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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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Going back to circumference equation

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Answer:

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Step-by-step explanation:

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3 0
2 years ago
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chubhunter [2.5K]

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5 0
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Liam is making barbecue ribs over a fire. The internal temperature of the ribs when he starts cooking is 40°F. During each hour
Soloha48 [4]

Answer: You need to wait at least 6.4 hours to eat the ribs.

t ≥ 6.4 hours.

Step-by-step explanation:

The initial temperature is 40°F, and it increases by 25% each hour.

This means that during hour 0 the temperature is 40° F

after the first hour, at h = 1h we have an increase of 25%, this means that the new temperature is:

T = 40° F + 0.25*40° F = 1.25*40° F

after another hour we have another increase of 25%, the temperature now is:

T = (1.25*40° F) + 0.25*(1.25*40° F) = (40° F)*(1.25)^2

Now, we can model the temperature at the hour h as:

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statuscvo [17]

Answer: Two planes meet in exactly one point

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Step-by-step explanation:

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7 0
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