A customer deposits $1000 in a savings account that pays 5% interest compounded annually. How much money will the customer have
1 answer:
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The correct question is
<span>If you are paid $5.50/hour for mowing yards, and you take 3 1/3 hours to mow a yard, how much money are you owed
see the attached figure
we know that
3 1/3 hours-----> (3*3+1)/3----> 10/3 hours
Multiply </span>$5.50/hour by (10/3) hour
so
5.5*10/3----> $18.33
the answer is
$18.33
<span>If you are paid $5.50/hour for mowing yards, and you take 3 1/3 hours to mow a yard, how much money are you owed
see the attached figure
we know that
3 1/3 hours-----> (3*3+1)/3----> 10/3 hours
Multiply </span>$5.50/hour by (10/3) hour
so
5.5*10/3----> $18.33
the answer is
$18.33
Answer:
7.87 years
Step-by-step explanation:
#First we determine the effective annual rate based on the 9% compounded semi annual;
#We then use this effective rate in the compound interest formula to solve for n. Given that the principal doubles after 2 yrs:
Hence, it takes 7.87 years for the principal amount to double.