Answer:
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Step-by-step explanation:
Equation: 2/5 + p = 4/5 + 3/5p
Simplify Both Sides:
p + 2/5 = 3/5p + 4/5
Subtract 3/5p from both sides:
p + 2/5 - 3/5p = 3/5p + 4/5 - 3/5p
2/5p + 2/5 = 4/5
Subtract 2/5 from both sides:
2/5p + 2/5 - 2/5 = 4/5 - 2/5
2/5p = 2/5
Multiply both sides by 5/2
(5/2) * (2/5p) = (5/2) * (2/5)
p = 1
Answer: p = 1
Hope that helps!!! (Answer: Letter Choice (A), p = 1
Hello there! I can help you! The formula for compound interest is P(1 + r)^t, where P= principal (initial amount), r = interest rate (in decimal form), and t = time (in years). Let's do this step by step. First off, we add the rate into 1. 4% is the interest rate (0.04 in decimal form). 1 + 0.04 is 1.04. Now, what we will do is raise that number to the 2nd power, because the time that elapses is 2 years. 1.04² is 1.0816. That's that. Now, multiply 7,500 to find the total amount of money. 1.0816 * 7,500 is 8,112. There. Toby's savings account balance in 2 years is £8,112.
Note: To solve for compound interest questions like it, add 1 to the percentage rate in decimal form, raise that number to a power based on the number of years (for example, raise the number to the 7th power if we are looking for the balance after 7 years), and then multiply that number by the starting amount. After you raise the number by a power, there may be a lot of numbers behind it. Whatever you do, DO NOT delete the number. Keep it there and multiply it by the principal.
