The total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
<h3>What is invested amount?</h3>
An investment is a payment made to acquire the securities of other firms with the intention of making a profit.
We are assuming the interest will be compounded annually
Where A = Final amount
P = Principal amount
r = annual rate of interest
n = how many times interest is compounded per year
t = How long the money is deposited or borrowed (in years)
We have:
P = $7000
r = 3% = 0.03
t = 10 years
n = 1
After calculating:
A = $9407.41
I = A - P = 9407.41 - 7000 = $2,407.41
Thus, the total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.
Learn more about the invested amount here:
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<h3>
Answer: y = (3/4)x + 13/4</h3>
This is the same as writing y = 0.75x + 3.25
slope is 3/4 = 0.75
y intercept is 13/4 = 3.25
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Explanation:
One marked point on this line is (-3,1)
Another point is at (1,4)
Let's find the slope of the line through these two points.
m = (y2-y1)/(x2-x1)
m = (4-1)/(1-(-3))
m = (4-1)/(1+3)
m = 3/4
m = 0.75
Now let's use point slope form to find the equation of the line
y - y1 = m(x - x1)
y - 1 = 0.75(x - (-3))
y - 1 = 0.75(x + 3)
y - 1 = 0.75x + 2.25
y = 0.75x + 2.25 + 1
y = 0.75x + 3.25
If you wanted, you can convert those decimal values to fraction form
- 0.75 = 75/100 = 3/4
- 3.25 = 325/100 = 13/4
That means the equation
y = 0.75x + 3.25
is the same as
y = (3/4)x + 13/4