As part of your retirement, you wish to generate $2,000 monthly payments for a 15-year period. The annual interest rate is 5%. What minimum amount is necessary to fund these payments?

$962.0

Step-by-step explanation:

The formula for amount is ;

where

A= amount at the end of the period= $2000

P=minimum amount necessary to fund the payments

r= annual interest rate = 5% = 0.05

n= number of compounding per year , 1

t= time period = 15 years

Applying the values to the formula as;

93.8

step-by-step explanation:

lets say, first number = x

second number = 3x+7

total = 49

(x)+(3x+7)= 49

4x+7 = 49

4x = 42

x = 42/4

x= 10.5

x= 10.5

3x+7 = 3(10.5)+7 = 93.8

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