Answer: No, the money won't be enough to buy the car
Step-by-step explanation:
you plan on buying yourself a new $20,000 car on graduation day and graduation day is 24 months time. If you invest $300 a month for the next 24 months.
The principal amount, p = 300
He is earning 4% a month, it means that it was compounded once in four months. This also means that it was compounded quarterly. So
n = 4
The rate at which the principal was compounded is 4%. So
r = 4/100 = 0.04
It was compounded for a total of 24 months. This is equivalent to 2 years. So
n = 2
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount that would be compounded at the end of n years.
A = 300(1 + (0.04/4)/4)^4×2
A = 300(1 + 0.01)^8
A = 300(1.01)^8
A = $324.857
The total amount at the end of 24 months is below the cost of the car which is $20000. So he won't have enough money to buy the car
Answer:
5
Step-by-step explanation:
If you mean a whole, sorry if its incorrect
Answer:
The best and most correct answer among the choices provided by your question is the third choice or letter C. The total number of hours is 17.
For h>7
C=210+20(h-7)
C=210+20h-140
C=20h+70, h>7
410=20h+70
20h=340
h=17 hours
I hope my answer has come to your help. Thank you for posting your question here in Brainly. please follow.
