let's plug these values into the formula to find the principal:
$50 = (Principal × 0.033 × 18/12)
We can simplify the above equation as:
$50 = (Principal × 0.0495)
Now, we need to solve this equation for Principal:
Principal = $50/0.0495
Therefore, the Principal is $1,010.1010101…. ≈ $1,010.10
Hence, you should invest $1,010.10 at 3.3% simple interest to earn $50 interest in 18 months.
You have $500,000 for retirement account earns 9% interest how much can u pull out each month for 25 years
We can use the formula for an annuity to find how much you can withdraw each month for 25 years. The formula is:
PMT = (P × r) / (1 - (1 + r)^(-n))
where PMT is the payment (or the amount you can withdraw each month), P is the principal (or the amount you have saved for retirement), r is the interest rate per period (in this case, per month), and n is the total number of periods.
Here, P = $500,000, r = 9% / 12 = 0.0075, and n = 25 years × 12 months/year = 300 months.
Plugging in the values, we get:
PMT = ($500,000 × 0.0075) / (1 - (1 + 0.0075)^(-300))
Simplifying the right side, we get:
PMT = $3,943.21
Therefore, you can withdraw $3,943.21 each month for 25 years from a retirement account with a balance of $500,000 and an interest rate of 9%. However, keep in mind that this calculation assumes that you won't touch the principal balance, and that the interest rate will remain constant over the entire 25-year period.
You have $500,000 for retirement account earns 9% interest how much can u pull out each month for 20 years
Similar to the previous question, we can use the formula for an annuity to find out how much you can withdraw each month for 20 years. The formula is:
PMT = (P × r) / (1 - (1 + r)^(-n))
where PMT is the payment (or the amount you can withdraw each month), P is the principal (or the amount you have saved for retirement), r is the interest rate per period (in this case, per month), and n is the total number of periods.
Here, P = $500,000, r = 9% / 12 = 0.0075, and n = 20 years × 12 months/year = 240 months.
Plugging in the values, we get:
PMT = ($500,000 × 0.0075) / (1 - (1 + 0.0075)^(-240))
Simplifying the right side, we get:
PMT = $4,908.59
Therefore, you can withdraw $4,908.59 each month for 20 years from a retirement account with a balance of $500,000 and an interest rate of 9%. However, keep in mind that this calculation assumes that you won't touch the principal balance, and that the interest rate will remain constant over the entire 20-year period.