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ollegr [7]
3 years ago
8

Steven invests $20,000 in an account earning 3% interest, compounded annually for 10 years. Three years after Stevens's initial

investment, Evan invests $10,000 in an account earning 7% interest, compounded annually for 7 years. Given that no additional deposits are made, compare the amount of interest earned after the interest period ends for each account. (round to the nearest dollar
Mathematics
2 answers:
DerKrebs [107]3 years ago
7 0

The formula to find the amount is A=P(1+r)^{n}

here A is amount

P is the principal

'r' is the rate of interest

n is the number of years.

Case 1.

Stevan invests

P =$ 20,000

r = 3% = 0.03

n = 10 years

A= 20,000(1+0.03)^{10}= 26878.33

Hence the interest earned

= A - P = 26878.33 - 20000 = $6878.33

Case 2.

Evan invests

P = $10,000

r = 7% = 0.07

n = 7 years

A=10000(1+0.07)^{7} = 16057.81

Hence the interest earned

= A - P = 16057.81 - 10000 = 6057.81

Difference in the interest = 6878.33 - 6057.81 = $820.52

Rounded to the nearest dollar difference in interest = $821

Inga [223]3 years ago
6 0
Can you give us the answers for the question 

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A penny is tossed and a number cube is rolled. determine each probability.
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Answer:

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Step-by-step explanation:

Because a penny has two sides that is 50 percent and a cube 6 sides that's 16 percent. then you subtract 16 from 50 to get a 34 percent chance of probably.

5 0
1 year ago
A​ quality-control inspector examined 100 light bulbs and found 7 defective. At this​ rate, how many defective bulbs would there
anastassius [24]

Answer: 175 defective bulbs.

Step-by-step explanation:

1. Keeping on mind that the inspector examined 100 light bulbs and found 7 defective, you can calculate the number of defective bulbs that there would be in a lot of 2500 ​bulbs as following:

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- Then, you have:

\frac{100}{7}=\frac{2500}{x}

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x=175

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4 0
3 years ago
What is the answere answer because I want to know if I got it right
sattari [20]
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4 0
2 years ago
The solution for the system equations 8x-6y=-32 and -8x+5y=36
Ghella [55]

Answer:

x=47, y=68

Step-by-step explanation:

Add the two equations. Then we get

-y=-68

y=68

Substituting the value of y in the first equation,

8x-6(68)=-32

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x=47

6 0
2 years ago
If we solve h(x) = 36, one of the possible values of x is 1
Mademuasel [1]

Answer:

Step-by-step explanation:

(x+5)² = 36

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x = -5 ±6 = 1, -11

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