1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mamaluj [8]
3 years ago
5

You have $55,000 in savings account that pays 2% intrest per year. The inflation rate that year is 3.24%. How much do you make i

n intrest each year
Mathematics
1 answer:
Sever21 [200]3 years ago
6 0
Your interest formula is given to you.

Interest in a year = principal (the amount invested) * rate (the interest rate) * period (the time you're measuring)

Interest = 55,000 * 2% * 1 year = 55,000 * 0.02 * 1 = $1,100

How much would you need to have made for your spending power to keep with inflation? Your interest rate would have needed to match the inflation rate, otherwise prices are going up faster than you're saving.

Required interest = 55,000 * 3.24% * 1 year = 55,000 * 0.0324 * 1 = $1,782

How much buying power did you lose? The difference between your required interest and your actual interest.
Buying power lost = 1,782 - 1,100 = $682. You lost this much in buying power.

Hope that helped :)
You might be interested in
This table shows values that represent a function
pickupchik [31]

Answer:

the y adds 9 for every one x

Step-by-step explanation:

8 0
3 years ago
Hello friends jass manak ka kon fan ha​
Sedbober [7]

Answer:

HIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII

Step-by-step explanation:

YEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEET

6 0
3 years ago
Find the X intercepts of the equation f(x) = x^2 - 6x + 6
Arturiano [62]

Answer:

x-intercepts = (x ≈ -0.87), (x ≈ 6.87)

Step-by-step explanation:

let x = 0, in equation for x-intercepts

solve for x using the

quadratic formula

x = <u>−6 ± √ 36 + 24 </u>

               2x

= <u>−6 ± √60</u>

         −2x

 = <u>−6 ± 2 √ 15</u>

           −2           = 3 ± √15

8 0
3 years ago
Jocelyn just accepted a job at a new company where she will make an annual salary of $70000 . Jocelyn was told that for each yea
REY [17]

Answer:82000

1500t+70000

7 0
3 years ago
The two-way frequency table shows data on accidents in the last year for drivers who took a driver
Galina-37 [17]

Answer:idk help

Step-by-step explanation:

4 0
3 years ago
Other questions:
  • Which point represents the approximate location of 90 ? A) point A B) point B C) point C D) point D
    12·1 answer
  • Х<br> 2+4 = 2(x - 1)?<br><br> Can someone help me out
    6·2 answers
  • What does -4/5 means
    14·2 answers
  • Interest is calculated by ____.
    11·2 answers
  • You can remember the three numbers to your combination lock, but you can't remember their order. How many different combinations
    15·2 answers
  • What is the slope of tne line to 4x+6y=12
    5·2 answers
  • During the current year, merchandise is sold for $200,900 cash and $646,300 on account. The cost of the goods sold is $635,400.
    7·1 answer
  • 8.
    9·2 answers
  • PLZ ANSWER FAST WILL GIVE BRAINLIEST Find the value of x.<br> 148
    5·1 answer
  • Which is the best estimate of 90/7 divided by. 1/3/4 <br><br> 2<br> 6<br> 12<br> 24
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!