Answer:
V = $1213.03
Step-by-step explanation:
We can determine the amount of money after 15 years with the given formula:
(1)
Where:
V: is the value of the account in t years =?
P: is the principal initially invested = $686
r: is the rate of interest = 3.8% = 3.8/100 = 0.038
t: is the time = 15 years
By substituting the above values into equation (1) we have:
Therefore, the amount of money is $1213.03.
I hope it helps you!
Answer:
26 years of age.
Step-by-step explanation:
The average annual income, I, in dollars, of a lawyer with an age of x years is modeled with with the following function:
I = - 425x² + 45500x - 650000 .......... (1)
If the average annual income of the lawyer at the age of x years is $250000, then from the equation (1) we can write
- 425x² + 45500x - 650000 = 250000
⇒ - 425x² + 45500x - 900000 = 0
⇒ - 17x² + 1820x - 36000 = 0
Now, using the quadratic formula,
years (Approximate)
{We have neglected the other root as we need the youngest age}(Answer)