Answer: $40
Step-by-step explanation:
The key formula to use for this problem is the simple interest formula, which is 
; where I is the interest earned, p is the principal (initial) amount, r is the interest rate, and t is the amount of time that passes.
Since we know that both investments have the same interest rate, we can use the information from the first part of the problem to solve for the interest rate. Using algebra, we can rearrange the simple interest formula to solve for the interest rate: 
. We know that our interest earned is $24 and our principal amount is $300. To make things easier, we'll also convert months to years, which is easy to do since we know that 12 months = 1 year. This gives us our value for the amount of time that passes. Now, all we have to do is plug in our values into the rearranged equation above.
We should now have: 
Now, to find the interest earned from the $500 investment, we just need to plug in our values from the second part of the problem, along with our calculated interest rate of 0.08, into the original formula of
This should result in 
Therefore, James will receive $40 on his $500 investment after 12 months.
Answer:
6 4/9
Step-by-step explanation:
You divide 58 and 8 and your answer would be 6.444444 repeating.
D= # of dimes
q= # of quarters
QUANTITY EQUATION:
d + q= 64
COST EQUATION:
0.10d + 0.25q= $9.25
STEP 1:
multiply quantity equation by -0.10 to be able to eliminate the d term in step 2
(-0.10)(d + q)= (-0.10)(64)
-0.10d - 0.10q= -6.40
STEP 2:
add equation from step 1 to cost equation to eliminate the d term and solve for q
Add
0.10d + 0.25q= $9.25
-0.10d - 0.10q= -6.40
0.15q= 2.85
divide both sides by 0.15
q= 19 quarters
STEP 3:
substitute q value in step 2 into either original equation to find d value
d + q= 64
d + 19= 64
subtract 19 from both sides
d= 45 dimes
CHECK:
0.10d + 0.25q= $9.25
0.10(45) + 0.25(19)= 9.25
4.50 + 4.75= 9.25
9.25= 9.25
ANSWER: There are 45 dimes and 19 quarters.
Hope this helps! :)
