The amount that results when $4,000 is compounded at 6% annually over seven years.

Mathematics

1 answer:

dimulka [17.4K]2 years ago

8 0

The formula is
A=p (1+r)^t
A future value?
P present value 4000
R interest rate 0.06
T time 7 years
A=4,000×(1+0.06)^(7)
A=6,014.52

Interest earned=A-p
6,014.52−4,000=2,014.52

Hope it helps!

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Francine Flicka found a bargain when she bought a lawn mower. She paid the store's clerk three $20 bills and received him $7.45

adoni [48]

Answer:

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Step-by-step explanation:

Let p represent the marked price of the mower. Then the price with tax is ...

with tax = p + 7.3%×p = 1.073p

The amount Flicka paid is the amount tendered less the change she received, so is ...

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To find p, we can divide by its coefficient:

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The selling price before taxes was $48.97.

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Comment on the problem

If you check the answer, you find the amount with tax is ...

$48.97 × 1.073 ≈ $52.54481 ≈ $52.54

so the change Flicka would have received would have been $7.46, not $7.45. If the price were $48.98, then the change would have been $7.44. There is no price at which the mower can be marked that will make the total with tax come to $52.55. There is no solution to this problem.

5 0

3 years ago

Read 2 more answers

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