What is the slope of the line?
2 answers:
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Answer:
Option D
Step-by-step explanation:
Given question is incomplete; here is the complete question.
Asako deposits $1000 into a bank that pays 1.5% interest compounded annually. Which inequality can she use to determine the minimum time in years 't' she needs to wait before the value of the account is 20% more than its original value?
A. 1000 . 1.01t > 1200
B. 1000 . 1.01t > 1.2
C.
D.
Formula to get the final amount by compounding is,
Final amount =
Here, r = rate of interest
n = number of compounding in a year
t = Time or duration of investments (In years)
Initial amount = $1000
Final amount = 20% more than its original value = $(1000 + 0.2×1000) = $1200
r = 1.5% = 0.015
Inequality that represents the final amount 20% more than the initial value,
> 1200
> 1.2
Therefore, Option D will be the correct option.
Answer:
$17,277.07
Step-by-step explanation:
Present value of annuity is the present worth of cash flow that is to be received in the future, if future value is known, rate of interest is r and time is n then PV of annuity is
PV of annuity =
=
=
=
=
=
= 17,277.071448 ≈ $17,277.07