Since the price of aluminum is dropping at some point the extra 5 pounds you can collect per day does not give you more money and you should stop collecting. Let us find out how much money we will get for each extra day of collecting. Remember each day will give us 5 pounds more but the amount paid is 2 cents less per pound.
NOW: (150)(.80) = 120
1 day more of collecting: (155)(78)=120.90
2 days more (160)(76)=121.60
3 days more (165)(.74)=122.10
4 days more (170)(.72)=122.40
5 days more (175)(.70)=122.50
6 days more (180)(.68)=122.40
At 6 days more you see that the extra aluminum is not enough to make more money than the prior day because the price has dropped too much. This will continue. So, the best choice is to go 5 days more and make $122.50
Answer:
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Step-by-step explanation:
A=future amount
P=present amount
r=rate in decimal form
n=number of times per year to be compounded
t=time in years
so
P=200
r=0.06
n=1
t=6
evaluate to find A
A=283.704
round
A=$283.70
