The answer to this question is answer B
Answer:
Step-by-step explanation:
42 > 24
24 < 42
Maria needs to save $187.50 per month in order to attend college.
First, subtract the $1,100 scholarship from the cost of college, or $10,100, to get $9,000. This is the amount that she needs to save after 4 years. Next, since she is saving monthly, we need to know how many monthly periods are in 4 years, so multiply 12 months/year by 4 years to get 48 monthly periods. Finally, divide the total amount needed ($9,000) by the monthly periods (48) to get $187.50. This answer would change if she earned any interest on her savings, and depending on the compounding period, if any, for such interest.
Answer: it would be worth $11925 when it matures after 7 years.
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount invested in the CD.
R represents interest rate on the amount invested in the CD.
T represents the duration of the investment in years.
From the information given,
P = $10,000
R = 2.75%
T = 7 years
I = (10000 × 2.75 × 7)/100
I = $1925
Therefore, the worth of the CD in total at the end of 7 years when the CD matures is
10000 + 1925 = $11925
