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Devan O.

Finance Major graduating from Drury University with 3.94 GPA

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Basic Math

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Question:

What is 30% of $20?

Devan O.

Answer:

30% = 0.3 So, 30% of $20 = 0.3 x $20 0.3 x $20 = $6. So, 30% of $20 is $6.

Finance

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Question:

Susan, the mother of John, wants to plan ahead for John's college. Susan figures that she will need $100,000 to pay for John's college. Susan will need the $100,000 when John turns 18 (John just turned 2). How much will Susan need to put into an account each month if the account returns 7% per year?

Devan O.

Answer:

N (# of payments) = 192 (16 years * 12 months) I/Y (return %) = 0.5833% (7% / 12) FV (future value) = $100,000 Pmt (monthly payment) = ? Using a financial calculator, the payment is calculated at -$283.89 This means Susan would need to put $283.89 a month into the account earning 7% return per year.

Algebra

TutorMe

Question:

Solve for x: 4(x + 2) + 1 = 15 - 2x

Devan O.

Answer:

The first step to simplifying this equation is distributing the 4 to the (x + 2). To do this, we must multiply the 4 with x = 4x and with 2 = 8. The equation is now 4x + 8 + 1 = 15 - 2x. To simplify further, let's get all of the x's on the left side. To do this, we must add 2x to each side (-2x + 2x = 0 and eliminates x's on the right side). We now have 6x + 9 = 15. Now to get the 9 to the right side, let's subtract both sides by 9. This leaves us with 6x = 6. To get x by itself, let's divide both sides by 6 (6/6 = 1) leaving the equation as x = 1. The answer to the equation is x = 1.

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