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lisabon 2012 [21]
3 years ago
11

Kelsey has $5000 to invest and she is trying to decide between two banks. The second national bank is paying 3.5% interest compo

unded continuously. The third national bank is paying 3.8% interest compounded monthly. Find the amounts possible after 7 years at each bank. Which bank should Kelsey choose and why?
Mathematics
2 answers:
Nina [5.8K]3 years ago
5 0

Answer:

Monthly Compounding

Total = principal * (1 + rate / 12) ^ years * 12

Total = 5,000 * (1 + (.038/12) )^84

Total = 5,000 * 1.30418682

Total = 6,520.93

Continuous Compounding

Total = principal * e ^ (rate * years)

Total = 5,000 * 2.718281828459 ^ (.035 * 7)

Total = 5,000 * 2.718281828459  ^ (0.245 )

Total = 5,000 * 1.2776213132

Total =  6,388.11

So, Kelsey should choose the monthly compounding bank.

Step-by-step explanation:

jeyben [28]3 years ago
3 0

Answer: 851.44

Step-by-step explanation: try to do the math

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Answer:

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Step-by-step explanation:

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Determine weather the two expressions are equivelent tell what property is applied if not explain why (35+17)+43 and 35 +(17+43)
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Associative Property

Step-by-step explanation:

3 0
2 years ago
11. The entry fee to the fair is $4. Each ride requires a ticket that costs $0.50. Heidi spent a total of
masya89 [10]

Answer:

16 ride tickets.

Step-by-step explanation:

The original entry fee is $4 so you can subtract that from 12. Now you have $8. So you would double 8 since $0.50 is half of $1. 8x2 is 16.

8 0
3 years ago
Read 2 more answers
HILP3.)
Pachacha [2.7K]

Answer:

Step-by-step explanation:

a-number of advance  tickets

s-number of same day tickets

a*40+s*25=2400

a      +s      =75

I solve  with the substitution method

s=75-a

40a+25*(75-a)=2400

40a+1875-25a=2400

15a=2400-1875

15a=525

a=525/15

a=35

so  s=75-35

s=40

5 0
3 years ago
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