$875 at 9.5% compunded twice a year. How much money will there be in 5years?

1 answer:

5 0

P = A(1+i)ⁿ, where:
A= initial value
I = interest in %
n= period of compound investment.
However, if the interest is paid twice a year, that means you have to divide the interest by 2 and the period becomes twice n
P = 875(1+9.5%/2)⁵ˣ²
P = 875(1+4.75%)¹⁰
P =875( 1.0475)¹⁰
P = $1,391.7

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On a certain hot summer's day, 335 people used the public swimming pool. The daily prices are $1.25 for children and $2.00 fo

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Answer:

Step-by-step explanation:

Let c represent the number of children ($1.75 each) and a represent the number of adults ( $2.00 each).

We know that there were 340 people total, so c + a = 340. This implies that a = 340 - c

We also know that $1.75 c + $2.00 a = $609.25

By substituting a with 340 -c we have $1.75 c + $2.00 (340 -c) = $609.25

Use the distributive property to obtain $1.75 c + $680 - $2.00 c = $609.25

Subtract $680 from both sides and combine like terms to get - $0.25 c = -

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