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ivanzaharov [21]
2 years ago
13

Jim opens a savings account with $22,500. his account pays 3.5% interest compounded daily. at the end of 5.5 years, jim closes t

he account. how much interest does he earn? what is the total value of his account when he closes it?
Mathematics
1 answer:
Allushta [10]2 years ago
5 0
Answer:
$27,186.57

Step-by-step explanation:
Formula: starting cost(interest • 1)^time
First, we need to calculate the interest which in this case it would be 1.035(1+(3.5/100)) since it is increasing 3.5% each year. Then we can just plug the values into the formula to get:

22,500(1.035•1)^5.5 = 27,186.57
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viktelen [127]
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299-199.6 = 179.4


To check your answer (or another way to do it is) take 60% of 299 = 179.4
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sertanlavr [38]

Answer:

\boxed{ \bold{ \huge{ \boxed{ \sf{k = 3}}}}}

Step-by-step explanation:

\sf{4.5 + 1.5k = 18 - 3k}

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\longrightarrow{ \sf{1.5k + 3k = 18 - 4.5}}

Collect like terms

\longrightarrow{ \sf{4.5k = 18 -  4.5}}

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Divide both sides by 4.5

\longrightarrow{ \sf{ \frac{4.5k}{4.5}  =  \frac{13.5}{4.5} }}

Calculate

\longrightarrow{ \sf{k = 3}}

Hope I helped!

Best regards! :D

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