Monica deposited $26000 in an account that pays 4% interest compounded annually. How much money does she earn after 10 years?
1 answer:
Heres the formula for compound interest:
A=P(1+
)^nt
A is the amount over 10 years
P is the initial deposit ($26,000)
r is the annual interest rate (4% or .04)
n is the number of times that interest is compounded annually (1)
t is the number of years the money is invested (10 yrs)
A=26000(1+
)^(1)(10)
A=26000(1.04)^10
A=26000(<span>1.48024428492)
A=$</span><span>38,486.3514079
(Simplified she would have $38,486.35)</span>
A=P(1+
A is the amount over 10 years
P is the initial deposit ($26,000)
r is the annual interest rate (4% or .04)
n is the number of times that interest is compounded annually (1)
t is the number of years the money is invested (10 yrs)
A=26000(1+
A=26000(1.04)^10
A=26000(<span>1.48024428492)
A=$</span><span>38,486.3514079
(Simplified she would have $38,486.35)</span>
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Answer:
Step-by-step explanation:
We are asked to find the equation of a line in slope-intercept form. We are given a point and a slope, so we can use the point-slope formula.
In this formula, m is the slope and (x₁, y₁) is the point the line passes through. The slope of the line is 8 and it passes through the point (1, -6). Therefore,
- m= 8
- x₁= 1
- y₁= -6
Substitute these values into the formula.
Remember that 2 back to back subtraction signs are the same as an addition sign.
The line must be in slope-intercept form or y=mx+b (m is the slope and b is the y-intercept. We must isolate the variable y on one side of the equation. First, distribute on the right side of the equation. Multiply each term inside the parentheses by 8.
6 is being added to y. The inverse operation of addition is subtraction, so we subtract 6 from both sides of the equation.
The equation of the line in slope-intercept form is <u>y=8x-14</u>. The slope is 8 and the y-intercept is -14.