Item 5 Item 5 You are earning an average of $47,400 and will retire in 10 years. If you put 20% of your gross average income in an ordinary annuity compounded at 7% annually, what will be the value of the annuity when you retire?

the value of the annuity when you retire is $130919

Step-by-step explanation:

We would apply the future value which is expressed as

FV = C × [{(1 + r)^n - 1}/r]

Where

C represents the yearly payments.

FV represents the amount of money

in your account at the end of 10 years.

r represents the annual rate.

n represents number of years or period.

From the information given,

r = 7% = 7/100 = 0.07

C = 20/100 × 47400 = $9480

n = 10 years

Therefore,

FV = 9480 × [{(1 + 0.07)^10 - 1}/0.07]

FV = 9480 × [{1.967 - 1}/0.07]

FV = 9480 × 13.81

FV = $130919

answer: the answer is 35%

mr. flanders’ class sold 47 doughnuts and   mr. rodriquez’s class sold 38 cartons of milk

step-by-step explanation:

let x be the number of doughnuts sold by mr. flanders’ class and y be the number of cartons sold by mr. rodriquez’s class.

1. together, the classes sold 85 items, then

x+y=85.

2. both classes earn earned $104.49 for their school. if doughnuts were sold for $1.35 each, then x doughnuts costed $1.35x. if cartons of milk were sold for $1.08 each, then y cartons costed $1.08y. hence,

1.35x+1.08y=104.49.

3. solve the system of two equations: