You would like a yearly annuity of $6,000 for 10 years at a 4% annual interest rate. How much do you need to invest initially to achieve this goal

Initial investment= $48,665.37

Explanation:

Giving the following information:

You would like a yearly annuity of $6,000 for 10 years at a 4% annual interest rate.

First, we need to calculate the future value using the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual payment

FV= {6,000*[(1.04^10) - 1]} / 0.04

FV= $72,036.64

Now, the initial investment:

PV= FV/(1+i)^n

PV= 72,036.64 / (1.04^10)

PV= $48,665.37

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

the correct answer for apex is “ doubling a recipe and figuring out how many cups of paint to use are both examples of using math skills”.