10) You have $1,000 to invest for retirement and you plan to add $500 every year to the account. You find an account that pays 9% interest per year. How much will you have in your retirement account by the time that you retire in 54 years? a. $28,000.00 b. $30,520.00 с. $157,442.56 d. $682,526.75 е. $1,732,448.30
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
We will use the following notations
P : Principal amount ,
i : rate of interest per year ,
n : number of years,
: accrued amount after n years .
After 1 year ,
( as we plan to add $ 500 every year )
Now A1 will be the principal amount for the 2nd year ,
After the 2nd year ,
,
By using the above value of A1 , we get
Now A2 will be the principal amount for the 3rd year ,
After the 3rd year ,
,
By using the above value of A2 , we get
Considering the above discussion , we can see a pattern as follows :
........(1)
We shall prove above formula is correct , using Mathematical induction .
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