Answer:
the answer depends on which type of interest we use:
- simple interest rate = 24%
- compound interest rate = 26.82%
Step-by-step explanation:
the interest rate paid for holding the cards one month 1/50 or 2%.
to convert 2% monthly interest rate to a simple annual rate:
monthly rate x 12 months = 2% x 12 = 24%
now to convert 2% monthly interest rate to an annual rate (using compound interest):
- = (1 + r)ⁿ - 1
- = (1 + 0.02)¹² - 1 = 1.2682 - 1 = 0.2682 or 26.82%
in compound interest, earned interest earns even more interest by itself besides the interest earned by the principal.
Answer:
(x, y) = (8, -3)
Step-by-step explanation:
You can substitute for x in the first equation:
3(-3y -1) +3y = 15
-6y = 18 . . . . . add 3 and simplify
y = -3 . . . . . . . divide by -6
x = -3(-3) -1 = 8 . . . . find x using the second equation
The solution to this system of equations is (x, y) = (8, -3).
3x - y = 9
y = -2x + 11
3x - (-2x + 11) = 9
3x + 2x - 11 = 9
3x + 2x = 9 + 11
5x = 20
x = 20/5
x = 4
y = -2x + 11
y = -2(4) + 11
y = -8 + 11
y = 3
solution (where the lines intersect) is (4,3)
